Introduction toMarketing ResearchPresented by Julie Hyson
Marketing Research• Marketing research is the systematic andobjective identification, collection, analysis,dissemination, and use of information.• For the purpose of identification and solution ofproblems and opportunities related to marketingand business development efforts.Marketing research is a fundamental tool thatcan help you discover actionable insights!
Marketing Research vs.Market ResearchThese terms are often used interchangeably, buttechnically there is a difference.• Market research deals specifically with gathering informationabout a market’s size and trends.• Marketing research covers a wider range of activities. And,although it does involve market research, marketing researchis a more general systematic process that can be applied to avariety of marketing problems.We have the internal capabilities to provide both typesof research and are already doing so for severalmarket-based business development teams, andprincipals in the firm.
Marketing ResearchApplied Research is undertaken to solve aspecific problem.• Example: SPC Hospitals Research; Key HealthcareProviders in Southern California.Basic Research is undertaken for the sake ofextending knowledge.• Example: Healthcare Markets in Greater Los Angeles,and Southern California.
Marketing ResearchMarketing Research Studies can beclassified by the functions of management:• Analysis/Planning: Identifying opportunitiesand market demand.• Implementing: Studies conducted toimplement the four Ps• Controlling: Success of a marketing strategy.
Marketing Research: BenefitsData Information KnowledgeDecisionMakingImplementingActionKey Benefits We’ve all heard the saying, “Information is power.” Researchprovides information that facilitations marketing decisions. Withoutresearch it is hard for management to make sound marketingdecisions or to implement a marketing concept. When used correctly, this information can be the key to developinga deeper understanding of your customers, innovating to meet theirneeds, predicting and managing calculated risks, and having abetter understanding of your competition.The Information Value Chain
Marketing Research: Process1 • Establish the Need for Research2 • Define the Problem or Question3 • Establish Research Objectives4 • Determine Research Design5 • Identify Information Types and Sources6 • Determine Methods of Accessing Data7 • Collect Data, Sources & Supporting Documentation8 • Analyze & Validate Data9 • Prepare Research Report & Present Findings
Marketing Research:Data Types and Sources*Secondary Data: data previously collected for other. This data isaccessible internally and externally throughreports, articles, journals, and other published or commercially availabledata. Example: The government census or information in our CRMsystem.• Key Benefits: easier to access• Key Challenges: difficult to verify accuracyPrimary Data: can be obtained by communication or by observation.Types of common primary data include: demographic and socio-economic characteristics, opinions, awareness andknowledge, behavior. Example: A client survey.• Key Benefits: customized to answer a specific question or problem;information directly from customer source.• Key Challenges: time-consuming, subject to error and bias
Marketing Research: ActionsInsight gained from the research/studyallows you to:1) identify action recommendations2) implement action recommendations, and3) evaluate the results (on-going)
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