MARKETING RESEARCH INTRO.pdf

MARKETING RESEARCH INTRODUCTION FERNANDO P. FERRER JR., MBA  OBJECTIVES 1 2 3 4 To discuss the Define and To discuss the To discuss an...

MARKETING RESEARCH INTRODUCTION FERNANDO P. FERRER JR., MBA  OBJECTIVES 1 2 3 4 To discuss the Define and To discuss the To discuss an different explain what is purpose and information that introduction Marketing uses of can be gathered about the research Marketing through the Marketing Research conduct of Research Marketing process Research MARKETING RESEARCH Marketing research is the systematic gathering, recording and analyzing of data about problems relating to the marketing of goods and services. MARKET RESEARCH Market research will give you the data you need to identify and reach your target market at a price customers are willing to pay. MARKETING RESEARCH Marketing research focuses and organizes marketing information. It permits entrepreneurs to: Spot current and upcoming problems in the current market Reduce business risks Identify sales opportunities Develop plans of action MARKET RESEARCH Successful marketing requires timely and relevant market information. An inexpensive research program, based on questionnaires given to current or prospective customers, can uncover dissatisfaction or possible new products or services.  MARKET RESEARCH Market research is not a perfect science. It deals with people and their constantly changing feelings and behaviors, which are influenced by countless subjective factors. To conduct market research, you must gather facts and opinions in an orderly, objective way to find out what people want to buy, not just what you want to sell them.  MARKET RESEARCH Market research will identify trends that affect sales and profitability. -Population shifts -Legal developments -The local economic situation should be monitored to quickly identify problems and opportunities Keeping up with competitors' market strategies also is important.  MARKET RESEARCH Every small business owner must ask the following questions to devise effective marketing strategies: -Who are my customers and potential customers? -What kind of people are they? -Where do they live? -Can and will they buy? -Am I offering the kinds of goods or services they want at the best place, at the best time and in the right amounts?  MARKET RESEARCH -Are my prices consistent with what buyers view as the product's value? -Are my promotional programs working? -What do customers think of my business? -How does my business compare with my competitors?  WHAT IS THE SYSTEMATIC GATHERING, RECORDING AND ANALYZING OF DATA ABOUT PROBLEMS RELATING TO THE MARKETING OF GOODS AND SERVICES? A B C D A.MARKET B. MARKET C. MARKET D. MARKET STRATEGY RESEARCH APPROACH PLAN WHY DO MARKET RESEARCH? People will not buy products or services they do not want. Learning what customers want and how to present it drives the need for marketing research. Small business has an edge over larger businesses in this regard. Small business owners have a sense of their customers' needs from years of experience, but this informal information may not be timely or relevant to the current market. WHY DO MARKET RESEARCH? Analyze returned items. Ask former customers why they've switched. Look at competitors’ prices. Formal marketing research simply makes this familiar process orderly. It provides a framework to organize market information.  MARKET RESEARCH CAN BE... SIMPLE COMPLEX Example: Questionnaire in your Example: Hiring a professional customer bills to gather market research firm to conduct demographic information about primary research to aid in your customers developing a marketing strategy to launch a new product INFORMATION THAT CAN BE OBTAINED THROUGH MARKET RESEARCH INFORMATION THAT CAN BE OBTAINED THROUGH MARKET RESEARCH INFORMATION THAT CAN BE OBTAINED THROUGH MARKET RESEARCH  What is the Difference between Business Research and Other Disciplines Any research conducted by a business or an organization that needs to make a ‘business’ decision can be classed as business research. By the very nature of this, business research varies in its approach and scope, meaning that it can be closer and further from research conducted in other disciplines. Cross discipline approach/ Multi-functional teams. The majority of businesses are made up of business are differing units and/or departments. Each of these departments have their own interests and require their own information. This makes business research very wide in scope, from why good employees leave business to how macro- economic factors may affect a business. The information for the research may need to come from various departments and from a range of experts. Information is hidden by competitors. Business secrets are commonplace in many industries. This commercially sensitive information is seen as being a source of competitive advantage by most companies. An example of this is new model features for a product. An example of business research will be to predict sales of a new product about to be released onto the market, this can be very difficult when a company does not know what new features will be introduced on its competitor’s product. Business research cannot be as theoretical and must be experimental Businesses are complex systems. Complex systems that do not abide by physical laws or follow models precisely. In physics, if you want to understand the state the future, you tell a model the current state of all the matter and energy, allow a period to pass, and the model will calculate the future state. This cannot be done at to an entire organization. There are a lot of (sometimes subjective) information about market conditions, political decisions, other company’s decisions and economic activity. Business studies must be based on experiments and trials to be effective and accurate. Businesses are not objective by nature Businesses are in competition for profit, there are winners and losers. Because of this, companies make decisions in their best interests. This may mean that studies conducted or commissioned by business may not be entirely impartial or may have an agenda. There have been opposite results about the effect that fizzy drinks have on soda. This is the difference between research conducted by healthcare professionals and soda companies.  