Lesson 3.3 Marketing Research PDF

Lesson 3.3 Marketing Research Principles of Marketing Accountancy, Business, and Management 1 Learning Objectives At the end of this lesson, you should be able to do the following: Define marketing research. Demonstrate the steps in the marketing rese...

Lesson 3.3 Marketing Research Principles of Marketing Accountancy, Business, and Management 1 Learning Objectives At the end of this lesson, you should be able to do the following: Define marketing research. Demonstrate the steps in the marketing research process. Explain the importance of marketing research to the company. 2 Why do companies invest a lot in marketing research? 3 Marketing Research knowledge on consumers and the market is vital in building profitable customer relationships 4  the systematic planning, gathering, analysis, and Marketing reporting of data on Research consumers, customers, and the market 5 Marketing Research Generally, market research is being used if businesses want: 1. to know who their target market should be 2. to identify customer needs and wants 3. to formulate marketing strategies to effectively implement marketing programs and activities 4. to determine the feedback of customers on the products and services for possible improvements 5. to examine the consumers’ level of awareness of the products and services they offer 6 The Marketing Research Process Research Implementatio problem and n and data objectives collection 1 2 3 4 Research Interpretation plan and , analysis, and methods reporting of results 7  The Marketing Research Process Research Problems and Objectives must clarify the intended use for the information and knowledge that the study seeks to develop 8  The Marketing Research Process Developing a Research Plan elaborates the methods by which information will be gathered efficient and effective data gathering 9  The Marketing Research Process Implementing the Research Plan involves collecting, processing, and analyzing market information the process that is considered the most expensive and most prone to error 10  The Marketing Research Process Interpreting and Reporting the Findings researchers interpret the results, draw conclusions, and report them to the management; then the management makes decisions 11  Interpreting the Results Closer Look Based on the survey, 68% of the current customer base would appreciate an additional drive thru service. However, only 21% of the current customers are likely to purchase products by drive-thru. Of this group, 95% are regular customers in branches located along the major roads, while only 2% are customers in branches near villages and schools. 12 Decision Points in Research Plan Research Instruments Data Sources Research Plan Research Approaches Sampling Plan Contact Methods 13 Keep in Mind Marketing research is the systematic planning, gathering, analysis, and reporting of data and results pertinent to a company's particular marketing situation. It seeks to gain market insights to understand consumers, customers, and the market deeper. 14 Keep in Mind Marketing insights help businesses make decisions on their product offerings and target market, and formulate effective marketing strategies. 15 Keep in Mind To effectively implement and conduct marketing research, the steps in the marketing research process should be followed. 16 Photo Credits Slide no. 5: Person in Blue Shirt Writing on White Paper by UX Indonesia is free to use under the Unsplash license via Unsplash. Slide no. 4: Man in Grey Crew neck T-shirt Smiling to Woman on Counter by Clay Banks is licensed under Unsplash via Unsplash Slide no. 12: Laptop Computer on Glass -top Table by Carlos Muzais is licensed under Unsplash via Unsplash Slide no. 20: Person Holding Pencil and Stick Note Beside Table by Marten Bjork is licensed under Unsplash via Unsplash Slide no. 21: Person Working on Blue and White Paper on Board by Alvaro Reyes is licensed under Unsplash via Unsplash 17 Bibliography Davies, Eric. The Marketing Planning. Hachette, UK: McGraw-Hill Companies, Inc., 2014. Kotler, Phillip, and Gary Armstrong. Principles of Marketing. 2nd custom edition for Oregon State University. New Jersey: Prentice-Hall, Inc., 2012. Kotler, Philip, Veronica Wong, John Saunders, and Gary Armstrong. Principles of Marketing. 4th European edition. Harlow: Pearson Education Limited, 2005. http://library.wbi.ac.id/repository/212.pdf. Murray, Chris. The Marketing Gurus. New York, New York: Penguin Group (USA) Inc., 2006. Philip Kotler, Philip and Gary Armstrong. Principles of Marketing,. 17th global edition. Harlow: Pearson, 2017. http://rezakord.com/uploads/91b0c5c8c158421fa332a449c435e1b4.pdf. Solomon, Michael, Elnora Stuart, Auleen Carson, and J. Brock Smith. Marketing. Toronto, Ontario: Prentice- Hall, Inc., 2003 18