Marketing Research PDF

MARKETING RESEARCH Literary Search, means you go to secondary sources of information: the internet, the public library, compa...

MARKETING RESEARCH Literary Search, means you go to secondary sources of information: the internet, the public library, company or government records. Research is often described as an active, diligent, and systematic process of inquiry aimed at discovering, interpreting and revising facts. The word research is derived from the French Expert Interviews, these experts might include company executives or consumers. language; its literal meaning is 'to investigate thoroughly'. Case Studies, this allows you to examine another business’s managerial problems and Basic research is also called fundamental or pure research. solutions. Include histories of other projects and simulations of possible alternatives. Applied Research is carried out to seek alternate solutions for a problem at hand. its primary DESCRIPTIVE STUDIES - help you find your market and understand your customer aim is not to gain knowledge. Sample descriptive studies: Marketing research (also called consumer research) is a form of business research. – Market potential: description of the number of potential customers of a product. The field of marketing research as a statistical science was pioneered by Arthur Nielsen with the founding of the ACNielsen Company in 1923. – Market-share: identification of the share of the market received by your product, company Marketing research is a systematic and objective study of problems pertaining to the and your competitors. marketing of goods and services. – Sales analysis: description of sales by territory, type of account, size or model of product. Marketing Management aim to satisfy customer needs. – Product research: identification and comparison of functional features and specifications Kotler (1999) defines marketing research as systematic problem analysis, model- building of competitive products. and fact-finding for the purpose of improved decision-making and control in the marketing of goods and services. – Promotion research: description of the demographic characteristics of the audience being reached by the current advertising program. The American Marketing Association (AMA, 1961) defines it as the systematic gathering, recording and analyzing of data relating to the marketing of goods and services. – Distribution research: determining the number and location of retailers handling the company’s products. These are supplied by wholesalers and distributed by the company. Green and Tull have defined marketing research as the systematic and objective search for and analysis of information relevant to the identification and solution of any problem in the – Pricing research: identifying competitors’ prices by geographic area. field of marketing. There are three types of evidence that can be used to establish causal relationships: TYPES OF RESEARCH 1. Associative variation Exploratory Research: Helps define problems and suggest hypotheses. 2. Sequence of events to gather preliminary information to define problems more clearly. 3. Absence of other possible causal factors literature reviews, focus groups, interviews, and observations. METHODS Descriptive Research: Describes characteristics of a population or phenomenon. 1.Primary Research Methods - involves collecting data directly from the source. to describe the characteristics of a population or phenomenon. surveys, observational studies, and market share analysis. A. QUALITATIVE RESEARCH - focuses on understanding opinions, motivations, and behaviors. Causal Research: Tests cause-and-effect relationships. Interviews: in-depth conversations with individuals tpurchasing op gain detailed insights. to determine cause-and-effect relationship between variables. Focus Groups: guided discussions with a small group of people from your target market experiments, test markets, and statistical analysis. to explore attitudes and reactions. Observations: recording behaviors of individuals in a natural setting such as in-store or Exploratory studies generally encompass three distinct methods: through user testing. Ethnographic Studies: researchers immerse themselves in the environment of the 1. Secondary sources participants to observe and understand behaviors and cultures. Data that can be sourced either from the internal company records or from external B. QUANTITATIVE RESEARCH - focuses on numerical data and statistical analysis. information providers. Survey Questionnaires: structured tools with closed or multiple-choice questions External sources of information include government publications, trade journals, administered online, via phone or in person. periodical, newspapers, books, annual reports, store audits, consumer purchase panels and many more. Experiments and Field Trials: controlled experiments to test the impact of variables such as price, packaging, or product features. 2. Respondents Product Testing: allowing customers to use the product anabefore its launch and gathering feedback. Refers to the subject of the study Customers’ verbal and behavioral responses Natural Experiments - here, the investigator only measures results, having no control over 2.SECONDARY RESEARCH METHODS - involves analyzing data collected by others. the elements of the experiment. Literture Reviews: reviewing existing reports, articles, white papers and academic Controlled experiments - measure specific variables and require the researcher to be more research related to the industry or topic. involved. Experimental results are then compared to a control group in order to measure the Public Data Sources: government reports, industry publication and trade association chosen variable. data that provide insights into market trends. Commercial Reports: purchasing or accessing research reports from specialized research SIMULATION - often developed for marketing systems and include marketing-mix elements industries like Nielsen or Gartner. (new-product, price, advertising, and sales-force variables). Internal Data Analysis: leveraging data already within the company (sales records, customer data bases, etc.) to draw conclusions. COMMON ERROR TYPES 3.MIXED METHOD RESEARCH - a combination of qualitative and quantitative approaches to RESPONDENT SELECTION ERRORS - refer to issues related to the process of selecting provide a comprehensive understanding. respondents of a survey. 