Market Research Exam

4 Marketing Planning Phases

Situation Analysis

Marketing Strategy Development

Marketing Actions Development

Control Phase

KPI’s in Digital Marketing (Key performance Indicator) and what they use (data wise)

Measures how effectively they are achieving their goals.

• ROMI

• Customer retention rate

• Conversion Rates

• Brand recall

ROMI

(Return on marketing Investments)

Measures profitability of marketing investments

MIS Components:

Internal Data

External Data

Market Research

Marketing Analytics

3 Types of Research

• Exploratory Research

• Descriptive Research

• Causal Reasearch

Explanatory Research

To explore new ideas or investigate a problem that is not defined.

(e.g. focus group to understand why the lost intrest in a product)

Descriptive Research

To describe characteristics, behaviors, or attitudes of a population in a measurable way.

Causal Research

To find cause-and-effect relationships.

A good research objective is…

clear, focused, and measurable.

Hypothesis

A testable statement that predicts the relationship between two or more variables.

Steps of the market research process:

1. Define the problem

2. Set research objectives

3. Design research

4. Collect data

5. Analyze data

6. Report findings

7. Make informed decisions

Validity

Is it measuring what its supposed to?

Reliabilty

Are the results consistent over time or across different researchers?

Increase survey response rates by:

• Offering incentives

• Keeping it short and clear

• Sending reminders or follow-ups

Customer Retention Rate

The percentage of customers who continue buying from your business over a period of time.

Customer Conversion Rate

The percentage of potential customers (leads) who actually make a purchase.