Marketing research approaches
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Marketing research involves designing, collecting, analyzing and reporting data relevant to a specific marketing situation. It can involve surveys, observation, experiments, or commercial data services. Surveys are useful for describing large populations but participants may not answer all questions truthfully. Observation provides unbiased insights but is time-consuming to interpret. Experiments show consumer reactions to changes but results could be manipulated. Commercial data services provide inexpensive existing information but may lack needed details.
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- 2. What is Marketing Research Marketing research is: Designing Collecting Analysing Reporting data relevant to a specific marketing situation facing an organization.
- 3. Who is a Marketing Researcher A Market Researchers persons tasked with the job of gathering and interpreting the data of a market Research.
- 4. Marketing Research Approaches • Survey • Observation • Experiment • Commercial data services
- 5. Survey A Survey is the study of the spending characteristics and purchasing power of the consumer who are within a business' geographic area of operation.
- 6. Advantages • Extensive: Surveys are useful in describing the characteristics of a large population • Cost: Surveys are relatively inexpensive.
- 7. Advantages Contd Can be administered through various means: Questionnaires
- 9. Limitations • Participant’s Reluctance to answer certain questions • subjects try to help the interviewer by giving pleasing answers
- 10. Observation Observational research is gathering data by studying relevant people’s actions to get a grasp of how they react in certain situations Eg. Ethnographic observation
- 12. Advantages • Collect data that people are unwilling or unable to give. • Gives unbiased insight into consumers behaviour
- 13. Limitations • Information is not easily interpreted through observation. • Time Consuming
- 14. Experiment Experimental research is used to determine cause and effect relationships. Variables are put in a controlled environment and variables affecting the variable is controlled and monitored.
- 15. Advantages • Shows consumers’ reaction to changes made to products and services, by the organization.
- 16. Limitation • Results are Vulnerable to Researcher manipulation
- 17. Commercial Data Services This is a collection of information from online sources. Marketers use this to access secondary data.
- 18. Advantages • Not very costly to acquire data
- 19. Disadvantages Information required by researchers is not always available