Marketing Research Methods and Strategies

Study Notes

Definition

Marketing research strategy refers to the process of gathering, analyzing, and interpreting data to inform marketing decisions. It involves identifying research objectives, collecting and analyzing data, and using the insights to develop effective marketing strategies.

Types of Research Strategies

1. Exploratory Research

Aimed at gaining a deeper understanding of a marketing problem or opportunity
Involves open-ended, qualitative methods such as focus groups and interviews

2. Descriptive Research

Aims to describe a marketing phenomenon or situation
Involves quantitative methods such as surveys and observational studies

3. Causal Research

Examines cause-and-effect relationships between marketing variables
Involves experimental design and statistical analysis

Research Design

1. Qualitative Research

Focuses on exploring attitudes, opinions, and behaviors
Methods include:
- Focus groups
- In-depth interviews
- Content analysis

2. Quantitative Research

Focuses on measuring and analyzing numerical data
Methods include:
- Surveys
- Experiments
- Observational studies

Data Collection Methods

1. Primary Data

Collected directly by the researcher
Methods include:
- Surveys
- Interviews
- Observations

2. Secondary Data

Collected from existing sources
Methods include:
- Literature reviews
- Online databases
- Government reports

Data Analysis

1. Descriptive Statistics

Summarize and describe data characteristics
Measures include:
- Mean
- Median
- Mode
- Standard deviation

2. Inferential Statistics

Draw conclusions about a population based on a sample
Methods include:
- Hypothesis testing
- Confidence intervals

Research Report

A comprehensive document presenting research findings and recommendations
Typically includes:
- Executive summary
- Introduction
- Methodology
- Results
- Discussion
- Conclusion
- Recommendations

Description

Test your knowledge of marketing research strategies, including exploratory, descriptive, and causal research, as well as data collection and analysis methods. Learn about the different types of research designs, data collection methods, and statistical analysis techniques used in marketing research.