Marketing Research

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Information about Marketing Research

Published on November 6, 2008

Author: faisal3rd


Group Members : Group Members Muhammad Faisal Faiz-u-Din Damed Umar Navbi Ammal Navbi Badar Qasim Faria Sujhat Ali Marketing Research : Marketing Research Def. - Formal communication link with the environment to provide accurate and useful information for better decision making. Systematic process of specifying, collecting, analyzing, and interpreting. Useful for planning, problem-solving, and controlling (see Exhibits 1.1) Application of MR : Application of MR Marketing research activities can be divided into four main strategic categories: Market Analysis Identifying and evaluating opportunities Competitive Analysis Market Segmentation Analyzing market segments and selecting target markets Marketing Strategy Design Planning and implementing a marketing mix Analyzing Marketing Performance Managerial Value of MR : Managerial Value of MR Value Relevance Quality Timeliness Completeness Data vs. Information vs. Knowledge Science or Art? : Science or Art? Objectivity of Investigator Unbiased Procedural integrity Accurate reporting Accuracy of Measurement Valid and Reliable Meaningful and useful Appropriate design (sample, execution) Open-minded to Findings Willing to refute expectations Acknowledge limitations Difficulties of Achieving “Scientific Studies” in Marketing : Difficulties of Achieving “Scientific Studies” in Marketing Investigator is deeply involved in the use of the results. Imprecise measuring devices Very complex and interrelated subject matter Difficulty using experiments Influence of the measurement process on results Time pressure for results The Research Process : The Research Process Define the Research Problem Determine Research Design and Data Sources Develop Sample Design and Sample Size Develop Measurement Instruments Collect and Prepare Data Analyze and Interpret Data Communicate Results Step 1: Identifying and Formulating the Research Problem/Opportunity : Step 1: Identifying and Formulating the Research Problem/Opportunity Process begins with the recognition of a marketing problem or opportunity: Marketing Problem: Set of circumstances in a market and/or in the company that requires modified or new marketing strategy to respond in a way that will maintain or improve performance. Market Opportunity: Set of circumstances in a market that defines a situation in which a company can improve performance by creating modified or new marketing strategy. Step 2: Determine the Research Design and Data Sources : Step 2: Determine the Research Design and Data Sources Exploratory, Descriptive, Causal Secondary vs. Primary Data Survey research Observation research Focus Groups Experiments Step 3: Design Sample : Step 3: Design Sample Sample: a subset from a larger population Probability vs. nonprobability sample Number of respondents Method of contact Management of non-response Detailed field instructions Handling of data Step 4: Develop Measurement Instruments : Step 4: Develop Measurement Instruments What observation form or questionnaire will be best suit the needs of the project? Anonymous? Confidential? Structured vs. open-ended What types of rating scales? What is the layout going to look like? Step 5: Collect and Prepare Data : Step 5: Collect and Prepare Data Editing and Coding Data Entry Data Cleansing Summarization Error Assessment Reliability/Validity Step 6: Analyzing the Data : Step 6: Analyzing the Data Purpose of the analysis is to interpret and draw conclusions from the mass of collected data Must select appropriate analytic tools to match data, research objectives, and information needs Step 7: Communicating Results : Researchers must remember to speak in managerial terms rather than in the terminology understood only by research specialists Reports should outline technical details of the research project and methods in an appendix, if at all Researchers should spell out their conclusions in clear, concise, and actionable terms Be open-minded to findings, be willing to refute expectations, and acknowledge limitations. Step 7: Communicating Results

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