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Chapter 4

Chapter 4 BU352.docx

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Wilfrid Laurier University
Dave Ashberry

BU352 Chapter 4 – Marketing Research Week 3 -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 -When marketing managers attempt to develop their strategies, marketing research can provide valuable information that will help them make segmentation, positioning, product, place, price and promotion decisions -Marketing research helps reduce some of the uncertainty under which they currently operate -Marketing research provides a crucial link between firms and their environments which enables firms to be customer-oriented because they build their strategies by using customer input and continual feedback -By constantly monitoring their competitors firms can anticipate and respond quickly to competitive moves -Ongoing market research can identify emerging opportunities and new and improved ways of satisfying customer needs and wants from changes in the external environment The Marketing Research Process -Managers must consider will the research be useful? And is top management committed to the project and willing to abide by the results of the research? -Because research is both expensive and time consuming, it is important to establishing advance exactly what information if required to answer specific research questions and how that information should be obtained -Research does not always happen in the order of the 5 steps -When embarking on a research project, plan the entire project in advance -By planning the entire research process well in advance of starting the project, researchers can avoid unnecessary alterations to the research plan as they move through the process Step 1: Define the Research Problem and Objectives -Correctly defining the marketing problem is one of the most important elements of the marketing research process -Once the research problem is defined, marketers must specify the research objectives or questions to be answered Step 2: Design the Research Project -In this step, researchers identify the type of data needed and determine the type of research necessary to collect it -The marketer must also determine whether the data required to make a decision should be obtained from secondary sources or primary sources: Secondary Data -Secondary data – pieces of information that have been collected prior to the start of the focal project - might come for free or at a cost -Researchers must ensure that the secondary data they use, especially from external sources, are current, are relevant and can shed light on the research problem or objectives -Sometimes, secondary data are not adequate to meet the needs because the data was initially acquired for some purpose other than the research question at hand and may not be completely relevant -Syndicated data – data available for a fee from commercial research firms such as SymphonyIRI Group, National purchase Diary Pane, Nielsen, and Leger Marketing -Marketers must pay close attention to how the secondary data were collected Primary Data BU352 Chapter 4 – Marketing Research Week 3 -Primary data – data collected to address the specific research needs/questions currently under investigation. Some primary data collection methods include focus groups, in-depth interviews, and survey -A major advantage of primary research is that it can be tailored to fit the research questions -More costly to obtain primary data -Marketers often require extensive training and experience to design and collect primary data that are unbiased, valid, and reliable -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 supposed to measure -Sample – a segment or subset of the population that adequately represents the entire population of interest -Sampling – the process of picking a sample -Three questions to pick a sample: who should be surveyed? How big should the survey be? What types of sampling procedure to use? -Sampling procedures: simple random sampling, convenience sampling, stratified sampling, cluster sampling -Generally, larger samples tend to yield more reliable results up to a certain point Type Examples Advantages Disadvantages Secondary -Census data -Saves time in collecting data -Information may not be precisely relevant Research -Sales invoices because they are readily availablto information needs -Internet information -Reduces data collection costs -Information may not be as timely as -Books needed -Journal articles -Sources may not be original; therefore, -Syndicated data usefulness is an issue -Methodologies for collecting data may not be relevant or may contain bias in the subject matter Primary -Observed customer -Is specific to the immediate dat-Information is usually more costly to Research behaviour needs and topic at hand collect -Focus groups -Offers behavioural insights -Data typically takes longer to collect -In-depth interviews generally not available from -It often requires more sophisticated -Surveys secondary research training and experience to design and -Experiments collect unbiased, valid, and reliable data Step 3: Collect Data -Exploratory research – attempts to begin to understand the phenomenon of interest; also provides initial information when the problem lacks any clear definition -Exploratory research is more informal and qualitative than conclusive research methods and includes observation, following 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 -Conclusive research offers a means to confirm implicit hunches through surv
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