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Chapter 6: Marketing Research
Objectives
Steps in marketing research
Methods of marketing research
Challenges of conducting marketing research in global markets
Why we do marketing research?
Understand customers’ needs, wants, and preferences
Segment markets and identify the targets
Find out what competitors do
Provide necessary information for marketing decisions
6.1 Marketing Research System
Marketing research
Marketing research process
Marketing research approaches
Challenges
in global context
What is marketing research ?
Marketing research is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing an organization.
Marketing research activities
Studies of market potential and share
Assessment of customer satisfaction and purchase behavior
Analysis of product, pricing, promotion and distribution programs of the major competitors
Information sources
In-house research teams
Proctor Gamble
carries out 1000 research projects by
calling or visiting 1 million people
annually
Marketing research firms - Nielsen National Research Group
Complete market research projects
Limited number of activities
Assistance in developing advertising strategies
Keeping track of brand awareness
Category of marketing research firms
Major issues for using outside marketing research firms
6.2 Marketing research process
Step 1 Defining problem
How to define the a problem properly (not too broad nor too narrow)
Ask the right question
A well-defined problem allows the researcher to focus on securing the precise information necessary for solution, so the research process will be efficient and accurate.
Exploratory research– seeks to discover the cause of a specific problem.
Step 2 Develop the plan
It calls for decisions on data sources, research approaches, research instruments, sampling plan, and contact methods.
Sales performance records
Financial statements
Marketing cost analysis
Secon
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