TYPES OF MARKET RESEARCH PRIMARY MARKET SECONDARY MARKET RESEARCH RESEARCH Primary research involves collecting data based on a research problem or question Secondary data has been collected before that is specific and unique to the business. for purposes other than the research Primary market research can be carried out question or problem at hand. Secondary by the company itself or an external data can be collected both internally and organisation, but the data collected will be externally. This could include things like brand new. It often involves gathering data sales and inventory records of the on the business's existing customers. company (internal), internet research Primary data are collected through surveys, (external), market reports (external), or focus groups, interviews, and information from the Census (external). questionnaires.  TYPES OF MARKET RESEARCH QUALITATIVE MARKET QUANTITATIVE RESEARCH MARKET RESEARCH Qualitative data is usually collected from smaller sample sizes. The goal of this type Quantitative research usually involves of research is to question and observe what structured questions, where responses to people say, do, and how they react to those questions are predetermined, and certain situations or ideas. Questions are respondents choose between one of the usually open-ended, and it is up to the predetermined answers. Sample sizes are respondent how they answer each question generally larger (more people surveyed). (no predetermined answers). 1. DEFINE THE RESEARCH PROBLEM AND OBJECTIVES During this step, the researcher needs to define the problem they are trying to solve with their research. It is vital to make sure that the problem the researcher decides to focus on is not too broad. The researcher then has to define their objectives and decide on the type of research they will conduct: Descriptive - describe a situation, event, market, or customer group. Exploratory - collecting preliminary information to understand the problem and develop hypotheses. Causal - exploring cause and effect 2. DEVELOP THE RESEARCH PLAN The researcher then has to develop the research plan. During this step, they decide whether they will be collecting primary or secondary data and the type of research method they will use (surveys, focus groups, etc.). This step also involves coming up with a sampling plan. Sampling could either be: Random - all people in the sample group have an equal chance of being selected. Convenience - choosing the people that volunteer to take part in the research. Judgement - deliberately choosing certain people to sample. 3. COLLECT THE DATA During this step, the researcher conducts the research. Example: If their research method is an online survey, this is when they would send participants the survey and ask them to complete it. 4. DATA ANALYSIS During this step, the researcher uses various statistical tools if they are conducting quantitative research or analyses different interviews if they are conducting qualitative research. 5. PRESENT FINDINGS During this step, the researcher will format their analysis and data into detailed insights - translate data into valuable recommendations for managers. For example, imagine a researcher exploring customer satisfaction in a restaurant. Instead of mentioning that a unit increase in staff friendliness will significantly increase perceived service quality, the researcher would advise the restaurant manager to carefully train their customer-facing staff as this could improve customer satisfaction. 6. ???? 6. MAKE A DECISION This is where the organisation would decide how to tackle the problem they were researching with the researcher's findings. For example, this step could involve a decision on whether to launch a new product or not. MARKET RESEARCH - KEY TAKEAWAYS Market research involves collecting and analysing information about markets, consumers, and their behaviour. Primary research involves collecting and interpreting primary data. This is entirely new data. Secondary market research involves interpreting secondary data. Someone else collected this type of data before the researcher began their investigation. Qualitative research focuses on gathering and analysing data that is not numerical. MARKET RESEARCH - KEY TAKEAWAYS Quantitative research collects numerical data, which the researcher can later analyse through different statistical measures. Marketing research involves defining the research problem and objectives, developing the research plan, collecting data, analysing data, presenting the findings, and making a decision. REFERENCES Novartis. (February 2, 2022). Novartis AG's expenditure on research and development from 2004 to 2021 (in billion U.S. dollars) [Graph]. In Statista. Retrieved August 30, 2022, from https://www.statista.com/statistics/266134/novartis- expenditure-on-research-and-development-since- 2004/ CONTACT ME 0935-9633-741 [email protected] Fher Pusta Ferrer SERDAC LUZON