Chapter 6: Marketing Fundamentals & Market Research
Market research: process of collecting & analyzing information in order to recommend actions
to approve marketing activities
- Date and details to ensure all decisions made, and strategies developed are based on
existing evidence
- Resulting in producing desired outcomes
- Dont want to “guess”, do homework to produce BEST RESULTS given information
Marketing activities: creating, communicating, and delivered goods to meet needs of
consumer and organizational objectives (goals)
- Develops products with unique and useful attributes, determined ideal sales and
distribution, and promotional communication, maximizing consumer value
Market Research: intended to address a research problem or question
1. Exploratory research: preliminary/initial research conducted to clarify the scope/nature
of a marketing problem
- Won't provide conclusive answers, act as a springboard for more focused studies
- Help shape future predictions about marketing problems/challenges
- Ie: what is the role of social media in the promotion of fast food products
- Wide net, as much info as possible, looking at different angles
2. Descriptive Research: research designed to describe basic characteristics of variables
of interest
- Variable = something researcher wants to study
- Ie: product, target market, ad campaign
- Goal to provide basic details about variables, in response to question or problem
- Tends to be more structured or narrow
- Ie: what features of running shoes are most important to customers
- Working within predators, description of target variable
3. causal Research: “explanatory research”
- Identify cause and effects relationships between variables
- Determining changing one variable will change the other
- Most structures, more focused, more conclusive findings for research question
- Carried out thru experiments
- Independent variable measure the dependant variable
- Ie: will the use of eco-friendly packaging for beauty projects increase sales?
- Compare sales data
Market research process: series of steps that marketers work towards as they aim to answer a
research question
, 1. Problem awareness: identify a problem, opportunity, challenge want to understand
- Not solely routed in negative scenarios
- Could be a new trend
- Identify research objectives (clarify what the research processes is trying to
achieve)
- Ie: understand why sales are declining for our product
- Gives study a sense of direction
- broad
2. Exploratory research:
- Obtains richer information
- Identify key variables
- Explore links and variables
- Gathering data and details
- Secondary data: information previously gathered/collected and available to
researcher
- Bringing together data that others have made for OWN PURPOSE
- Internal data sources: available from within the organization (sales
reports, inventory analysis, marketing budgets, HR reports)
- External data sources: available through published sources outside or
organization (government, academic{peer reviewed}, commercial –
nielsen)
- Primary data: first hand data (consumers, or potential consumers) collected by
researcher to address specific objectives
- Specific to marketers goal but time consuming
- Data is largely qualitative (non numerical, descriptive information)
- Provides more information about topic of interest
- Focus group: small groups of participants with common characteristics
(8 to 10 people)
- Discuss their opinions and thoughts on a certain product or topic
- Meet with a trained moderator, asking questions, facilitating conversation,
recording information
- Can provide rich details on topic
- Interactive discussion of predetermined topics (often recorded)
- Is taxing on time and resources (payed well for contribution)
- Online bulletin boards: private online forums, participants log on at own
convenience and respond to questions posed by researchers
- This is a convenient and anonymous way (reduce bias)
- Social listing: monitor social media channels for mentions of your brand
- analyze/organize online conversation and information
- metrics and analytics
- social media sentiment
3. Quantitative research:
- Collects numerical data from large samples
Market research: process of collecting & analyzing information in order to recommend actions
to approve marketing activities
- Date and details to ensure all decisions made, and strategies developed are based on
existing evidence
- Resulting in producing desired outcomes
- Dont want to “guess”, do homework to produce BEST RESULTS given information
Marketing activities: creating, communicating, and delivered goods to meet needs of
consumer and organizational objectives (goals)
- Develops products with unique and useful attributes, determined ideal sales and
distribution, and promotional communication, maximizing consumer value
Market Research: intended to address a research problem or question
1. Exploratory research: preliminary/initial research conducted to clarify the scope/nature
of a marketing problem
- Won't provide conclusive answers, act as a springboard for more focused studies
- Help shape future predictions about marketing problems/challenges
- Ie: what is the role of social media in the promotion of fast food products
- Wide net, as much info as possible, looking at different angles
2. Descriptive Research: research designed to describe basic characteristics of variables
of interest
- Variable = something researcher wants to study
- Ie: product, target market, ad campaign
- Goal to provide basic details about variables, in response to question or problem
- Tends to be more structured or narrow
- Ie: what features of running shoes are most important to customers
- Working within predators, description of target variable
3. causal Research: “explanatory research”
- Identify cause and effects relationships between variables
- Determining changing one variable will change the other
- Most structures, more focused, more conclusive findings for research question
- Carried out thru experiments
- Independent variable measure the dependant variable
- Ie: will the use of eco-friendly packaging for beauty projects increase sales?
- Compare sales data
Market research process: series of steps that marketers work towards as they aim to answer a
research question
, 1. Problem awareness: identify a problem, opportunity, challenge want to understand
- Not solely routed in negative scenarios
- Could be a new trend
- Identify research objectives (clarify what the research processes is trying to
achieve)
- Ie: understand why sales are declining for our product
- Gives study a sense of direction
- broad
2. Exploratory research:
- Obtains richer information
- Identify key variables
- Explore links and variables
- Gathering data and details
- Secondary data: information previously gathered/collected and available to
researcher
- Bringing together data that others have made for OWN PURPOSE
- Internal data sources: available from within the organization (sales
reports, inventory analysis, marketing budgets, HR reports)
- External data sources: available through published sources outside or
organization (government, academic{peer reviewed}, commercial –
nielsen)
- Primary data: first hand data (consumers, or potential consumers) collected by
researcher to address specific objectives
- Specific to marketers goal but time consuming
- Data is largely qualitative (non numerical, descriptive information)
- Provides more information about topic of interest
- Focus group: small groups of participants with common characteristics
(8 to 10 people)
- Discuss their opinions and thoughts on a certain product or topic
- Meet with a trained moderator, asking questions, facilitating conversation,
recording information
- Can provide rich details on topic
- Interactive discussion of predetermined topics (often recorded)
- Is taxing on time and resources (payed well for contribution)
- Online bulletin boards: private online forums, participants log on at own
convenience and respond to questions posed by researchers
- This is a convenient and anonymous way (reduce bias)
- Social listing: monitor social media channels for mentions of your brand
- analyze/organize online conversation and information
- metrics and analytics
- social media sentiment
3. Quantitative research:
- Collects numerical data from large samples
