L1 Marketing Research Process Flashcards
What is Marketing Research
Planning, collection, and analysis of data relevant to marketing decision making and the communication of these results to management
- applied research
Does information equal knowledge?
NO. Data must be interpreted to provide useful insights
What is applied research?
Solving a specific problem and not about finding a general solution - that would be basic research (What academics do)
Types of applied research
- Programmatic Research
- Selective Research
- Evaluative Research
Programmatic Research
- use it when developing strategies and products (find out how similar products performed in the past; general market potential; consumer needs)
Selective Research
Test decision alternatives
-> AB testing or an experiment
Evaluative Research
Track performance of an actual product or campaign and see how if it reaches its goal
Steps of Marketing Research
- Identification of the problem and statement of the research objectives
- Creation of the research design
- Choice of method or research
- Selection of the sampling procedure
- Collection of data
- Analysis of data
- Writing and presentation of the report
- Follow-up
Decision vs. Research Problem?
Decision Problem: What shall we do?
Research Problem:
What information do we need?
Example Decision Problem:
Should Philips invest in designing better 3D TVs?
What would the Research Problem be?
Are consumers likely to purchase better 3D TVs?
Primary data
new data gathered to help solve the problem
Secondary data
Data that have been previously gathered
Exploratory Research
main goal?
= qualitative
main goal: obtaining insights to clarify problems
Typical methods of exploratory research
- Focus groups
- In-depth interviews
- Observations (ethnography)
Conclusive Research main goal?
= quantitative
main goal: obtaining definitive answers
