Transcript 01 Intro to Marketing Research

Marketing Research
• Good marketing requires much more than just creativity and
technical tools. It requires research!
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Who needs it?
Who wants it?
Where should it be sold?
What price should be set?
Do people know about the product/service?
Is there competition?
• Market research helps marketing managers make decisions.
MARKET RESEARCH
• is the systematic collection, analysis and interpretation of data
to make marketing decisions
So….when do we need to do marketing research?
We will conduct Marketing Research when a business needs to
make a marketing decision….
Ie:
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Introduce new product
Change existing product
Location for new store
Where / When / How to advertise
There are 4 steps in the “Marketing Research”
process….they are:
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Determine the problem / set objectives
Collect the information
Tabulate the Data
Analyze the Data
Let’s take a look at each……..
Step 1: Determine the Problem / Set Objectives
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What exactly are you researching / trying to find out?
Ie:
• Is there demand for my product?
• Where should it be sold?
• What price should I charge?
• Do people know about the product?
• Did we choose the correct target market & are we reaching them?
• Is there competition close by and what are their products and
prices?
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We need to clearly define what we want to find out before we can move
on……
Step 2: Collect Information
• How are you going to find and gather the required
information?
• There are a variety of ways….but they can all be classified as
either “primary” or “secondary”
• Let’s take a look at each…….
A. SECONDARY RESEARCH / DATA
• Is marketing research information that has been collected and
published by others
• It involves searching for this type of information in order to be
able to later analyze and interpret the data to improve their
company’s marketing efforts
• Although it is limited because the information is secondhand,
it is usually much cheaper to conduct than primary research
Sources of Secondary Data:
• It is available from a variety of sources
Ie:
• Books
• Periodicals / Magazines
• Internet
• Marketing Professionals (ie – industry analysis)
• Libraries (databases, indexes, etc)
Secondary data can be used by any business to help
develop its marketing strategy
• Let’s look at an example:
Seaman’s Beverages
• Located in PEI
• Considering expanding into Ontario
• They might:
• Buy a marketing firm’s beverage industry analysis
• They may read magazines focused on the beverage
industry (ie – Beverage Digest)
• Use the internet for periodicals, articles or other relevant
research
• Use the library to search their databases and indexes for
information
B. PRIMARY RESEARCH / DATA
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Primary data is unanalyzed, current information collected by
a researcher for a specific purpose
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There are two main types:
A. Qualitative
B. Quantitiative
Let’s take a look at each……
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Qualitative
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Used to measure peoples’ reactions, responses or feelings
toward a given subject problem
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Researcher is the data gathering instrument
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Aims for a complete, detailed, rich description
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Researcher may only know roughly in advance what they
are looking for…..the responses guide you
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its goal is to understand behaviour in a natural setting
Let’s look at a few examples…….
Observation
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Collect information by recording the actions of the person being
observed without interacting or communicating with the person in
order to keep the situation as “real” as possible
Purpose – see how people behave and react rather than have them
predict and recall responses
Focus Group Interviews
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A small group of people brought together to discuss a particular
product or problem
It combines the features of an interview with those of the observation
method of collecting data
The focus group participants are carefully selected to represent the
larger target market
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Quantitative
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Data is in the form of numbers and statistics
Aim is to classify features, count them and construct statistical
models in an attempt to explain what is observed
Involves collecting data by surveying a representative sample of
a target market population
Researchers use the results of the sample to make predictions
about the opinions and behaviours of the entire target market
» IE - Opinion polls – Liberals vs PC vs NDP
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There are several main types:
Test Marketing
– Produce a small amount of product and sell it in a representative test
centre (ie – Kitchener)
– Based upon the results, the company may make predictions on the
larger target market
Surveys
– A set of carefully planned questions that are used to gather data.
– There are a variety of formats (verbal, written, phone, internet, mail, inperson, etc)
Step 3: Tabulate the Information
• Once we have collected the data, we must organize it in
a manner that we can begin to understand and make
sense of the data
• Depending on the research, we can classify and count
our responses
• the actual tallying is contingent upon the type and scope
of the research conducted
Step 4: Analyze the Information
• Once we have tallied the information, we need to look at it
and ask ourselves “What does it mean ??”
• What “learning” have we gained as a result of our efforts?
• by looking for patterns, we can begin to make sense of the
data and to use this information to help us reach our
research and marketing objectives
THE END !