Marketing Research: Qualitative and Quantitative Analysis Flashcards
The main questions for today:
- How do marketers make good decisions?
- How do they go about developing marketing objectives?
- How do they select target markets?
- Position product, place, price and promotion strategies in the market?
Answer: Information
They do marketing research: this gives them the information they need.
Information is used to…
Understand consumer value needs.
We do market research in order to understand the market in greater detail
What are the two main types of market research?
Quantitative and Qualitative
What is the quantitative research?
Quantitative research focuses on coming up with numbers: for example, what percentage of the population buys a particular product. It is gathered using surveys and questionnaires.
What is qualitative (or exploratory) research?
Qualitative research gets behind the facts and figures to find out how people feel about products and what prompts them to spend. Researchers use interviews, questionnaires and focus groups to gather this intelligence, while interpreting the results is a skilled job.
What are the 4 categories of market research?
- Primary research: Information generated for the purpose
- Secondary research: Building on existing research
- Quantitative
- Qualitative or exploratory research
Analyse and interpret the data….
(The exercise was a focus group asking question to students on how they feel about Cass.
The research questions are:
- “How can Cass strengthen its brand among core consumers”?
- “How can Cass develop a marketing campaign to capture new markets?”)
“The focus group is the technique that marketing researchers use most often for collecting exploratory data.”
- What can Cass do with this information in its effort to develop its brand? (Key-word: evaluate, discuss)
- How would you turn the information we have gathered into a marketing campaign for new undergrads?
