D077 Concepts in Marketing, Sales, and Customer Contact-Module 3

Marketing research

Process of gathering, recording, and analyzing data about consumers, competitors, and the market

Advantages of primary data

Information is directly related to what you want to know

Advantages of secondary data

Typically lower cost and less time to collect, Data already exists

Disadvantages of primary data

Can be costly or time-consuming to collect, Requires expertise in data collection

Disadvantages of secondary data

Information may be dated, May not directly address what you need to know

Guidelines researchers must consider while collecting Primary data

when gathering, analyzing, and storing data it should be kept secure, gathered transparently, and used for the purposes stated to participants

Guidelines researchers must consider while collecting Secondary data

Evaluate whether the source is credible and reliable, Clearly cite the source of the information to avoid plagiarizing content, Do not distort or misrepresent the original intent of the information, such as by applying it to a different context than the one stated in the original source, Ensure usage of the information is in compliance with any copyright laws or other applicable laws and regulations

Common subjects for marketing research

Environmental factors and how they affect consumer behavior; Customer attitudes, behaviors, and perceptions; Product research; Marketing, advertising, and promotion research; Corporate research

Primary research

Research tailored to the specific problem or challenge you are trying to address

Secondary research

Using already existing data that may be relevant to what you want to know

Primary marketing research techniques

behavioral observation, in-depth interviews, focus groups, social listening, survey research, and experimental research

Secondary data techniques

identifying relevant sources of information that already exist. This could include data internal to the company or organization; government or NGO data; data from industry associations, professional journals, and media; commercial marketing research data; and search engine results.

Observation

Recording customer expressions when eating a new sandwich in a restaurant

In-depth interviews

Discussing a medical doctor's decision to prescribe a particular pharmaceutical drug to a patient

Focus groups

Group of young college students discuss their impressions of a new subscription streaming service

Social listening

Following the comments on a blog post about a new restaurant

Survey research

Emailing a survey to a banking customer after a visit to a branch

Experiments

Conducting A/B testing of a new website landing page for a product

Groupthink

Psychological phenomenon in which individual members of a group accept a viewpoint or conclusion that represents a perceived group position (even when it conflicts with their own beliefs or judgment)

Ethnographic research

Study through direct observation of users in their natural environment (as opposed to a laboratory environment)

Internal data

Information your company already has collected, such as sales and marketing records, customer account information, and product purchasing and usage data

Government agency, nonprofit, and NGO data

Agencies freely publish economic data, demographic data, trade statistics, and regulatory information

Industry and professional associations

Most industries have dedicated media and organizations, which publish online or offline news, magazines, newsletters, and journals and collect data about their industry or profession

Commercial marketing research companies

Syndicated research of consumer data for purchase as well as database information on consumer purchases and behavior

Internet searches

May provide useful insights into what data has already been collected