4.DIGITAL AND EMERGING METHODS - these methods take advantage of technology and 1. Population Specification Error - occurs when the target population is not accurately data analytics. defined or specified. Social Media Analysis: monitoring social media platforms for mentions, sentiment 2. Sampling Errors - this error arises from the sampling process itself, such as when the analysis, and trend tracking. sample is not a representative of the population. Web Analytics: analyzing online behavior using tools like google analytics to understand customer journeys. 3. Selection Errors - occur when there are biases in the selection of the respondents, leading Online Communities and Panels: engaging customers in digital forums or panels for to an unrepresentative of the population. ongoing feedback. Mobile Research: gathering data through apps, SMS, or mobile-enabled surveys. 4. Frame Errors -occurs when the sampling lane (the list of individuals or units from which the sample is drawn) is incomplete or inaccurate. 5. Survey Non-Response Errors - these errors occur when individuals refuse to participate in MARKET RESEARCH - Focuses on gathering data about a market, industry, or consumer the survey or cannot be contacted. behavior to understand consumer needs, preferences and market trends. ACCURACY OF RESPONSE ERRORS - refers to the issues related to the accuracy of the MARKETING RESEARCH - Applies market research findings to inform marketing strategies, responses provided by the respondents. tactics, and decision-making. It’s more action oriented. 1. Non-Response Errors - occurs when respondents fail to provide answers to certain SOURCES OF MARKETING INFORMATION questions, leading to missing data. 2. Surrogate Information Errors - occurs when respondents provide information that is not SOURCES OF EXTERNAL SECONDARY DATA relevant or inaccurate to the question being asked. a. Government Data Sources - Based on censuses conducted by the federal, state, local and 3. Measurement Errors from Interviewers - occur when interviewers ask questions supranational governments. incorrectly, record response inaccurately, or influence respondents’ answers. b. Private Data Sources - Private organizations that provides useful demographic information. 4. Measurement errors from questions - occur when questions itself is unclear. c. Computerized Databases 5. Measurement errors from respondents - occur when respondents provide misleading or Five categories of commercial databases inaccurate information due to various reasons. Bibliographic databases that index publications. THREE DATA SOURCES Financial databases with detailed information about companies. 1.Primary data Statistical databases of demographic, econometric, and other numeric data for forecasting Collected by the researcher and doing projections. Respondents are asked questions while the researcher collects the responses Directories and encyclopedias offering factual information about people, companies, and 2.Secondary data organizations. Collected from research Full-text databases from which an entire document can be printed out. This information is often found in outside sources. USES OF SECONDARY DATA 3.Commercial data 1. Estimation of Demand It is secondary data sold by syndicated services. 2. Scanning the Competitive Environment TYPES OF SECONDARY INFORMATION 3. Segmentation and Targeting Internal secondary data - These are information collected by companies in their everyday 4. Developing a Business Intelligence (BI) System conduct of business. Elements of an Interview External secondary data - Data obtain from outside sources. CONTEXT - The total situation in which an interview takes place, including location, physical Internal sources of data can be broadly classified into: arrangements, the people present, and those absent. This also includes status differences between parties, temperature, privacy, and time. a. Operational Database - This database typically collates from the accounting, marketing and operations departments, and houses data at the company and customer levels. CONTENT - What the parties talk about during the interview. It involves topic selection and treatment, arguments, supporting materials, language, and questions and answers. b. Customer Feedback - This enables the company to listen to the customer and design product offerings that match their exact needs. This can be achieved by tracking information STRUCTURE - Includes the interviewer’s or interviewee’s basic organizational patterns, regarding product returns, service records, customer correspondence, customer suggestions sequences of topics and questions, and the means used to open and close interviews. and complaint letters. DISCLOSURE - The willingness on the part of both parties reveals their “true” selves to one c. Customer Database - contains customer-level information that can be sorted and analyzed another. to produce useful information. FEEDBACK - The continuous stream of verbal and nonverbal signals (e.g., smiles, puzzled questioning. expressions, raised eyebrows, moans) sent between interview parties that reveal feelings: STRUCTURED-DIRECT INTERVIEWS - complete with formal questionnaire and with Non belief or disbelief, approval or disapproval, understanding or misunderstanding, interest or disguised questions, are focused and to the point. Easy to use and make it easy to collect disinterest, and awareness. information. COOPERATION - The degree to which the interview parties are willing and able to reduce the UNSTRUCTURE-DIRECT INTERVIEWS - allow the interviewer to be casual and informal, competition inherent in most interview situations and work together for their mutual benefit. developing questions naturally over the course of the interview. CONFLICT - The potential or actual struggle between parties because of incompatible or INACCURACY - It refers to either intentional or unintentional errors in a respondent’s opposing needs, desires, demands, and perceptions. answers, in the future (predictive) or in the present (concurrent). TRUST - Belief in the good, worth, ethics, believability, and reliability of the other party. CONCURENT INACCURACY - occurs when the respondent intentionally does not provide accurate information because of an inability or an unwillingness to respond. STRUCTURED INTERVIEWS - asked in a specific order. 