Marketing Research

Phil Stonerock

What is Marketing Research

Marketing research is the gathering of information to make marketing decisions.

Marketing Research areas

  • focuses on many areas such as customers, competition, and opportunity
  • Customer
  • learn about customers so that the company can meet customers demands
  • Competition
  • learn about competition so that the company can beat the competition
  • Opportunity
  • learn about new opportunities so that the company can grow

Primary and Secondary Data

  • Primary data
  • collected for and about a specific business
  • can be quantitative or qualitative
  • disadvantage-requires judgement
  • advantage-can be numerically analyzed
  • Secondary Data
  • is collected for someone else or for non marketing reasons, but else for you to use
  • advantage-quicker and less expensive
  • disadvantage- may not be useful after 5years
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A job interview is one way of primary data (up above)

a database is used to store computerized files

(down below)

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Primary research

  1. Observation-watches customer behavior and records it
  2. interview- used to gain insight into customer's thoughts, opinions, and reactions to products. May also use focus groups
  3. survey- used through a questionnaire and can be used through anything
  4. diaries-collect specific information that research participants keep for a set time
  5. experiment-creates an experiment to figure something out like the scientific method

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this is a focus group (up above)

Secondary Data sources

  1. Business records-uses businesses data for their information
  2. Government databases- uses government as their source of data
  3. Private Databases- uses marketing research firms, may develop industry publication or trade association
  4. Libraries-excellent source of secondary data
  5. Internet-makes research easier and quicker

Marketing research process

  1. Define the problem
  2. Conduct background research
  3. State a hypothesis
  4. Develop a research plan.
  5. Collect data
  6. Analyze the data
  7. Draw conclusions
  8. Make recommendations