Marketing Research Process

MARKETING RESEARCH PROCESS MARKETING RESEARCH STEP-BY-STEP PROCESS IN WRITING A RESEARCH PRESENTED BY FERNANDO P. FERRER JR., MBA  Illustrate and discuss the step-bystep...

MARKETING RESEARCH PROCESS MARKETING RESEARCH STEP-BY-STEP PROCESS IN WRITING A RESEARCH PRESENTED BY FERNANDO P. FERRER JR., MBA  Illustrate and discuss the step-bystep 1 process in writing a research; Propose a research topic in line with 2 LEARNING their field of specialization; OUTCOMES 3 Enumerate and explain the different parts of a research proposal; 4 Write a research proposal;  RESEARCH IS NEVER EASY STUDY AND LEARN BE PASSIONATE EMBRACE IT FULLY Title Page methodology abstract results & discussion introduction conclusion rrl references  Title Page What is this paper called and who wrote it? – the first page of the paper; this includes the name of the paper, a “running head”, authors, and institutional affiliation of the authors. The institutional affiliation is usually listed in an Author Note that is placed towards the bottom of the title page. In some cases, the Author Note also contains an acknowledgment of any funding support and of any individuals that assisted with the research project.  Title Page HOW TO WRITE A RESEARCH TITLE It should be free of value judgment It should condense the paper’s contents in few words - 15 words or less or 80 characters or less Important terms should appear 1st -5th along the line  Title Page WHAT TO AVOID IN THE RESEARCH TITLE Stating the obvious Value judgment Taxonomic rank of species Chemical formula Exponential expression, or unit of measurement Most types of abbreviations Etc  Title Page WHAT TO AVOID IN THE RESEARCH TITLE Stating the Obvious A Study of…, An Assessment of… An Experimental Investigation of… Value Judgment The Effects of… The Impacts of … Positive Attitude Towards…  Title Page WHAT TO AVOID IN THE RESEARCH TITLE Title Page CHECKLIST  abstract One-paragraph summary of the entire study – typically no more than 250 words in length (and in many cases it is well shorter than that), the Abstract provides an overview of the study.  introduction HOW TO WRITE OBJECTIVES 1. Construct first the general objective - a statement that summarizes the central idea and purpose of a work 2. Break down into specific objectives - statements that present in detail the results that are intended to be attained through the study - smaller, logically connected parts of the general objective - these can be improved/revised once the Conceptual Framework is finally crafted - SMART (Specific, Measurable, Attainable, Resource-bound & Time-bound)  introduction HOW TO WRITE OBJECTIVES 3. Use non-biased, action verbs To determine To find out To examine To identify To develop To test 4. Use present/future tense in the proposal, and past tense in the terminal report introduction OBJECTIVES CHECKLIST  introduction Introduce to your reader the “problem” by providing a brief background of your research. Include the basic reasons how and why you came-up with the problem, and the probable solutions that you can offer. In general, the introduction summarizes the purpose of the research paper. It also states the significance of the study.  rrl This is the area where you’ll include all of the pertinent readings from earlier works. Give summaries or descriptions of other authors’ works. Make sure your research resources are from reputable authorities like academic books and peer- reviewed publications. Also, make sure your reading materials are closely related to your research paper’s topic. The writers’ names, the titles of their publications, and the year of publication are usually included in the literature review.  methodology What did you do? – a section which details how the research was performed. It typically features a description of the participants/subjects that were involved, the study design, the materials that were used, and the study procedure. If there were multiple experiments, then each experiment may require a separate Methods section. A rule of thumb is that the Methods section should be sufficiently detailed for another researcher to duplicate your research.  results & discussion What did you find? – a section which describes the data that was collected and the results of any statistical tests that were performed. It may also be prefaced by a description of the analysis procedure that was used. If there were multiple experiments, then each experiment may require a separate Results section.  results & discussion What is the significance of your results? – the final major section of text in the paper. The Discussion commonly features a summary of the results that were obtained in the study, describes how those results address the topic under investigation and/or the issues that the research was designed to address, and may expand upon the implications of those findings. Limitations and directions for future research are also commonly addressed.  conclusion Provide the conclusion to your research paper. While it is important to restate your general thesis in this section, it is also important to include a brief restatement of the other parts of the research paper such as the methodology, data analysis and results.  