MKC1200 Lecture 3: MKC1200 Week 3 - Marketing Research
26 May 2018
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MKC1200 Week 3 - Marketing Research
Week 3 - Marketing Research
Market Research in Marketing Decisions
●Market Research = a business activity that discovers information of use in making
marketing decisions
●Formal definition = process that links the consumer, customer, clients and public to
the marketer through information
●Information is used to identify and define marketing opportunities and problems,
generate, refine and evaluate marketing actions; monitor marketing performance; and
improve understanding of marketing as a process.
Value Linked Market Research Applications
●Promotion - Need to know if it will work or not
Marketing Information Systems (MIS)
●Organisations have specific market research projects AND continuously collect
everyday data (sales, purchases, enquiries and accounting)
●MIS = structure put in place to manage information gathered from usual (daily)
operations
●MIS plays a vital role in linking customer to marketer
●
●All information required by businesses is not gathered by marketing research.
Marketing Research Process (Five major components)
1. Defining the research problem
2. Designing the research methodology
3. Collecting data in accordance with the research design
4. Analysing data and drawing conclusions
5. Presenting the results and making recommendations
●Market research is an ongoing process and is constantly evolving
●In practice, a market research project does not always occur in a strict sequence.
When Market Research is appropriate
●Marketers are faced with limited resources (budget) that governs all activities
●Before undertaking a market research project, need to consider:
○Relevance
○Timing
○Availability of Resources
○Need for new information
○Cost-benefit analysis
Ethics in Marketing Research
●Market researchers have an ethical responsibility to their clients or employers and to
those who participate in the research
●Market research industry attempts to self-regulate its activities in Australia through
the Australian Market and Social Research Society (AMSRS)
●In NZ, the market research industry’s peak body is called the Market Research
Society of New Zealand (MRSNZ)
●
Defining the Research Problem
●What is the purpose of the research?
○MUST be PRECISE
●Mistakes here = costly
3 Types of Research
●Exploratory
○Required when management is uncertain about what actions should be taken
and has little knowledge about the research problem
○We don’t know about the area so we need to learn more
●Descriptive
○Research to describe our target market
●Causal
○Cause and effect
○Eg: If I raise prices will sales increase or decrease
●Hypothesis used as a tentative explanation to be tested
Document Summary
Market research = a business activity that discovers information of use in making. Formal definition = process that links the consumer, customer, clients and public to marketing decisions the marketer through information. Information is used to identify and define marketing opportunities and problems, generate, refine and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Promotion - need to know if it will work or not. Organisations have specific market research projects and continuously collect everyday data (sales, purchases, enquiries and accounting) Mis = structure put in place to manage information gathered from usual (daily) operations. Mis plays a vital role in linking customer to marketer. All information required by businesses is not gathered by marketing research. Marketing research process (five major components: defining the research problem, designing the research methodology, collecting data in accordance with the research design, analysing data and drawing conclusions, presenting the results and making recommendations.
