marketing research: from data to information to action

Learning Objectives

• Goals for the Session:

  1. Understand what marketing research is

  2. Grasp the importance of studying marketing research

  3. Learn how to conduct marketing research

Concept of Marketing

• Expressions of Marketing Include:

  • Social Media, Service, Branding, Advertising, Promotions, Sales

  • Various channels including Retailing, E-commerce, and New Product Launches

  • Integration of innovation and corporate social responsibility (CSR)

• Reference Link: Google Trends for marketing

Definition of Marketing

• American Marketing Association (2004) Definition:

  • Organizational function and processes for creating, communicating, and delivering value to customers

  • Focus on managing customer relationships for organizational and stakeholder benefit

  • Simplified: Creating value, serving needs, engaging in customer relationships, and ensuring profitability

• Steve Jobs’ Perspective on Marketing and Value

Scope of Marketing

• Considerations:

  • What can be marketed?

  • This perspective is important for group projects.

Marketing Decisions

• Key Areas of Focus:

  • Marketers make decisions about controllable aspects known as the 4 Ps

    • Product

    • Price

    • Place

    • Promotion

Challenges in Marketing Decisions

• Information Required for Effective Decision-Making:

  • Understanding uncontrollable environments affecting decisions:

    • Economic, Competitive, Government, Political & Legal, Technological, Natural, and Social environments

Understanding Marketing Research

• Definition:

  • Links consumer, customer, and public to the marketer via information

  • Used to identify opportunities, evaluate actions, and improve understanding of marketing processes

• Marketing Research Functions:

  • Specify required information, design collection methods, manage data processes, and communicate results

Importance of Marketing Research

• Significance of Marketing Research:

  • 83% of marketers view it as important; 91% of researchers agree

  • Metrics indicate it's crucial for strategic decision-making

Challenges in Marketing Research

• Major Challenges Faced by Market Researchers:

  • Technology, consultation, methodology, and handling data

  • Budget constraints and competition are notable obstacles

Conducting Marketing Research

• Goals of the Course:

  • Provide a systematic framework for effective marketing research

  • Introduce various research methods

  • Enable selection of methods fitting specific situations and research objectives

Steps in Conducting Marketing Research

• Research Process Breakdown:

  1. Determine Research Design

  2. Formulate Research Problem

  3. Design Data Collection Forms

  4. Choose Data Collection Method

  5. Collect Data

  6. Design Sample

  7. Analyze and Interpret Data

  8. Aggregate Data and Identify Sources (Primary and Secondary)

End-Driven Research Approach

• Concept:

  • Focus on collecting relevant information by starting with end goals and working backward

  • Ensure research is aligned with decision-making needs and required final report content

Summary of Key Concepts

1. What is Marketing Research?

   • Combination of marketing and research processes to enhance decisions

2. Why Study Marketing Research?

   • It is important and challenging

3. How to Conduct Marketing Research?

   • Framework understanding and an end-driven approach