Marketing Research Overview

Marketing Research Presentations

• Presentations were given by Julia Just, Oliwia Sokołowska, Patrycja Grzesiak, Ania Czernik, and Julia Sotel.

Introduction to Conducting Marketing Research

• Research is the process of gathering data, information, and facts to advance knowledge.
• Marketing research is defined as "the process of planning, collecting, analyzing, and interpreting data relevant to a marketing decision."
• In the 1990s, surveys and quantitative data were used.
• In the 2000s, internet research methods, such as online surveys and web analytics, were used.
• In the 2010s, real-time big data research focused on using customer big data to adjust quickly to trends.
• In the 2020s, channel integration and customer co-creation are important, using customer data for more effective consumer engagement.

Marketing Information System (MIS)

• Marketing Research is a crucial element of the MIS.
• MIS is a multi-resource system for collecting, analyzing, storing, and disseminating marketing data to support marketing decision-making.
• Components of an MIS include internal records (printed, digitalized sales, claims), and management and personal knowledge (pre-understanding, unwritten attitudes, motives).

Tendencies in the Use of MIS

• Trend 1: Increased Use of Big Data: Examples include Amazon and Allegro using big data for customer recommendations.
• Trend 2: Integration of AI and Machine Learning: Examples include Netflix utilizing machine learning for personalized recommendations and Allegro using AI-based summaries of customer opinions.
• Trend 3: Real-Time Analytics: Examples include Coca-Cola using social media for quick adjustments to marketing campaigns.
• Trend 4: Enhanced Data Privacy and Ethical Responsibility: Examples include Apple's App Tracking Transparency feature to empower users to control their data sharing.

Marketing Information System in a Retail Clothing Store

• Data Collection involves using POS systems to capture purchase data (items, time, payment, demographics) and online analytics for website data (page views, click-through rates, abandoned carts).
• Data integration combines data from various sources (POS, e-commerce, customer feedback, social media) for a comprehensive view.

Data Analysis

• Customer Segmentation: Using data to segment customers by purchasing behaviour, demographics, and preferences (e.g., young adults interested in sustainable fashion).
• Trend Analysis: Examining sales data to identify trends over time.
• Exemplary Trends: Sustainable fashion, second-hand/vintage shopping, subscription/rental services, inclusivity/diverse representation, and marketing communication concerning environmental impact and transparency.
• Inventory Management: This is informed by understanding consumer trends to ensure popular items are adequately stocked and less popular items are phased out.

Secondary Data Research

• Hard data: Verifiable facts from reliable sources (indisputable).
• Soft data: Qualitative information (e.g., ratings, surveys).
• Big data: Large volume of structured or unstructured data.
• Primary market research: Conducted by you or your firm.
• Secondary market research: Conducted by someone else.

Classification of Secondary Data

• Internal: Ready to use, or requires processing.
• External: Published materials, computerized databases, or syndicated services.

Benefits and Limitations of Secondary Data

• Benefits: Low cost, quick access, longitudinal analysis, wide availability.
• Limitations: Lack of control over accuracy, outdated information, accessibility issues.

Research Design Components

• Research questions
• Data sources and gathering methods
• Sampling
• Research instruments

Plagiarism

• Unacknowledged use or appropriation of another person's words or ideas.

Data Typology

• Primary data: Collected firsthand (surveys, focus groups).
• Secondary data: Gathered by others (census data, market research reports).

Data Types

• Hard data: Verifiable facts (measurable and indisputable).
• Soft data: Qualitative information (ratings, surveys).
• Big data: Large volume of data (structured or unstructured).

Market Research

• Primary research: Conducted by your company (specific, tailored but costly).
• Secondary research: Conducted by external providers (cost-effective, but lacking specificity).

Three Types of Data

• Tertiary information: Summaries or overviews (e.g., textbooks)

This quiz covers essential concepts of marketing research, exploring its evolution from traditional surveys in the 1990s to advanced internet methods in the 2000s and real-time big data usage in the 2010s. Understand the significance of Marketing Information Systems (MIS) and how they integrate marketing data for effective decision-making. Test your knowledge on the historical and contemporary aspects of marketing research.