Marketing Research Overview

Marketing Research Overview

• Marketing research involves planning, collecting, and analyzing data relevant to marketing decisions.
• The primary roles of marketing research are descriptive, diagnostic, and predictive.

Types of Market Research

• Descriptive Research: Gathers and presents factual statements, such as sales trends and consumer attitudes.
• Diagnostic Research: Explains data, helping determine factors impacting sales, like changes in packaging.
• Predictive Research: Addresses "what if" scenarios, aiding in forecasting outcomes based on current data.

Benefits for Managers

• Enhances quality of decision-making by providing detailed insights and tracing problems.
• Facilitates understanding complex relationships among market factors.
• Aids in effectively serving current and future customer needs.

Research Process

• Identifying and formulating the problem or opportunity is the first step in the marketing research process.
• Research design specifies questions to be answered, data gathering methods, and analysis timelines.
• Steps include collecting secondary data before progressing to primary data collection.

Data Types

• Primary Data: Information collected for the first time to address specific research problems.
• Secondary Data: Previously collected data for different purposes, useful for background information.
• Big Data: Rapidly growing data in various formats requiring advanced analysis tools.

Research Methods

• Survey Research: Major technique for gathering primary data, involving direct interaction with respondents.
• Scanner-Based Research: Monitors purchasing behavior through continuous analysis of sales data.
• Ethnographic Research: Observes human behavior in natural settings for qualitative insights.

Sampling Techniques

• Probability Sample: Ensures every population element has a known chance of selection.
• Nonprobability Sample: Lacks random selection, potentially yielding bias.

Common Challenges

• Types of errors in research include measurement, sampling, frame, and random errors.

Additional Concepts

• Neuromarketing: Analyzes biological responses to marketing stimuli.
• Competitive Intelligence: Assesses competition to improve strategic positioning and efficiency.
• Web Community: Engages consumers in ongoing dialogue with brands, fostering loyalty and feedback.

Qualitative vs Quantitative Data

• Quantitative Data: Captures "what" through numerical data, suitable for statistical analysis (e.g., online surveys).
• Qualitative Data: Explores "why" through in-depth opinions and attitudes, gathered via focus groups and interviews.

Practical Applications

• Example: The Atlanta Falcons used marketing research to identify factors behind poor game attendance, illustrating the descriptive role of research.
• The Boston Symphony Orchestra used predictive research to assess the potential success of targeting a younger audience through social media.

Online Survey Conduct

• Methods include web survey systems and online panel providers, facilitating broad data collection efficiently.

This quiz covers the essential concepts of marketing research, including its purpose, types, and the benefits it offers to managers. You'll explore descriptive, diagnostic, and predictive research, and understand how these elements enhance decision-making strategies. Test your knowledge on the marketing research process and its implications for business.