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Chapter 2

Chapter 2 The Marketing Research Process.docx

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Ryerson University
MKT 500
Tina West

MKT500 Marketing Research CHAPTER 2 The Marketing Research Process THE MARKETING RESEARCH PROCESS STEP 1: establish the need for marketing research o Need for marketing research arises when managers must make decisions and do not have adequate information o Must weigh the value from conducting marketing research and having the information at hand against the cost of obtaining that information STEP 2: define the problem o The problem could be specific and narrowly defined or very general o Problems stem from two primary sources: gaps between what is supposed to happen and what did happen and gaps between what did happen and what could be happening STEP 3: establish research objectives o Research objective: what the researcher must do in order to carry out the research and solve the problem STEP 4: determine research design o Research design: research approach undertaken to meet the research objectives o Three types of research designs: 1. Exploratory research: form of casual, informal research that is undertaken to learn more about the research problem, learn terms and definitions, or indentify research priorities 2. Descriptive research: describes the demographic profile using surveys 3. Casual design: attempts to uncover what factor or factors cause some events STEP 5: identify information types and sources o Two types of information 1. Primary information: information collected specifically for the problem at hand 2. Secondary information: information already collected STEP 6: determine methods of accessing data o Primary data can be collected by exploring information using qualitative methods and quantitative methods o Secondary data are relatively easy to collect STEP 7: design data collection forms o Care must be taken to ensure that the questions asked can generate answers that satisfy the research objective and that can therefore be used to solve the problem o Must be worded properly so that they are clear and unbiased STEP 8: determine sample plan and size o Population consists of the entire group that the researcher wishes to know about based upon information provided by the sample data o Sample plan describe how each sample element, or unit, is to be drawn from the total population STEP 9: collect data o Knowing the sources of errors (attributed to fieldwork or respondents, and are intentional or unintentional) and uses controls to minimize them o Validation: 10% (industry standard) of all respondents in a marketing research study are randomly selected, re- contacted, and asked if they indeed took part in a research survey STEP 10: analyze data o Using data analysis tools to interpret the information collected so that the research objectives can be met STEP 11: prepare and present the final research report ESTABLISHING THE NEED FOR MARKETING RESEARCH  Marketing research is not needed when: o The information is already available  Using internal reports system, marketing intelligence system, or the decision support system in which the information systems are ongoing sources of information o The timing is wrong to conduct marketing research  There is not enough time to conduct marketing research and remain competitive in a fast-moving market o Funds are not available for marketing research  Conducting research is one cost, but firms must also consider what it may cost to implement the research recommended o Costs outweigh the value of marketing research  Costs are easy to estimate but it is difficult to estimate the value the research is likely to add MKT500 Marketing Research  Value can be estimated and a more informed decision may be made as to whether or not marketing research is justified  Research has greater value in clarifying problems or opportunities, identifying changes occurring in the marketplace among consumers or competitors, clearly identifies the best alternative to pursue among a set of proposed alternatives, helps a brand establish a competitive advantage DEFINE THE PROBLEM  Two different sources of problems: o Problem: exists when there is a gap between what is supposed to happen and what did happen  Must set objectives and have a control system based on setting objectives and evaluating them against actual performance o Opportunity: occurs when there is a gap between what did happen and what could have happened  Situation represents a favourable circumstance or chance for progress or advancement  Marketing opportunity: an area of potential interest in which a company can perform profitably  Opportunity identification: monitors opportunities, but unlikely to identify problems  Symptoms: changes in the level of some key monitor that measures the achievement of an objective o Can be a perceived change in the behaviour of some market factor that implies an emerging opportunity o Symptoms are not problems; should be used to alter managers to recognize problems  Regardless of the type of problem, researchers have an obligation to help managers to ensure they are defining the problem correctly  Situation analysis: form of prel
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