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Marketing Research

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Introductory slides on market research

Introductory slides on market research

Published in Business , News & Politics
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  • 1. + Market Research http://flickr.com/photos/view/142745616/
  • 2. Definition
    • The systematic and objective search for information relevant to the identification and solution of any problem in the field of marketing
    • Key words
      • Systematic and objective
  • 3. What is it?
    • Consists of activities that enable an organization to obtain the information it needs to make decisions about its:
      • Environment
      • Marketing Mix
      • Present or potential customers
  • 4. Objectives
    • Identify markets
    • Characteristics of markets
    • Market trends
    • Market changes
    • Market opportunities/threats
    • Effectiveness of marketing activities
    • Analysis of competition
  • 5. Methods
    • SWOT analysis
      • Strengths
      • Weaknesses
      • Opportunities
      • Threats
  • 6. Methods
    • Secondary information
    • Primary information
    • Quantitative
    • Qualitative
    • Internal to organization
    • External to organization
  • 7. Research Data
    • Secondary data is information which has already been gathered
    • It is secondary because its use is not purpose for which it was gathered
    • Sources
      • Government agencies
      • International data bases
      • Own organization
      • Financial institutions
  • 8. Research Data
    • Primary data is collected from original sources for the purpose of study
      • Three ways to do this:
        • Observation
        • Experiment
        • Survey
  • 9. Need to ask four questions
    • Is the information relevant?
    • Is it current or obsolete?
    • How accurate is it?
    • How credible is the source of the data?
  • 10. Marketing Research Information
    • Is either:
      • Quantitative
      • or
      • Qualitative
  • 11. Quantitative
    • “ research aimed at producing data that can be statistically analyse and results that can be expressed numerically .”
    • [Dibb, Simkin, Pride and Ferrell 1997]
    • This is hard data
  • 12. Qualitative
    • “ research that deals with information too difficult or expensive to quantify such subjective opinions and value judgements, typically unearthed during interviews or discussion groups.”
    • [Dibb, Simkin, Pride and Ferrell, 1997]
    • This is soft data
  • 13. Techniques
    • Surveys
    • Questionnaires
    • Personal interviews
    • Focus groups
    • Observation
    • Telephone interviews
    • Mail interviews
    • Experiments
    • Test marketing
  • 14. Research
    • Can be either
    • Internal = information gathered from within the company
    • Or
    • External = information gathered from outside the company
  • 15. Research
    • Continuous
      • Carried out to determine long term trends
    • Ad hoc
      • Carried out for a particular purpose
  • 16. Conducting Market Research 1. Establish purpose or aim of research (objective) 2. Determine information requirements 3. Select suitable methods/techniques 4. Conduct research 5. Collate, analyse and interpret data 6. Report the findings