The process of planning, gathering, and analysis of information in order to make more informed marketing decisions... thereby reducing risk!!
Step one of the 5 Step Marketing research Approach
Define the problem.
Step two of the 5 Step Marketing research Approach
Develop the research plan.
Step three of the 5 Step Marketing research Approach
Collect relevant information.
- Internal examples would be sales breakdowns, and customer feedbacks (such as, customer inquiries or complaints).
- External examples would be scanner data, census bureau, trade associations, business periodicals, syndicated services.
Step four of the 5 Step Marketing research Approach
Step five of the 5 Step Marketing research Approach
Take marketing actions.
Exploratory, descriptive, causal
Measures of success
Criteria or standards used in evaluating proposed solutions to the problem.
Steps to developing a research plan
Specify constraints, identify the data needed, determine how to collect the data.
The restrictions placed on potential solutions to a problem.
2 elements to determine how to collect data
Concepts and methods.
Methods to marketing data
1. sampling (selection a group to test on) 2. statistical inference (help sway the samplers decision)
Facts & figures related to the problem, are divided into two main parts: secondary and primary data.
Facts and figures that have already been recorded before the project at hand.
Facts and figures newly collected for the project.
Advantages of secondary data
Saving time and low cost.
Primary data: Observational
How people actually behave is the way marketing researchers collect this type of data.
Primary data: asking people
This method of data collecting involved a questionairre.
Other sources of collecting data
Social media, panels & experiments, info technology, and data mining.
Involves operating computer networks that can store and process data.
The extraction of hidden predictive information from large databases to find statistical links consumer purchasing patterns and marketing actions.
Sales for cast
This refers to the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts.
In step 1 of the market research, this type of research generates an understanding of the possible reasons to a problem, and uses qualitative technologies. The outcome of this should be clearly defined objective to guide subsequent descriptive or experimental research.
In step 1 of the market research, this type of research is used to narrow the possible causes by formal testing, quantitative research.
In step 1 of the market research, this type of researched is also used to narrow causes, however this uses a manipulated variable in the quantitative technologies.
Relationship of research types
Problem--> Exploratory research generates --> Possible causes--> descriptive research or probable causes that lead to causal research
Examples of Idea Generation Methods: Exploratory Research
- Columbia uses Ads to persuade Rebels to turn themselves in article
- focus groups
- Cultural Study Yields Novel insights on razor design
Cultural Study Yields Novel Insights on Razor Design
This article was an example of Exploratory Research that turned into Causal. This is b/c the experiments started to be tested on many focus groups and data was collected. The razor succeeded in India by looking at how they hold the razor, conditions, and safety. Also told us never to go from exploratory research straight to the market.
Examples Hypothesis Evaluation Methods: Descriptive Research
- Telephone/ mail/ email/ mall surveys
Powerful Source of Secondary Data: Data Mining- How Companies Learn Your Secrets Article
This article was an example of Causal Research. Target article! Summary: Target used Andrew Pole's ideas toward campaigning. Target kept files on everyone about every purchase you purchase. This article talked about using rats & febreeze and adapting the product to existing habits. Target then did this too in their ads.
Business Schools Plan to Leap Into Data Article
This article is an example of Descriptive Research. Talks about how business analytics help show patterns in businesses that can be interpreted to help the company succeed. Links purchasing patterns with future purchases.
Open- Ended Questions/ Close- End of Fixed Alternative Questions
Example was survery's open ended was a written feedback to the Q, while close ended was a Y/N answer.
Step three of the 5 Step Marketing research Approach: Methods
- probability sampling (on population generalize)
- nonprobability sampling= subjective judgement
Step three of the 5 Step Marketing research Approach: Experiments
Manipulated by the independent, dependent, and test markets. Ex: We talked in class about serving size.
How Charities Can get More out of Donors Article
This article is an example of the causation vs. correlation. There were 4 manipulated (independent) groups in this donor study. Standard, private, grant, overhead costs, and the dependent variable was how much $ they'd be willing to give (donation). Talked about how social image has an influence on donating rather than a motivation (aka being noticed as a donor).