Marketing week 4 - Market Research

What is market research?

a method of collecting factual information about the market through surveys and observations. To understand buyer behaviour.

Advantages of market research

• identifies opportunities and problems.

• monitor buyer behaviour

• generate, refine and evaluate marketing actions.

research brief

a brief about what you and your client (firm) want to achieve with this market research.

what you want the market research agency to do.

research proposal

research providers develop a research proposal to outline how they would conduct the research, what methods will be used, and cost for research.

Research report

once research is complete, research report is written by research provider, explaining results and summarising research.

The report should tell a story.

secondary data

data that exists for purposes besides the project in hand. looking for someone else’s data.

Internal data

data that you have already.

external data

statistics, publications, research report. (part of secondary data).

primary data

data specific to the project in hand. Collected from own research.

types of data collected.

• quantitative - numerical data

• qualitative - thoughts and feelings.

qualitative data

used to identify what issues exist rather than how prevalent they are.

often conducted first to determine the problem.

the online metaphor

barriers that are torn away to reveal customers true feelings, views, and beliefs.

focus groups

advantages

• group interactions spark ideas and memories.

disadvantages

• difficult to get representative samples.

• vulnerable to moderator or group dynamics.

try getting random samples of willing people.

probability samples

random selection of sample.

non-probability sample

selected respondants or self elected.