+

Market Researchhttp://flickr.com/photos/view/142745616/

DefinitionDefinition

The systematic and objective search for information relevant to the identification and solution of any problem in the field of marketing

Key wordsSystematic and objective

What is it?What is it?

Consists of activities that enable an organization to obtain the information it needs to make decisions about its:EnvironmentMarketing MixPresent or potential customers

ObjectivesObjectivesIdentify marketsCharacteristics of marketsMarket trendsMarket changesMarket opportunities/threatsEffectiveness of marketing activitiesAnalysis of competition

MethodsMethodsSWOT analysis

StrengthsWeaknessesOpportunitiesThreats

MethodsMethods

Secondary informationPrimary informationQuantitativeQualitativeInternal to organizationExternal to organization

Research DataSecondary data is information which has

already been gatheredIt is secondary because its use is not

purpose for which it was gatheredSources

Government agenciesInternational data basesOwn organizationFinancial institutions

Research DataResearch DataPrimary data is collected from original

sources for the purpose of studyThree ways to do this:

ObservationExperimentSurvey

Need to ask four questionsNeed to ask four questionsIs the information relevant?Is it current or obsolete?How accurate is it?How credible is the source of the data?

Marketing Research Marketing Research InformationInformationIs either:

Quantitative orQualitative

QuantitativeQuantitative“research aimed at producing data that can

be statistically analyse and results that can be expressed numerically.”

[Dibb, Simkin, Pride and Ferrell 1997]

This is hard data

QualitativeQualitative“research that deals with information too

difficult or expensive to quantify such subjective opinions and value judgements, typically unearthed during interviews or discussion groups.”

[Dibb, Simkin, Pride and Ferrell, 1997] This is soft data

TechniquesTechniquesSurveysQuestionnairesPersonal interviewsFocus groupsObservationTelephone interviewsMail interviewsExperimentsTest marketing

ResearchResearchCan be eitherInternal = information gathered from within

the companyOrExternal = information gathered from

outside the company

ResearchResearch

ContinuousCarried out to

determine long term trends

Ad hocCarried out for a

particular purpose

Conducting Market ResearchConducting Market Research

1. Establish purpose or aim of research (objective)

2. Determine information requirements

3. Select suitable methods/techniques

4. Conduct research

5. Collate, analyse and interpret data

6. Report the findings