The purpose and importance of marketing research. Steps in marketing research process Making Marketing Research-based Decisions and Some examples of reports and the marketing decisions they can support

1. The purpose and
importance of
marketing research

2. The purpose and importance of
marketing research
What is the purpose and
importance of marketing research?

3. The purpose and importance of
marketing research
Companies have complete information about their products
from production distribution. However, it is a challenge for
the companies to know what happens to the product after it
was purchased. Who uses the product, how it is used, how
much or how little of it is used, and the general attitudes of
the consumer toward the product are not known explicitly.
Thus, for new products or new markets, the company may not
be completely certain whether the product will be accepted
by the market. The value of the product to the consumer is
difficult to measure because perceptions of the value
subjective

4. The following are some of the issues that
can be addressed by marketing research;

5. The following are some of the issues that
can be addressed by marketing research;
• Identify viable new products and services
• Enable risk reduction
• Identify market opportunities and threats
• Determine the level of customer satisfaction
• Pinpoint and anticipate market trends or changes
• Decide on the best advertising medium.
• Pre-test and post-test advertising and promotional campaigns
• Evaluate the results of test marketing
• Evaluate the results of packaging, brand name, and label testing
• Determine consumer price awareness and sensitivity
• Undertake location studies

6. Steps in marketing research process

7. Steps in marketing research process
Establish the need
for Marketing
Research
Define the Problem
Establish Research
Objectives
Research design
determination
Information
sources/types
identification
Determination of
data access
methods
Data collection
forms design
Sample size and
sampling
determination
Data collection Data analysis
Report preparation
and presentation

8. Making Marketing Research-based
Decisions
Marketing research reports include much
information that can aid organizations in
making effective marketing decisions,
rather than resorting to unsupported “gut
feel” decisions.

9. Making Marketing Research-based
Decisions
Marketing research reports include much
information that can aid organizations in
making effective marketing decisions,
rather than resorting to unsupported “gut
feel” decisions.
Some examples of reports and the marketing
decisions they can support are;

10. • Observation research
• Test marketing
• Concept, product development, and product studies
• Pricing tests
• Location studies
• Advertising pre- and post-testing
• Usage, attitude, and image studies
Some examples of reports and the marketing decisions they
can support are;
External factor research

11. External factor research
The information from this research helps
marketers identify macroenvironmental
shifts. These are bases for pinpointing
opportunities and anticipating threats

12. Observation research
This is an invaluable aid in determining
consumer behavior. It assists marketers in
determining the retail shelf placement
strategy to use. It also reveals the
effectiveness of point-of-purchase collateral
materials.

13. Test marketing
Based on the test marketing results, the
company shall gauge the acceptability of a
proposed product/service. The company can
have the opportunity to recalibrate elements
in the marketing mix and measure their
effects on consumer demand and overall
satisfaction.

14. Concept, product development, and
product studies
Using the results generated by concept,
product development, and product studies,
marketing organizations shall select the
proposed product/service concepts that have
the highest level of market acceptance

15. Concept, product development, and
product studies
Using the results generated by concept,
product development, and product studies,
marketing organizations shall select the
proposed product/service concepts that have
the highest level of market acceptance