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Chapter 4

Chapter 4 - Marketing Research

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Department
Business
Course
BU352
Professor
Dave Ashberry
Semester
Fall

Description
Chapter 4 Marketing Research Marketing Research – techniques and principles for collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services, or ideas  It can provide valuable info that will help them make segmentation, positioning, 4P’s decisions  It helps reduce some uncertainty under conditions they operate under; attain appropriate info to make better decisions  Provides crucial link between them & their environments; customer-oriented b/c they build strategies based on customer input  Constantly monitoring competitors so that they can respond quickly  Identify opportunities/new and improved ways of satisfying consumer needs and wants from changes in the external environment The Marketing Research Process Before embarking on research: Market research is expensive and time  Will the research be useful? Will it reduce uncertainty? consuming. If results aren’t useful it is a  Is top mgmt committed and willing to abide by the results? waste of money and time  In advance know what info is required and how to obtain it  There are always value trade-offs o Choose method that will provide info needed at lowest cost  The Marketing Research Process in 5 steps: Design Define Data Present Problems & Research Collecton Analyze Data Results Objectives Project STEP 1: Define the Research Problems and Objectives  Incorrectly defined problem means wrong solution  Once problem is defined, objectives need to be specified  Poor design is from 3 sources: o Basing research on irrelevant research questions o Focusing on questions that cannot be answered with market research o Addressing questions that have answers already known STEP 2: Design the Research Project  Identify type of data needed and determine research necessary to collect it  Secondary Data o Data already collected and readily available prior to the start of the focal project; include both external and internal o Begin with review of secondary data – own records, prior research, etc o Free or inexpensive (i.e. the Internet, books, journal articles, etc.) o Syndicated Data – available for a fee from commercial research firms o Ensure it is current and relevant  Primary Data o Data collected to address specific research needs/questions currently under investigation (i.e. Observing consumer behaviour, focus groups, surveys) o Advantage: tailored to fit research question o Disadvantage: more costly, timely o Marketers require experience and training to design and collect the data in an unbiased/reliable way Focus groups & in-depth interviews are used most o Biased data – entire population not represented, researches frequently. Which type to use depends on the inject own bias cost, time required to do the research, how soon o Reliability – extent to which you get same result if study isinfo is needed repeated under identical situations o Validity – extent to which study actually measures what it’s supposed to measure o Sample – segment or subset of population that adequately represents entire population of interest o Sampling – the process of picking a sample STEP 3: Data Collection Process  Hypothesis – a statement or proposition predicting a particular relationship among multiple variables that can be t
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