Solving the Problem: Five-Step Marking Research Approach
MKT/421
Introduction
Importance of Research in MarketingFive-Step Marketing Research ApproachPrimary Market ResearchSecondary Market ResearchAlternative methods of Market ResearchService Differentiation
Importance of research marketing
What is Marketing Research?“Marketing research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions” (Kerin & Hartley, 2017).
Centers the business to the consumersImproves decision making abilitiesAllows managers to be future oriented and relevantHelps keep the business focusedReduces Risks
Advantages of Market Research
Minimizes potential risksGuiding factor on communication with customers and potential customersHelps to identify opportunities in the marketplaceMeasures your reputationUncovers and identifies potential problems
Disadvantages of Market Research
Studies consumer behavior and the market environment, which is always changing, thus making it difficult to get exact informationIs a social science, so not all solutions are exactAid to the decision making process, not a decision making toolOnly provides insightReduces risks, but does not eliminate all business risks
Five-Step Marketing Research Approach
Step 1
Step 2
Step 3
Step 4
Step 5
Step 1: Define the Problem
This is the most important aspect of the marketing research processKnow what you want to learn from the research well before any research or data is collectedKnowing the problem that needs to be solved will determine what information is needed and how to gather it
Develop questions that will allow you to define the problemExamine all potential causes so the research can be reduced to only the information needed to solve the problemDetermine what actions need to be taken
Step 2: Develop the Research Plan
Specify constraints – In a decision these are the restrictions placed on potential solutions to a problem.Identify data needed for marketing actions Determine how to collect data – When deciding how to collect the data, we look at two elements: concepts and methodsConcepts: ideas about products or servicesMethods: approaches that can be used to collect data or solve problem
Step 3: Collect Relevant Information
Secondary DataFacts and figures recorded prior to the projectInternal and external dataPrimary DataFacts and figures newly collected for the projectObservational data, questionnaire data, and other sources of data
Step 4: Develop Findings
Analyze the dataLook at the gathered information to find trendsDon’t try to find patterns based on assumptions prior to collecting dataWrite up a summaryInclude process followed, the results, conclusions, recommendations
Step 5: Take Marketing Actions
Action RecommendationsAdvertise to target audiencePromotional periodsSpecial events
Evaluate ResultsEvaluating the decision itselfEvaluating the decision process used
Secondary Research
“Research that has already been compiled, gathered, organized and published by others” (“Hartford”, 2018).Office dataInternetMagazinesNewspaper
AdvantagesEasily accessibleLow costDisadvantagesQuality of researchNot specific to researcher’s needs
Primary Research
“Involves going directly to a source – usually customers and prospective customers in your target market – to ask questions and gather information” (“The Hartford”, 2018).InterviewsSurveysQuestionnairesFocus groups
AdvantagesTargeted issues addressedData interpreted is betterDisadvantagesCosts moreTakes longer to conduct
Alternative Methods of Market Research
Quantitative – Gathers numerical dataSurveys on customer return frequencySales figuresIndustry product sales numbersOnline or phone questionnairesFinancial trends
Qualitative – Gathers views and attitudes Focus groups with customers and potential customersFormal and information conversationsVisits and reviews of competitors
Differentiation
What is differentiation?“A marketing strategy that involves a firm using different marketing mix actions to help consumers perceive the product as being different and better than the competing products” (Kerin & Hartley, 2017).
Unique marketing strategyCompetitive advantagesCreates valueBrand loyaltyPrevents or reduces perceived substitutesNon price competition
References
Kerin, R. A., & Hartley, S. W. (2017). Marketing (13th ed.). Retrieved from The University of Phoenix eBook Collection database.The Hartford(2018). Retrieved from https://www.thehartford.com/business-playbook/in-depth/business-primary-second-research Spindler, M. (n.d.). 10 Benefits of Market Research. Retrieved from https://happy-creative.co.uk/10-benefits-of-market-research/ Market Research Methods(2016). Retrieved from https://www.business.qld.gov.au/starting-business/planning/market-customer-research/basics/methods
Place an Order
Plagiarism Free!
Create an Account
Create an account at Top Tutor Online
- Allows you to track orders.
- Receive personal messages.
- Send messages to a tutor.
Post a Question/ Assignment
Post your specific assignment
- Tutors will be notified of your assignment.
- Review your question and include all the details.
- A payment Link will be sent to you.
Wait for your Answer!
Make payment and wait for your answer
- Make payment in accordance with the number of pages to be written.
- Wait for your Answer as a professional works on your paper.
- You will be notified when your Answer is ready.