Marketing Research: Strategies, Methods, and Findings

Marketing - Class 2 MKG 3300 MARKETING RESEARCH → Obtain information that guide marketing decision → Increase success probability 1. Accounting system o Transactionnal data: order, sales, stocks... o Based on company results Why? o Identify the best customer o Sales forecast o Historical sales o Market share Manage product o Identify best product o Remove product Etc... 2. Strategic surveillance → Add the external environment analysis to internal data → To follow the evolution Where? o Newspaper o Business journal o Google alert o Agency 3. Marketing research → Creates informations related to a specific issue o Target market? o Market segmentation? o Price? o Brand awareness ? o Sales decrease cause?

MARKETING RESEARCH PROCESS 1) Problem identification o Problem to solve o Research question 2) Develop research plan o Information needed o Research and analysis method 3) Conduct research o Follow the research plan to obtain acurate and valid informations 4) Analyse o Data formatting and analysis (Link/correlation between 2 variables) o Software (SPSS) 5) Report findings o Recommendations: has to be short and accurate DATA TYPES Primary data → First hand data gathered by the researcher → Answer to a specific question ▪ Expensive ▪ Survey, focus group Secondary data → Data collected by someone earlier → Don't answer the research question specifically (Valuable hints) ▪ Credibility (Research plan) ▪ Low cost ▪ Available immediatly

TYPES OF RESEARSH Qualitative research → Words and meaning → Understand an issue, explore a concept → Small sampal : Few people involved → Impossible to do a generalization → Why people don't like my product? Quantitative research → Systematically measure variables and test hypotheses. → To validate a qualitative research → Sometimes, the qualitative research is enough → Survey : sample → generalization (Size/ selection) → Keep privacy Fill the questionnaire : Focus group: Homogeneous group of 7 to 12 people Last 1 or 2 hours Host responsability: Get everyone's point of view Carfull of loud speakers Neutralize negative leaders Orientate discussion Interview: One person 30 to 45 minutes Discussion that allows flexibility Can ask the person to clarify Questionnaire: Make sure that it is not too long Just enough questions to get the infos Question formulation (Answer options) Phone Low answer rate Less expansive than face to face Law against unwanted calls Less home phones Face to face Expensive Less mistakes Clarify the questions Make sure to answer all questions Autocomplete WEB, mail Large territory Cheap Mistakes