MOS 2320 Chapter 4 - Market Research.docx

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Western University
Management and Organizational Studies
Management and Organizational Studies 2320A/B
Gail Leizerovici

Chapter 4: Marketing Research Marketing research: a set of techniques and principles for systematically collecting, recording, analyzing and interpreting data that can aid decision makers involved in marketing goods, services or ideas The Marketing Research Process - Research is expensive and time-consuming so its important to establish in advance exactly what information is required to answer specific research questions, and how that information should be obtained Step 1: Define the Research Problem and Objectives - Correctly defining the market problem is one of the most important elements - Some say this is the most difficult o If you define it incorrectly you will most likely end up with wrong solutions o If you define correctly but fail to carry out the rest of the process correctly, you may end up with useless/misleading results o 3 major sources of pour design 1. Basing research on irrelevant research questions 2. Focusing on research questions that marketing research cannot answer 3. Addressing research questions to which the answers are already known Step 2: Design the Research Project - Researchers identify the data needed and determine the type of research necessary to collect that data - Secondary Data o Pieces of information that have been collected prior to the start of the focal project o Includes both internal and external data o Marketing research beings with a review of relevant secondary data o Free or inexpensive and can be quickly accessed but may not always be adequate enough to answer the research objective o They may purchase external data called syndicated data  Data available for a fee from commercial research firms such as SymphonyIRI Group, National Purchase Diary Panel, Nielsen and Leger Marketing - Primary Data o Data collected to address the specific research needs/questions currently under investigation o Collected by observing consumer behaviour, conducting focus groups, or surveying customers by email, telephone, in-person interviews, the internet o It can be tailored to fit the research questions o More costly, takes longer to collect - Reliability: the extent to which the same result is achieved when a study is repeated under identical situations - Validity: the extent to which a study measures what it is suppose to measure - Sample: a segment or subset of the population that adequately represents the entire population of interest o Who should be surveyed o How big should the sample be o What types of sampling procedure to use (simple random, convenience, stratifies or cluster sampling) - Sampling: the process of picking a sample Step 3: Collect Data - Exploratory method or conclusive research method - Exploratory Research: Attempts to being to understand the phenomenon of interest; also provides initial information when the problem lacks any clear definition o More informal and qualitative o Observations, social media sites, in-depth interviews, focus groups and projective techniques - Conclusive Research: Provides the information needed to confirm preliminary insights, which managers can use to pursue appropriate courses of action o Quantitative o Surveys, formal studies (experiments), scanner and panel data or a combination of these o Hypothesis: a statement or proposition predictin
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