The Marketing Research Process 1 Marketing

Transcript:The Marketing Research Process 1 Marketing:
The Marketing Research Process 1 Marketing Research: Definition 2 Many definitions of Marketing Research: “Marketing research is the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company.” Marketing research is the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem. Need For Marketing Research 3 • Why do businesses need accurate and up-to-date information? To undertake marketing effectively Changes in technology Changes in consumer tastes Market demand Changes in the product ranges of competitors Changes in economic conditions Distribution channels Purpose Of Marketing Research 4 Gain a more detailed understanding of consumers’ needs: e.g., views on products’ prices, packaging, recent advertising campaigns Reduce the risk of product/business failure: there is no guarantee that any new idea will be a commercial success Can help to achieve commercial success Forecast future trends: it can also be used to anticipate future customer needs EXAMPLES OF RESEARCH IN MARKETING 5 USES 6 Identify marketing opportunities and problems Generate, refine, and evaluate potential marketing actions Monitor marketing performance Improve marketing as a process Reduces uncertainty Reduces risk Helps focus decision making OVERVIEW OF THE MARKETING RESEARCH PROCESS 7 Why should we do research? What research should be done? Is it worth doing the research? How should the research be designed to achieve the research objectives? What will we do with the research? STAGES OF THE RESEARCH PROCESS 8 Define the decision problem or opportunity Specify the research objectives Develop a research design Design the questionnaire Manage and implement the data collection Analyze Data Write a Final research report PROBLEM DEFINITION 9 Problem means management problem “A problem well-defined is half solved” Identifying and defining the problem or opportunity is a crucial first step in the marketing research process. When defining the problem, it is important to think broadly about the possible causes. Defining the Problem Results in Clear Cut Research Objectives. Marketing problems may be difficulty-related or opportunity-related. For both, the prerequisite of defining the problem is to identify and diagnose it. SPECIFY THE RESEARCH OBJECTIVES 10 What specific information should the project provide? If more than one type of information will be developed from the study, which is the most important? and What are the priorities? When specifying research objectives, development of hypotheses, might be very helpful. When achieved, objectives provide the necessary information to