references This section is where you list down all the academic materials you have used as sources of information in your research paper. Typical reference formats/styles include but are not limited to APA 5th, Harvard, MLA and Chicago/Turabian. HOW TO WRITE A RESEARCH PROPOSAL IN MARKETING: ESCAPING CONSTRAINTS  A proposal is referred to as a skeleton which consists of details like the direction of the trial, its goals, and main emphasis. Proposals are usually the initial point of reference for management. To avoid the constraints, you are supposed to be aware of what they are. Experts define five of them when it comes to crafting a research proposal in marketing. Check whether you know them all: YOU FIND IT HARD TO PICK THE RIGHT TOPIC. A research topic may vary from brand awareness among buyers to the buyers’ behavior. Many students choose topics related to comparing two brands or marketing communications. Whatever you pick, ascertain that the title of the topic is summative of the educational investigation you intend to launch. PROBLEM-IDENTIFICATION RESEARCH By conducting new market research projects in your company, you might discover a potential dilemma or opportunity that you have not considered before. You could discover any of the following factors through problem-identification research: BRAND IMAGE Your customers’ perceptions of your brand. It’s extremely important to be aware of how customers view your company. Determining which strategies you want to use to positively influence your brand image can be done through researching your consumers’ current perceptions and what they want from your company. MARKET CHARACTERISTICS The characteristics of your target market. You need to consider all aspects that drive your different customers to purchase. Your customers on the west coast are going to have different purchasing behaviors than those from the east coast. Recognizing these differences between subcultures, and meeting the needs of those differences, will help your business’ marketing strategies succeed. MARKET POTENTIAL an estimate of your product’s potential profit. If you research how consumers might react to advertising or price changes in your product before you take action, you will be better prepared and market to your consumers more accurately. MARKET SHARE percent of total product sales compared to your competitors. Market share gives you an estimate of the amount of market your company holds and can give you an idea of how you compare to your competitors. It also can reveal some of your competitors' capabilities and strengths, so you can develop an appropriate strategy. PROBLEM-SOLVING RESEARCH Once you identify your marketing problem, you need to research how to solve it. The following research options will help you solve potential problems or capitalize on opportunities identified by your company: DISTRIBUTION RESEARCH determining where your product should be sold and how to get it there. Distribution Research helps you plan the best way to get your product from the manufacturer to the retail shelf. In addition to deciding which retailers should carry your product, you should determine where your inventory will be held. MARKET SEGMENTATION Grouping customers by similar backgrounds or similar purchase behaviors. Utilizing problem-solving research can determine how to most accurately accomplish this and even how to design advertisements to attract those groups. You will need to collect both qualitative and quantitative data to accurately understand your market segments. PRICING RESEARCH determining the ideal price for your product. Setting the price for your product is one of the most important marketing steps. You need to keep the customer in mind as well as remember that the main goal is to maximize your profits. Consider whether or not customers can be gained through lower prices. Can you maximize profit through increasing price? How sensitive will your customers be if you begin slightly increasing price? All aspects need to be well thought-out. Researching customer’s reactions to price sensitivity is essential. PRODUCT RESEARCH testing your new or revised products or completing test marketing. Researching secondary data or observing how your products will be used can allow you to effectively compete in the market. Testing different components can identify new products or discover ways to modify existing products, for example, updating a product to compete with newer products. PROMOTIONAL RESEARCH following up with the effectiveness of your advertising strategies. If your company is using advertisements, there are factors you need to be checking up on. Unless you are evaluating your advertising budget, if your ads are useful in both retaining and gaining customers and researching what type of ads (online, commercial or print) are most effective, you truly cannot know whether you’re wasting your company’s money. LOOK THROUGH THE LIST, MAYBE ONE OF THE SUGGESTED THEMES WILL BE THE REFLECTION OF WHAT YOU ARE LOOKING FOR. How Gender Affects the Buying Decision of a Group; Impulse Buying and Factors That Trigger It; The Role Social Media in the Marketing of the XXI Century; Ethics of Pharmaceutical Marketing; Birthday Coupons. Is There Any Use Sending Them? The Benefits of Black Friday for Companies; Is Telemarketing the Last Century? Smartphones, Computers, and Tablets Are Influencing Customer Thinking; Business Sales, Buyer Knowledge and Relations Between Them; The Basis of Leadership in a Marketing Team; The Key Significance in E-Marketing; The Top Successful Strategies of Market Entry; LOOK THROUGH THE LIST, MAYBE ONE OF THE SUGGESTED THEMES WILL BE THE REFLECTION OF WHAT YOU ARE LOOKING FOR. How the Status Influences Women Food Choices and Cooking Habits; Baby Goods Marketing; How the Recession Affects Promotions; How the Brand Extension Affects Brand Personality; How Do Buyers of Different Roles Treat Direct Marketing? What Factors Affect the Restaurant Business? The Effects of Loyalty Programs; The Strategies and Paradigms of Marketing. CONTACT INFORMATION: EMAIL [email protected] SOCIAL MEDIA Fher Pusta Ferrer OFFICE SERDAC LUZON