Chapter 4 Market Research

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School
British Columbia Institute of Technology **We aren't endorsed by this school
Course
MARKETING 1100
Subject
Marketing
Date
Apr 22, 2023
Pages
3
Uploaded by ChefDogMaster393 on coursehero.com
Chapter 4 Market Research Marketing research - the process of defining a marketing problem and opportunity and then collecting and analyzing information and lastly, recommending action Challenges in doing good marketing research - How can marketing research determine if consumers will buy a product they've never seen/though about before - How can they get answers from reluctant people - How can they help people remember their past purchases , interest and intentions 5 step market research approach: 1) Define the problem - Set a clear objective to discover consumer wants and needs and why a product isn't selling 2) Develop the research plan: identify which approach - Sampling - getting onions from a number of people chosen from a specific group in order to find out about the whole group 3) Collect relevant information: divided into 2 main parts Secondary (already available) facts and figures that have been recorded prior to the project. Divided into: Internal Data (inside the firm) ex. Money spent on advertising, call reports = # of calls per day, what was discussed
External Data (outside the firm) ex. Published data outside the organization, marketers use census data that statistics Canada publishes Primary data (watching ppl and asking ppl): data that is original and specifically collected for the project at hand. - Focus groups - In depth interviews - Online research communities - Social listening Syndicated studies are a hybrid of primary and secondary research conducted by research company, spreading the cost across many clients to reduce cost 4) Develop findings : After data has been compiled, analyzed and summarized, researcher must know how to analyze date (actionable) and what tools to use - Metrics: numeric data that is collected and grouped to track performance - Often presented in spreadsheats and dashboards Metric Data can come from tracking data from websites, social media, call centre ads, Metric Data can MEASURE revenue, market share, profit margin, brand loyalty Metric Data can POINT TO return on investment, customer lifetime value BDI brand development index shows how well a brand sales are developed in a region relative to regions population size. ANALYZE DATA involves very sophisticated technology. 2 main categories of big data analytics 1) Descriptive analytics - focus on what HAS happened 2) Predictive Analytics - focus on what MIGHT happen
5) Take marketing action
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