MKT 500 Lecture Notes - Lecture 2: Test Market, Longitudinal Study

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15 Aug 2016
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CMKT500 - Lecture 2 and 3 - Introduction to Marketing Research,
Marketing Research Process, Defining the Problem and Research Objectives
Marketing Research is “a set of business practices designed to plan for and present an
organization’s products or services in ways to build effective customer relationships”. It is a
combination of both primary and secondary research
11 steps of the Marketing Research process and how they relate and lead into each
other:
Step 1: Determine the need for Marketing Research, if required at all. There are times when
research is not warranted and, thus, should not be undertaken either for lack of time, resources
or inability to obtain credible information.
Step 2: Define the problem or opportunity. Perform some background research:
oWhat went wrong?
oWhy did the product/service fail?
oHow was it introduced into the market?
oWhat channels of distribution were used?
oApply the 4 Ps of marketing.
Step 3: Establish the research objective. What are we trying to achieve?
oAre we trying to understand why the product failed and to avoid similar mistakes
in the future?
oAre we re-launching the product?
Step 4: Establish the research design. Is it exploratory, descriptive or causal?
Step 5: Determine information sources, i.e. from whom you are going to obtain your primary
information.
oThis is your sample group. Look at age, income level, etc.
Step 6: Determine method of obtaining the primary data. This could include:
oElectronic
oFocus groups
oPersonal interviews
oQuestionnaires. These are good when the researcher is faced with time
constraints. When the questions are numerical or quantitative in nature
this makes for easy analysis to draw conclusions.
Step 7: Design data collection form.
Step 8: Determine sample size. A group of 30 is statistically sufficient.
Step 9: Collect data.
Step 10: Analyze data.
Step 11: Present findings and recommendations.
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