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    Marketing Research Notes

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    Aaron Miranda

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    © All Rights Reserved
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    Marketing Research Notes

    Uploaded by

    Aaron Miranda
    6 views7 pages

    Original Title

    MARKETING-RESEARCH-NOTES

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    © © All Rights Reserved

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    6 views7 pages

    Marketing Research Notes

    Uploaded by

    Aaron Miranda

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 7

    MAIN TOPIC 1

    INFORMED DECISION MAKING


    - data driven strategies: market trend, competitive dynamic
    - risk mitigation: businesses can minimize risk and reduce potential challenges
    CUSTOMER INSIGHTS
    - understanding consumer behavior: focus thru survey and analytics. marketing research help businesses
    understand consumer thoughts and behavior. help them to meet customers expectation
    -segmentation and marketing: help them distinct troops. tailor marketing efforts
    COMPETITIVE ADVANTAGE
    - market positioning: know your brand and customer
    - innovation: new product development
    OPTIMIZING MARKETING EFFORTS
    - campaign effectiveness: helps in evaluating marketing task. know the strategies. launching an
    advertisement. know the insights of your customer and check the effectiveness.
    - budget allocation: maximize the allocation of budget. to lessen the expenses
    ADOPTING TO CHANGE
    - responding to market dynamics and market crisis.
    - crisis management: offers insights and sentiments.
    STRATEGIC PLANNING
    - long term vision: marketing research supports the development of long term strategies by identifying
    potential customers and opportunities

    PURPOSES OF MARKETING RESEARCH


    Understanding Market Needs
    ➢ To identify and understand the needs, wants, and preferences of consumers, allowing companies
    to tailor products and services accordingly.
    Assessing Market Potential
    ➢ To evaluate the size, growth, and potential of a market segment, which helps in deciding wether
    to enter or expand in that market
    Competitive Analysis
    ➢ To analyze competitors strategies, strengths, and weaknesses, aiding in positioning and
    differentiation
    Product Development
    ➢ To guide developing new products or improving existing ones based on consumer feedback and
    market demand.
    Pricing Strategy
    ➢ To determine the optimal pricing strategy by understanding how much consumers are willing to
    pay and what price points are competitive in the market
    Marketing Effectiveness
    ➢ To evaluate the effectiveness of marketing campaigns and strategies , helping businesses optimize
    their marketing efforts and increase ROI
    Continuous Monitoring
    ➢ Marketing intelligence involves the ongoing collection and analysis of data about the market
    environment, including, competitor activities, market trends, and customer behaviors.
    Strategic Decision-Making
    ➢ In-house marketing intelligence teams provide insights that inform strategic decisions such as
    market entry, product launches, and pricing strategies.
    Cost-Effectiveness
    ➢ Having an in-house function can be more cost-effective than outsourcing especially for
    companies that need constant and tailored insights.
    Confidentiality
    ➢ Keeping marketing intelligence in-house ensures that sensitive information stays within the
    organization, reducing the risk of leaks to competitors.

    THE SUPPLIERS OF MARKET RESEARCH

    Full-service Research Firm


    ➢ A full-service research firm provides a complete range of services for market research. These
    firms use various methods to obtain information from qualifiable and quantifiable samples. They
    help businesses with targeted data collection, analysis, and reporting.
    Specialized Research Agencies
    ➢ Specialized firm that provides businesses with the data and insights necessary to make informed
    decisions. These agencies use various methodologies to collect data, ranging from surveys and
    focus groups to advanced analytics and big data techniques.
    Fieldwork Agencies
    ➢ Collection of primary data from external sources. Fieldwork market research agencies, therefore,
    are solely dedicated to searching for and recruiting participants for your project and gathering the
    results, rather than working on your market research project as a whole.
    Consultants
    ➢ Specialize in gathering, analyzing, and interpreting data to provide actionable insights. This
    process involves a combination of qualitative and quantitative research methods, including
    surveys, interviews, focus groups, and data analysis tools.
    Syndicated Research Providers
    ➢ Research that is independently conducted, published and sold by a market research firm.
    The market research firm leverages its industry expertise and experience to determine the subject
    and scope of the study, including the questions asked and the populations targeted, and offers its
    results and analysis to multiple clients.

    USERS OF MARKET RESEARCH

    Marketing Departments
    ➢ This is a team of experts who are responsible for the development of a company’s product
    and the creation of new marketing avenues. This includes market research, product
    development, and social media experts.
    Product Development Teams
    ➢ Product development is the process of strategizing, brainstorming, planning, building, releasing
    a product to market, and measuring its success. It involves collaboration among cross-
    functional teams such as product management, engineering, innovation, marketing, and
    operations.
    Executive Leadership
    ➢ Executive leaders understand themselves and how to deploy their strengths across diverse
    contexts. They skillfully adapt to situations quickly and identify the best course of action based
    on their self-knowledge.
    Sales Team
    ➢ They do their research and create visually appealing messages to be sent to the market—all in
    the spirit of creating value and earning margin. The product is then put in the hands of the sales
    team who then, instead of acting strategically, become very tactical and do whatever they need to
    do to make a sale.
    Customer Service Teams
    ➢ In marketing research, a Customer Service Team plays a crucial role in gathering and
    responding to customer feedback, managing customer interactions, and ensuring overall customer
    satisfaction.
    Retailers and Distributors
    ➢ In marketing research, retailers and distributors are key intermediaries in the supply chain,
    and they provide valuable insights into product performance, customer behavior, and market
    trends.

