Kristal The Marketing Research Process 1
Managers consider several factors before embarking on a marketing research project.
Managers consider several factors before embarking on a marketing research project.
Set of flashcards Details
| Flashcards | 19 |
|---|---|
| Language | English |
| Category | Marketing |
| Level | University |
| Created / Updated | 09.04.2014 / 13.03.2015 |
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The Marketing Research Process
Step 1: Defining the Objectives and Research Needs
Step 2: Designing the Research Project
Step 3: Data Collection Process
Step 4: Analyzing Data
Step 5: Presenting Results
Step 1: Defining the Objectives and Research Needs
- what information is required
- how that information should be obtained
Step 2: Designing the Research Project
- identify the type of data needed
- determine the type of research
- secondary or primary Data
Step 3: Data Collection Process
the collection can employ either exploratory (IDI) or conclusive (Survey) research
Step 4: Analyzing Data
organizing, analyzing, and interpreting data (to get information)
Step 5: Presenting Results
Executive Summary (Kurzdarstellung), the Body of the report (which discusses the research objectives, methodology used, and detailed findings), the Conclusions, the Limitations, and Supplements (tables, figures, and appendixes).
Defining Marketing Research
“Marketing research is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company.”
Redefining Marketing Research:
The function which links the consumer, the customer, and public to the marketer through information used to:
- Identify and define market opportunities and problems
- Generate, refine, and evaluate marketing performance
- Monitor marketing performance
- Improve understanding of marketing as a process
What is Market Research?
- Defined process of gathering, processing and analyzing data about markets
- Communicates the findings and their implications
- Market research covers a current or upcoming information need connected to the decision problems of a company.
- Market research reduces the decision making risk.
- Requirements / importance of market research increases with the complexity of target markets.
The Three Critical Roles of Marketing Research
- Descriptive: The gathering and presenting of statements of fact.
- Diagnostic/Causal: The explanation of data or actions.
- Explorative: The specification of how to use descriptive and diagnostic research to predict the results of a planned marketing decision
The Relationship of Marketing & Market Research
(Nutella Glas)
MARKET RESEARCH FOR SEGMENTATION PURPOSES
Segmentation Research:
- Establish market potential and responsiveness for various segments.
- Select target markets.
- Create lifestyle profiles: demography, media, and product image characteristics.
Models for Segmentation
- SINUS Typology
- Semiometrie-model
Market Research needed for:
- Product Policy
- Pricing Policy
- Promotion Policy
- Place Policy
- Servuces
- to describe Buying behaviour
Pricing Policies
Conjoint Analysis
A Conjoint Analysis: Multivariate procedure used to quantify the Value that consumers associate with different levels of product/service attributes or features.
Pricing Policies
Price Sensitivity Meter (PSM)
Price Sensitivity Meter (PSM) is a market technique for determining consumer price preferences.
- At what price would you consider the product to be too expensive
- At what price would you consider the product to be ptoo cheap
- At what price would you consider the product starting to get expensive
- At what price would you consider the product to be a bargain
Finally, the intersection of the "too cheap" and "too expensive" lines represents an "optimal price point" or OPP.
Market Research Types
Quantitative Market Research (Survey)
Qualitative Market Research (IDI)
Quantitative Market Research (Survey)
- Synonym: Survey Research
- Core mission: exact description of the market/ development.
- Central question: "How much?".
- "Facts and Figures", such as market volume / shares, brand awareness of a company, etc.
- "Large" samples > 1.000
- Report: computer-based using special statistical software
Data collection Methods: The Internet, Social Media Monitoring, Text Analytics, Mobile Surveys, Mail Surveys, Face to Face, Phone, Online/ mobile interviewing
Qualitative Market Research (IDI)
- Synonyms: motivational research, psychological research
- Core mission: understanding, explaining behavior.
- Central question: "why?".
- "Soft factors" such as motives, attitudes, values, etc.
- "Small" sample
- analysis techniques derived from psychology
Data collection Methods: Traditional Focus Groups, Traditional IDI, Telefone IDI, Chat online IDI
