Marketing Seminar 4 PDF

Friday, 17 November 2023 Marketing Seminar 4 Market Research Role of Marketing Research 1.1 De nition Process of: 1) Defining a marketing problem and opportunity. 1) Marketing Problem is an opportunity or issue to look into. 2) Must be clear of...

Friday, 17 November 2023 Marketing Seminar 4 Market Research Role of Marketing Research 1.1 De nition Process of: 1) Defining a marketing problem and opportunity. 1) Marketing Problem is an opportunity or issue to look into. 2) Must be clear of what we are looking for. 2) Collection and analysis of information 1) Look at the findings and results to understand 3) Recommending Actions Although it is imperfect, but it can reduce risks and improve decisions (undesirable outcomes). E.g. Colgate selling entrees, E.g. Earring Magic Ken => Both were poorly received by the public Learning Point: New products have to be sensitive to societal norms and preferences, which could be learnt through market research to grasp consumer sentiments, morals, values and people’s tolerance of controversial topics. 1.2 Challenges in Doing Good Market Research 1) Consumers’ level of awareness or knowledge 1) Lack of knowledge and unable to articulate or convey their thoughts and ideas well. 2) We cannot always assume that consumers know what they do not know. 3) E.g. Children have authentic responses, but are not linguistically developed (monosyllabic answers) enough to provide enough answers. Might have to enlist props and other means to stimulate them for responses. 2) Amount of truthfulness 1) With a greater amount of intelligence and awareness, people might not articulate their thoughts and ideas as honestly such that they lie. 2) Hence, the marketers should always take the information collected with a pinch of salt as it is not definite, suggested and always implied. 3) Matching Verbalisation and Actual Purchase Behaviour. Market research in business is never definite. Instead, it is a suggested outcome and generalised event. 1 fi  The 5-Step Marketing Research Approach Research language is precise because each word has a different connotation. Market research is iterative - it is always ongoing If we do not have the desired results, we must revisit and adjust the various steps in the process accordingly. Hence, it’s a laborious and challenging process. 2.1 De ne the Problem Set Research Objectives 1) It must be specific and measurable. 1) The goals must be of a sizeable magnitude that can be measured and made sense of. 2) Objectives should be understandable and can be described in simple layman terms. 2) It could be a difficult task to execute. 1) The study might be too broad, narrow or unresearchable, etc. 2) Ensure that it is relevant and able to be captured easily. 3) A cognitive, systematic and logical process Types of Research Exploratory Provides ideas regarding a relatively vague problem. No clear understanding and one-source to gather findings. Open to any and all possibilities - different and even unexpected answers. Descriptive Discovers the frequency of occurrence or the extent of relationship between two factors. Straightforward findings and establishing a relationship between factors 2 fi Causal Determines the extent to which the change in one factor affects the other. Study the difference in outcome by changing the antecedent/trigger/stimulus. Watch and measure the consequence and result afterwards. E.g. Pharmaceutical Industry - Roche Causal Vs. Descriptive There is an element of manipulation that differentiates Causal research from Descriptive research. Identify Possible Marketing Actions 1) Develop the measure(s) of success 1) Research is conducted with the goal of solving a problem. Thus, to understand the extent of problem resolution, it should be measurable in a certain way. 2) Criteria or standards should be utilised to evaluate the effectiveness of the proposed solution - Measure of Success. 3) Without these measures, we will not be able to track and understand if the measures undertaken are successful. 2.2 Develop the Research Plan In every research, there will be challenges. 1) Marketers should specify the constraints 1) E.g. Common resources limitations: time (weeks to months and even years) and money 2) Provide solutions or ideas to tackle the constraints by providing remuneration/ compensation. 2) Identify data needed for marketing decisions 1) As a result, research questions must be relevant and beneficial to the study, not just interesting. 2) So that we do not waste any consumer’s time to answer, resources utilised in the process. E.g. time to analyse the irrelevant answers. 3) Determining ways to collect data 1) Keep concepts in mind 1) Ideas about products or services 2) The formulated questions asked should always be linked back to the concept. 3) Marketers should be clear on the particular subject area in which they are examining as it will give them certain guidelines and boundaries to follow (what to ask and should ask). 2) Methods 1) Approaches 3  2) Sampling (Probability, Non-probability): A group that reflects the whole target population. 3) Statistical Inference: To derive a conclusion from evidence or known facts 2.3 Collect Relevant Information 4 2.4 Develop Findings 1) Analyse Data 1) It is difficult and tedious to sort out data 2) Present Findings 1) In a simple, clear and concise way that is understandable 2.5 Take Marketing Actions 1) Make action recommendations 1) Find out the root/source of the problem and provide suggestions that will curb it. 2) Implement the action recommendations 3) Evaluate the results 1) Test each of them to find out which is the best. 5