Marketing Research in the 21st Century

Study Notes

Importance of Marketing Management

Success in marketing management relies on strategic planning and not random efforts.
Marketing research (MR) is essential when its benefits outweigh its costs.
Effective marketing research provides managers with critical market insights for improved outcomes.

Business Failure Reasons

A primary reason businesses struggle in their first year is poor operational, business, marketing, and financial planning.

Global Marketing Research

Marketing research has evolved to include a global perspective.
Companies operating in international markets must understand the unique characteristics of those markets to thrive.

Role of Marketing Research in Strategic Decision-Making

MR identifies and evaluates market opportunities by analyzing consumer needs and trends.
Segmentation analysis allows for targeting specific demographics and behaviors that align with business goals.
MR informs the 4Ps (Product, Price, Place, Promotion) to create an effective marketing mix.

Research Process

Research requires meticulous planning and structured investigation through various stages, including identifying problems and setting clear research objectives.
A clearly defined research problem guides the research process, enabling focused inquiry.

Exploratory Research

This initial research is designed to clarify problems and generate new ideas, based on qualitative insights rather than definitive solutions.
Techniques include reviewing literature, consulting with experts, and informal investigations.

Research Method Selection

The uncertainty of the research problem determines the chosen methodology: exploratory for ambiguous issues, descriptive for partially defined, and causal for clearly defined problems.

Research Design

A comprehensive research design outlines methods for data collection and analysis, ensuring clarity and meaningful insights for audiences.

Sampling Issues

Key decisions in sampling include defining the target population, determining sample size, and selecting sampling methods.
Sampling techniques are categorized as probability (where each member has a known chance of selection) and non-probability (based on researcher discretion).

Data Gathering Techniques

Data can be collected through human efforts or automated machines.
Phases include pretesting for design appropriateness and executing the main study.

Data Processing and Analysis

Data collection necessitates editing and coding to ensure accuracy and clarity.

Definitions of Key Terms

Marketing Research: Application of the scientific method to uncover marketing truths, opportunities, and performance.
Basic Marketing Research: Expands marketing knowledge without addressing specific organizational needs.
Applied Marketing Research: Focused on resolving specific marketing issues for organizations.
The Scientific Method: A structured approach researchers use to derive objective conclusions from evidence.
Marketing Concept: A framework prioritizing the delivery of customer value over the physical product.
Total Value Management: Oversees the entire process of delivering benefits to consumers from a company.
Marketing Metrics: Quantitative measures used for monitoring and evaluating marketing effectiveness.

This summary captures key concepts and techniques in marketing research necessary for effective strategic decision-making while ensuring companies meet their operational goals.