Session 2 PPT

The systematic process of gathering and interpreting information about individuals or organizations, using statistical and analytical methods, to gain insights and support decision making.

Market research focuses on the process of gathering and analyzing information, while marketing research emphasizes the application of this information within a specific organization's marketing department.

Market research helps businesses understand their target audience, identify opportunities and challenges, develop effective marketing strategies, and improve their overall performance.

Market research designs can be categorized into three types: exploratory, descriptive, and causal. They explore, describe, or establish cause-and-effect relationships.

Primary data is original information collected directly from the source, like surveys, interviews, or focus groups.

Secondary data is pre-existing information gathered by others, like government reports, industry publications, or competitor analysis.

Qualitative research explores opinions, beliefs, and experiences through methods like interviews, focus groups, or case studies.

Quantitative research collects and analyzes numerical data using methods like surveys, experiments, or statistical analysis.

Market research can be conducted internally or externally. Larger companies often have dedicated market research teams within their marketing departments. However, many businesses also utilize external market research providers.

Large market research firms that offer a wide range of services, often operating globally. They can conduct studies using various methodologies and cater to diverse market research needs.

Standard data collected by market research companies and sold to multiple clients. This information is not specific to one company's needs but provides general insights on a topic or industry.

Tailor-made market research studies designed specifically for a client's unique needs and objectives. They provide in-depth analysis and answers tailored to a particular situation.

Smaller firms specializing in a narrow range of market research services. They might focus on specific industries, customer segments, or methodologies.

Market research firms that specialize in studying specific industries or customer groups. They have expertise in understanding the unique challenges, needs, and trends within their area of focus.

Market research providers specializing in conducting surveys. They have expertise in designing, administering, and analyzing survey data.

Market research firms that specialize in advanced research techniques such as ethnography, neuromarketing, or big data analysis. They offer specialized knowledge and insights using advanced methodologies.

Research used when the problem is somewhat defined, focusing on gathering data about a specific situation or group, often using external (e.g., syndicated data) or internal (e.g., company surveys) sources.

Research aimed at determining cause-and-effect relationships between variables, requiring more complex statistical methods to establish causality.

To establish a causal relationship, four requirements must be met: 1) Co-occurrence between cause and effect, 2) Cause preceding effect, 3) Control for other potential influencing factors, and 4) A theory explaining the relationship.

Just because two variables are correlated (move together) doesn't mean one causes the other. Other factors might explain the correlation, or it might be a spurious relationship.

A correlation where two variables appear related, but the relationship is actually caused by a third, hidden factor.

The process of choosing a specific data-collecting method (e.g., surveys, experiments) to address your research question, whether it's exploratory, descriptive, or causal research.

Research used when the problem is less defined, aimed at exploring a topic, generating ideas, and gaining initial insights.

Situations where we understand the variables, but their impact on the outcome is unclear. For example, knowing market size doesn't tell us how much we'll actually sell.

Problems where we understand the key variables and their relationships, but need more information for decision-making. For example, we know raising prices decreases demand, but we need to know how much.

To refine the research problem, identify relationships between variables, and develop good questions for further research.

Descriptive research focuses on various performance indicators to understand the market. These include financial data, brand awareness, share of wallet, and net promoter score.

Financial data used in descriptive research include sales figures for specific products or salespersons. This information is used by marketing, finance, and accounting departments.

Descriptive research uses marketing-specific measures like brand awareness, share of wallet, and net promoter score to gauge consumer perceptions and loyalty.

Data that has been collected and analyzed by someone else, like government statistics or industry reports.

Data that is collected and analyzed by the researcher themselves, like surveys or interviews.

Research conducted by analyzing and interpreting existing data, like reports or articles.

Data that involves descriptions, opinions, and subjective experiences, often expressed through non-numerical forms like text or video.

Data that involves numerical measurements and quantifiable information, used for statistical analysis.

This phase involves gathering information using methods like questionnaires and interviews. It's crucial to ensure data quality, recruit participants effectively, and gather enough data to meet research goals.

This phase focuses on analyzing collected data using both qualitative and quantitative techniques. It aims to uncover patterns and trends within the data, often requiring specialized software and technical skills.

This phase involves assigning meaning to the patterns and trends discovered during data analysis. It goes beyond identifying patterns and focuses on understanding their implications.

This phase translates research findings into actionable strategies to improve business operations. It involves providing clear recommendations based on the identified needs and desires of customers.

This phase involves acting on the research findings to guide decisions, and possibly initiating further research based on new needs or challenges.

These are existing data collected by someone else that can be used for research purposes, such as industry reports or government statistics.

This involves effectively incorporating secondary sources into your research, ensuring they are relevant and credible, and aligning them with your research objectives.

They offer valuable insights into industry trends, customer behavior, and competitor activities, saving time and resources compared to collecting primary data.