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Conducting Marketing Research and Forecasting Demand
The document outlines key learning objectives for students regarding marketing research, including understanding good metrics and assessing returns on investment. It details the systematic process of marketing research, which involves defining the problem, developing a research plan, collecting and analyzing data, and presenting findings. Various types of research and methods for data collection are discussed, including qualitative and quantitative approaches.
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Conducting Marketing Research and Forecasting Demand
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- 2. LEARNING OBJECTIVES After readingthis chapter, students should: 1. Know what constitutes good marketing research 2. Know what are good metrics for measuring marketing productivity 3. Know how marketers can assess their returns on investment of marketing expenditures 4. Know how companies can more accurately measure and forecast demand
- 3. What is MarketingResearch? Marketing research is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company.
- 4. Types of Research Qualitative research Quantitative research
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- 6. Types of MarketingResearch Firms Syndicated service Custom Specialty-line
- 7. The Marketing ResearchProcess Define the problem Develop research plan Collect information Analyze information Present findings Make decision
- 8. Step 1: Definethe Problem Define the problem Specify decision alternatives State research objectives
- 9. Step 1: Definethe Problem Marketing managers and researchers must work closely together to define the problem and agree on research objectives. After the problem had been defined carefully, the manager and researcher must sat the research objectives. A marketing research project might have one of three types of objectives: 1.Exploratory research 2.Descriptive Research 3.Causal Research
- 10. Step 2: Developthe Research Plan Data sources Research approach Research instruments Sampling plan Contact methods
- 11. Step 2: Developthe Research Plan To meet the manager’s information needs, the research plan can call for gathering secondary data, primary data or both. Secondary data—Information that already exists somewhere , having been collected for another purpose. Primary data—Information collected for the specific purpose at hand.
- 12. Primary data collection Copyright© 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-12 The company must also collect primary data Managers need to make sure that it should be relevant, accurate, current and unbiased. To design a plan for primary data collection a number of decisions should be taken into consideration: Research Approaches Contact Methods Sampling Plan Research Instruments
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- 16. Technological Devices Galvanometers Audiometers Eye cameras
- 17. Sampling Plan Three decisions Sampling unit: Who is to be surveyed? Sample size: How many people should be surveyed? Sampling procedure: How should the respondents be chosen?
- 18. Marketing Research The Marketing Research Process Definethe problem Organizational Culture Types of Research •Qualitative research •Quantitative research Types of Marketing Research Firms Spirituality & Organizational Culture Syndicated service Custom Specialty- line Develop research plan Collect information Analyze information Present findings Make decision •Define the problem •Specify decision alternatives •State research objectives •Exploratory research •Descriptive Research •Causal Research •Data sources •Research approach •Research instruments •Sampling plan •Contact methods Secondary Data Primary Data •Research Approaches •Observational •Survey •Experimental •Contact Methods •Mail •Telephone •Personal interviewing •Online marketing research •Sampling Plan •Probability Samples •Non probability Samples •Research Instruments •Questionnaire •Mechanical Devices