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Market Research Notes

Management Notes > Marketing Management & Strategy Notes

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Marketing Management & Strategy - Market Research NotesMarketing research concerns specific ad hoc enquiries into problems and marketing activities to discover new information so as to guide marketing decisions.It is the systematic design, collection, interpretation and reporting of information to help marketers solve specific marketing problems and take advantage of marketing opportunities.It is a process of gathering information not currently available to the decision makers.

Some Marketing Research Facts81% of research is survey work for quantitative studies.Telephone interviewing is primarily used for quantitative research but not exclusively.Qualitative research is done through focus groups and in depth interviews and accounts for PS40 million turnover.In the UK per year there are (Market Research Society, London):o

17.5 million total interviews.

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8 million face to face interviews.

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4.5 million postal/self-completion surveys.

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4.5 million telephone surveys.

The online research market is growing rapidly.

Why Conduct Market Research?Feedback:
oTo research a situation in order to decrease risks and improve effectiveness.

Understanding:
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Research in order to learn about the attitudes and behaviours of large groups of people in a diverse population.Decision Quality:
o

Decisions based on good research should be of higher quality than those based solely on judgement.

Market Research & DemandExisting demand = need identified and currently satisfied.Latent demand = need identified but not satisfied.Incipient demand = need unidentified and not satisfied.It would be impossible to research a need of which the consumer is unaware

The ProcessThe market research process has eight stages:

1. Problem definition

5. Collect data

2. Develop hypothesis

6. Analyse the data

3. Develop sampling plan

7. Interpret the results

4. Design the instrument to collect data

8. Communicate the results ?Marketing research professionals often refer to the 'funnel':

1. Desk research - understanding

2. Qualitative research - hypothesis generation

3. Quantification - hypothesis testing and validation

4. Qualitative research - confirm recommendations

There are four phases in the process:

1. Exploration

2. Development

3. Decision making

4. Assessment

The PitfallsIt is deceptively easy.There is good research and bad research.It takes time and resources.There are three important questions that market researchers must ask:

1. Is more information needed?

2. Is the decision contingent on the research outcome?

3. Can the results be used?

Primary vs. Secondary

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