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Marketing Research
Definition
Marketing Research is the systematic gathering, recording and analyzing of data about problems relating to the marketing of goods and services.
Key Points:
Systematic research is a scientific process that must follow strict procedures.
Gathering data has to be collected. Recording care must be taken to accurately record the data that is collected.
Marketing research provides data that contains information to help managers take decisions.
Four constraints (CATS): Cost: not more than the future profit. Accuracy: researcher must have high reputation for quality. Time: must be completed before the decision must be taken. Security: competitors must not know.
The Differences
Marketing Research: describe the range of research that is used by marketing managers. Market Research: one form of marketing research.
Promotional Research
Market Research
Is the systematic analysis of a single market The data includes: estimated size of total markets estimate of the location and size of potential new markets market trends and changes expected identification of specific market characteristics sales forecasts for each market segment names, age, gender, social classification of potential customer.
Competitor Research
Competitor can be direct or indirect Important to identify who are the key competitors Key information:
Strengths and weaknesses of product Pricing strategies for new and existing product Distribution Strategies Promotional Strategies Strengths and weaknesses of resources and key personnel Competitors relationships with suppliers Speed, timing and reliability of delivery service
Promotional Research
Effective promotion has to : target the correct audience, reach the target, achieve result Promotional Research is used for: Target audience identification How to get a message across The repetition of message Media cost and effectiveness Result achieved Competitive activity
Retail Audits
Also called Dealer Audits They are continuous research that measures sales through retail outlets The best-known specialist: AC Nielsen Retail audit measures the sales of each product, by size, type, special offer.
Product Research
Sales Research
Quantitative: deals with numbers, hard facts, can answer who, where, when questions
customer must become aware develop positive attitude take action (repeatedly)
Secondary is always conducted before primary Secondary research :refers to data already available, looks at data that has already been colleted Primary research : looks for data that have not been found in the secondary search Desk research: using computer, internet Field research: conducted outside the office
Data Collection
Manager: the expert on what needs to be known Researcher: the expert on how to get that data Basic Methods: Observation Experimentation Questioning Most common methods: Interviews, Telephone surveys, postal surveys, panels, group interviews, retail, omnibus surveys
Quota Sampling: - Represents the make up of the whole. - Each interviewer first uses personal judgment to pick likely people. - Cost effective.