1.Customer Satisfaction Surveys: A formal questionnaire is used, where customers rate their Inability to Respond due to three major conditions: satisfaction on a scale (e.g., 1-5) across several standardized questions. Memory error 2.Product Usage Surveys: Respondents are asked predefined questions about how they use a Ignorance error product (e.g., frequency of use, primary features, etc.). Misunderstanding 3.Demographic Surveys: Questions about age, income, gender, education level, etc., are asked in a specific sequence. Unwillingness to Respond 4.Brand Awareness Surveys: Participants are asked if they recognize specific brands and to Investigator Expectations rank them in terms of familiarity or preference. Investigator Unwillingness 5.Post-Purchase Feedback Interviews: After a purchase, customers are asked structured questions about their purchasing experience, product quality, delivery time, etc. Costs of Time and Effort Perceived Losses of Prestige UNSTRUCTURED INTERVIEWS - more flexible and open-ended, allowing for in-dept responses. Invasion of Privacy 1.In-depth Consumer Interviews: Consumers are asked broad, open-ended questions about AMBIGUITY - occurs when respondents misinterpret written or spoken questions. their preferences and motivations for choosing a product or service. Non-Response Error in Interviews - major reasons includes lack of interest; lack of time; 2.Focus Groups: A group of participants discusses a product or service freely, with a concerns about data privacy and personal protection. moderator guiding the conversation but without strict adherence to a questionnaire. THEORIES OF SURVEY RESPONSE 3.Ethnographic Research Interviews: The interviewer observes and asks questions about the participant’s behavior in real-time settings, often allowing the conversation to flow naturally. Exchange - social exchange theory asserts that the actions of individuals are motivated by the reward from these actions. 4.Exploratory Interviews: Used in the early stages of product development, participants are asked broad questions about their needs, desires, and pain points, with no fixed agenda. Cognitive Dissoance - It suggests that reducing dissonance is important as potential survey respondents decide whether to respond or not. 5.Executive or Expert Interviews: Senior managers or industry experts are interviewed to gather insights on market trends, strategy, or industry changes, often without strict Self-Perception - Self-perception theory asserts that people find the causes of their behavior COSTS OF SAMPLING by interpreting their attitudes and knowledge. overhead costs, which are relatively fixed for a sampling procedure, and Commitment and Involvement - deals with the allegiance someone feels for any system they belong to. variable costs, which depend on the number of respondents contacted and interviewed in the study. Reciprocity - requires that a person give an in-kind response to another: positive for positive, negative for negative. NON-PROBABILITY SAMPLING PROCEDURES LEVERAGE-SALIENCE - This theory suggests that interest in a topic is a key factor in Quota Sample - Respondents are selected to reflect proportions in the various subclasses (or strata) of the population of interest. prospective respondents’ willingness to participate in surveys. COVERAGE ERROR - occurs when the sample frame (the group from which the sample is Judgment Sample - used to carefully and consciously choose the elements as you develop a suitable sample. drawn) does not represent the population as a whole. SAMPLING ERROR - when a non-representative sample is drawn from the sampling frame. Convenience Sample - It means that the population is accessible, convenient, easily measured, cooperative and articulate Interviewing Modes Snowball Sampling - Procedure where initial respondents are selected randomly, but you In Person collect referrals from the initial group for additional respondents. By Telephone PROBABILITY SAMPLING PROCEDURES By Mail, Or by Email Simple Random Sample - two conditions exist: each sample element has an equal probability of selection, and each possible sample of n elements that can be drawn randomly from the Online Surveys sample frame has an equal probability of being the sample actually selected. POPULATION - it consists of the total set of individuals, households, or businesses you want Systematic Sample - involves only a slight variation from simple random sampling. The to include in your study. mechanics of taking a systematic sample are rather simple Census is a complete survey of an entire population. Stratified Sample - PROCEDURE NA MAHABA NAKAKATAMAD GAWAN NG EXPLANATION. Sample gets information from just a small, but hopefully representative, fraction of the Cluster Sample - main advantage of a cluster sample relative to simple random sampling is in population. TYPES: PROBABILITY SAMPLING AND NON-PROBABILITY SAMPLING. lower interviewing costs rather than in greater reliability. SAMPLING UNIT - a unit of the population chosen during the sampling process. May contain Area Sample: Single Stage and Multistage - occurs when only one level of sampling takes one or more elements describing the population. place (such as a sampling of blocks) before the basic elements are sampled (the households). SAMPLING FRAME - It is a physical listing of elements within the population. It helps you to identify, assess, and select the elements to be considered in the population. Three traditional approaches can help decide the size for any given research project: 1. Arbitrarily or judgmentally determined 2. Minimum cell size needed for analysis 3. Budget-based