    PARTS OF MARKET RESEARCH

    Problem Definition
    ➢ Identifying the specific marketing issue or opportunity that needs to be addressed through
    research.
    Research Design
    ➢ Planning the research methodology, including selecting data collection methods (e.g., surveys,
    focus groups, observations) and determining the sample size.
    Data Collection
    ➢ Gathering the information needed for the research. This can be done through primary data
    collection (directly from sources) or secondary data collection (existing data)
    Data Analysis
    ➢ Analyzing the collected data to extract meaningful insights. Techniques may include statistical
    analysis, qualitative coding, and data modeling.
    Interpretation and Reporting
    ➢ Turning data into actionable insights, usually presented in a report or presentation format, which
    includes conclusions and recommendations.
    Implementation and Follow-up
    ➢ Using the research findings to make decisions and track the outcomes of those decisions. This
    stage often involves monitoring and measuring the impact of the implemented changes.
    MAIN TOPIC 2

    PARADIGM IN MARKETING RESEARCH


    Positivism

    • The paradigm assumes that the world is objective and can be measured scientifically. Researchers
    using this approach believe that knowledge can be gathered through observable, quantifiable
    facts.
    • Help to test hypothesis (e.g: impact of sales sa changes ng price ng product)
    • Use of survey method
    • Quantitative
    Interpretivism

    • This paradigm views reality as subjective and constructed by individual experiences and social
    contexts
    • Qualitative
    • Conduct interviews (focused groups) to understand consumers experiences and thoughts towards
    a certain product/services
    Critical Realism
    ➢ A more complex paradigm that bridges positivism and interpretivism. Focuses on understanding
    the underlying mechanisms (economic, social, cultural) that influence observable events. It often
    uses both qualitative and quantitative methods.
    EXPLORATORY RESEARCH
    ➢ This type of research is used when the problem is not well defined or understood
    ➢ Methods: Focused groups, in depth interviews, informal reviews, literature reviews
    DESCRIPTIVE RESEARCH
    ➢ This type of research is more structured and aims to describe characteristics or behaviors of a
    specific group
    ➢ Used when the problem is clearly defined
    CAUSAL RESEARCH
    ➢ This research type is used to understand cause-and-effect relationships between variable. It’s
    highly structured and typically involves experiments.
    ➢ More on experiment research and observation in a certain problem

    PRIMARY AND SECONDARY RESEARCH

    PRIMARY RESEARCH
    ➢ Involves the collection of new, original data specifically tailored to a business’s needs
    ➢ First hand sources

    SECONDARY RESEARCH
    ➢ Involves analyzing that has already been collected by others
    ➢ Less expensive
    ➢ Quicker to use
    ➢ Directly addresses research questions
    ➢ Existing sources (government files, books, newspapers, etc.)

    THE MARKETING RESEARCH PROCESS


    (Based on the example)
    Define The Problem
    ➢ Why are sales of the eco-friendly line below expectation?
    Develop the research Plan
    ➢ Use survey plan
    Collect Data
    ➢ Gather customer feedback thru focused group
    Analyze Data
    ➢ Customers appreciate the item or product but it is too expensive
    ➢ Know the reason
    Report Findings
    ➢ Adjust on the pricing of the product
    Make Decisions
    ➢ Based on the research, launch new promotional campaign that offer discounts on their eco-
    friendly bag
    MAIN TOPIC 3 & 4

    DATA COLLECTION IN INTERVIEW


    QUALITATIVE RESEARCH A data-collection method in which an
    interviewer asks an interviewee (johnson &
    METHODS OF DATA COLLECTION
    Christensen 2012)
    ✓ Technically for physically obtaining
    ➢ In person interview – an
    data to be analyzed in a research
    interview conducted face to
    study.
    face
    ➢ Telephone interview- an
    interview conducted over the
    NOTE: In qualitative research, the process
    phone
    of data collection and analysis is a daunting
    enterprise,

    DIFFERENCES BETWEEN QUALI


    AND QUANTI

    QUANTITATIVE
    - Collecting data or instruments
    identifies prior to the study
    - Gathering numeric data
    - Collecting information from a large
    number of individuals
    QUALITATIVE
    - Collecting data on protocols
    developed during the study
    - Gathering text or image data
    - Collecting information from a small
    number of individuals

    MAIN TECHNIQUES TO COLLECT


    QUALITATIVE DATA

    1. Interview
    2. Observation
    3. Visual data collection
    4. Secondary data collection

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