Market Research Summary

Market Research Learning Outcomes

  • Understand the impact of psychology and pricing on consumer perceptions and decision-making.

  • Apply best practices for teamwork in marketing strategy development.

  • Communicate effectively to propose marketing strategies to stakeholders.

Importance of Market Research

  • Recent H&W app launch: 70% download drop-off within a week.

The Scope of Marketing Research

  • Connects consumers to marketers through information.

  • Identifies marketing opportunities, evaluates actions, and monitors performance.

Who Does Marketing Research?

  • Marketing departments in large firms.

  • Syndicated-service, custom, and specialty-line research firms.

The Marketing Research Process

  1. Define the problem.

  2. Develop the research plan.

  3. Collect information.

  4. Analyze information.

  5. Make decisions.

Defining the Problem

  • Establish clear research objectives.

Developing the Research Plan

  • Data Sources:

    • Secondary Data: Pre-existing data.

    • Primary Data: Newly gathered for specific purposes.

  • Research Approaches:

    • Observational, ethnographic, focus groups, surveys, and behavioral research.

  • Research Instruments:

    • Questionnaires (closed and open-ended).

    • Qualitative measures (e.g., word associations, visualization).

Collecting the Information

  • Sampling Plan:

    • Define sampling unit, size, and procedure.

  • Contact Methods:

    • Online, in-person, mail, and telephone.

Analysis and Decision Making

  • Analyze data: Tabulate and summarize.

  • Distinguish between market data and insights.

Measuring Market Demand

  • Market Demand: Total volume purchasable by a customer group geographically and temporally defined.

  • Forecasts: Estimate company sales based on marketing plans.

Forecasting Market Demand

  • Methods include buyer intention surveys, expert opinions, and past-sales analyses.

Measuring Marketing Productivity

  • Utilize marketing metrics to quantify and improve performance.

  • Employ marketing dashboards to track customer metrics.

In-Class Assignment

  • Develop market research questions for a client’s workplace health and wellness solution.

  • Collaborate and present findings in a 5-minute presentation.

References

  • Kotler, P., Keller, K., Chernev, A. Marketing Management. Pearson Education, 2021.

  • Various external resources for research methodologies.