Chapter 3

Question 1

What is Marketing Research?

Answer 1

Marketing Research is a systematic process of design, collection, analysis, and reporting of data relevant to a specific marketing situation.

Eg. market potential, market share studies, customer satisfaction and purchasing behavior, study of pricing, product, distribution, promotion activities, etc.

Question 2

What are the types of Marketing Research?

Answer 2

Exploratory research
An approach that investigates research questions that have not previously been studied in depth.

Descriptive research
Aims to accurately and systematically describe a population, situation or phenomenon.

Causal research
Identifies the extent and nature of cause-and-effect relationships between two or more variables.

Question 3

Explain in detail the types of Market Research

Answer 3

1. Primary Research:
   is research that data is collected by going directly to the target market through a range of methods.
   Methods:
   Focus groups– In primary research focus groups, a sample of participants who represent the target market are brought together (based on demographics and characteristics).
2. Secondary research.
   is the use of data that has previously been collected, analysed and published.
   Method:
   Desktop research– This can be public domain data from think tanks, government statistics or research centres. It can also include paid for research from research journals, education institutions, and commercial sources like newspapers.
3. Qualitative research.
   Is the collection of primary or secondary data that is non-numerical in nature, and therefore hard to measure.
4. Quantitative research.
   Is the collection of primary or secondary data that is numerical in nature and so can be collected more easily.
   Researchers collect this market research type because it can provide historical benchmarking, based on facts and figures evidence.
5. Branding research.
   A research assists a company to create, manage and maintain the company brand. This can relate to the tone, branding, images, values or identity of the company.
   This research can be carried out through interviews, focus groups or surveys.
6. Customer research.
   Looks at the key influences on the target customers and how a company can make changes to encourage sales.
   The aim of this research is to know the customer inside out, and continuously learn about how they interact with the company.
7. Competitor research.
   Is about knowing how and who is in competition and understanding their strengths and weaknesses, in comparison to one’s organisation.
   It can also be about an competitive offering in the market, or how to approach a new market.
8. Product market research is a key way to make sure that the products and services are fit for launching in the market and are performing as well as they can.
   The aim of this research is to see how the product is perceived by customers, if they are providing value and working correctly.

Question 4

List the various data collection techniques.

Answer 4

1. Surveys, quizzes, and questionnaires.
   2.Interviews.
2. Focus groups.
3. Direct observations.
4. Documents and records (and other types of secondary data)

Question 5

List the common statistical tools for data analysis

Answer 5

Common statistical tools for data analysis:
1. Mean.
2. Standard deviation.
3. Hypothesis testing.
4. Correlation and Regression Analysis
5. Sample size determination.

Question 6

List the different data analysis softwares

Answer 6

1. Excel
2. Python
3. R
4. Tableau
5. MySQL
6. SAS
7. Jupyter Notebook