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http://econcero.com
Marketing Research
 Marketing research involves collecting, organizing,
analyzing and communicating information that can be
used in order to make an informed marketing
decision.
 Performing market research will complement your
marketing mix strategy as it enables you to make
educated decisions regarding selecting markets, your
image or branding and products or services.
http://econcero.com
5 key steps in Marketing Research
1. Define the Problem
2. Collect the Data
3. Analyze and interpret the data
4. Reach a conclusion
5. Implement your research
http://econcero.com
Define the Problem
 In this stage you need to identify the actual problems
that are relating to the apparent symptoms.
 What information is needed in order to solve the
problem?
 For example, poor sales within a business are not the
problem, they are the symptom of a larger issue such
as a weak marketing strategy.
http://econcero.com
Further business problems may include:
 Who are your target customers?
 What method could be implemented to reach these
customers?
 Who are your customers and what advantages and
disadvantages do they have over your business?
 What size is the consumer market you are trying to
engage?
http://econcero.com
Collect the Data
 There are two types of market research that can be
performed:
1. Primary research - involves collecting information
from sources directly by conducting interviews and
surveys, and by talking to customers and established
businesses.
2. Secondary research - involves collecting information
from sources where the primary research has already
been conducted. Such information includes industry
statistics, market research reports, news paper
articles, etc.
http://econcero.com
Collection methods and techniques
 Qualitative research is where you seek an
understanding of why things are a certain way. For
example, a researcher may stop a shopper and ask
them why they bought a particular product or brand.
 Quantitative research refers to measuring market
phenomena in a numerical sense, such as when a bank
asks consumers to rate their service on a scale of one to
ten.
http://econcero.com
Analyze and interpret the data
 You must attach meaning to the data you have
collected during your market research to make sense
of it and to develop alternative solutions that could
potentially solve your business problem.
 You should determine how the knowledge you have
gained through researching your market can be
applied and used to develop effective business
strategies.
http://econcero.com
Reach a conclusion
 With the alternatives you have developed to solve your
problem in mind, perform a cost-benefit analysis of
each alternative keeping in mind the potentially
limited resources available to your business.
 You may also need to perform further investigation
into each alternative solution to arrive at the best
decision for your business in regards to meeting
consumer demands.
http://econcero.com
Implement your research
 Put your final solution into practice.
 Without completing this step your research could
potentially have been a waste of your time and
resources.
http://econcero.com
-TeameConcero
http://econcero.com

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Marketing research process

  • 2. Marketing Research  Marketing research involves collecting, organizing, analyzing and communicating information that can be used in order to make an informed marketing decision.  Performing market research will complement your marketing mix strategy as it enables you to make educated decisions regarding selecting markets, your image or branding and products or services. http://econcero.com
  • 3. 5 key steps in Marketing Research 1. Define the Problem 2. Collect the Data 3. Analyze and interpret the data 4. Reach a conclusion 5. Implement your research http://econcero.com
  • 4. Define the Problem  In this stage you need to identify the actual problems that are relating to the apparent symptoms.  What information is needed in order to solve the problem?  For example, poor sales within a business are not the problem, they are the symptom of a larger issue such as a weak marketing strategy. http://econcero.com
  • 5. Further business problems may include:  Who are your target customers?  What method could be implemented to reach these customers?  Who are your customers and what advantages and disadvantages do they have over your business?  What size is the consumer market you are trying to engage? http://econcero.com
  • 6. Collect the Data  There are two types of market research that can be performed: 1. Primary research - involves collecting information from sources directly by conducting interviews and surveys, and by talking to customers and established businesses. 2. Secondary research - involves collecting information from sources where the primary research has already been conducted. Such information includes industry statistics, market research reports, news paper articles, etc. http://econcero.com
  • 7. Collection methods and techniques  Qualitative research is where you seek an understanding of why things are a certain way. For example, a researcher may stop a shopper and ask them why they bought a particular product or brand.  Quantitative research refers to measuring market phenomena in a numerical sense, such as when a bank asks consumers to rate their service on a scale of one to ten. http://econcero.com
  • 8. Analyze and interpret the data  You must attach meaning to the data you have collected during your market research to make sense of it and to develop alternative solutions that could potentially solve your business problem.  You should determine how the knowledge you have gained through researching your market can be applied and used to develop effective business strategies. http://econcero.com
  • 9. Reach a conclusion  With the alternatives you have developed to solve your problem in mind, perform a cost-benefit analysis of each alternative keeping in mind the potentially limited resources available to your business.  You may also need to perform further investigation into each alternative solution to arrive at the best decision for your business in regards to meeting consumer demands. http://econcero.com
  • 10. Implement your research  Put your final solution into practice.  Without completing this step your research could potentially have been a waste of your time and resources. http://econcero.com