L8 Marketing research Flashcards
1
Q
what is the reason for conducting marketing research
A
- the process of defining a marketing problem and opportunity, systematically collecting and analysing info and recommending actions
- to find our at what price top sell the product, what communication mediums to use, where should the product be made available, what products to sell and how many people will buy the product
2
Q
describe the 5 step marketing research approach that leads to marketing actions
A
- Define the problem
- develop the research plan
- collect relevant info
- develop findings
- take marketing actions
3
Q
how would you define the problem
A
- set research objectives
- types of marketing research
1. exploratory research= provide ideas about the problem
2. descriptive research= frequency or extent to which something occurs
3. causal research= the extent to which a change in one factor changes another - identify possible marketing action
4
Q
how would you develop the research plan
A
- determines how to collect data
1. specify constraints eg time, money
2. identify data needed for marketing actions eg consumers, retailers, experts, qualitative and quantitative insights
3. determine how to collect data eg observation, analysing reports, interviews
5
Q
how would you collect relevant info
A
- collect data; facts and figures relevant to the project
6
Q
how would you develop the findings
A
- analyse data
- present findings
7
Q
how would you take marketing actions
A
- make action recommendations
- implement, eg more ads on social platforms
- evaluate the results
8
Q
explain how marketing uses secondary and primary data
A
- secondary = already recorded for a prior project. time saving and low cost with lots available but may be out of date or not answer the research question
- primary= newly collected for the project. more specific and flexible but costly and time consuming
