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Marketing Research Process Explained

Marketing research involves acquiring market information to improve marketing decisions. There are two main sources of marketing information - internal data from within a company and marketing intelligence from publicly available external sources. The marketing research process involves four steps - defining the research purpose, planning the research, performing the research by collecting and analyzing data, and interpreting and reporting the findings. There are three main types of marketing research - exploratory research to develop initial insights, descriptive research to provide an accurate snapshot of a market, and causal research to establish cause-and-effect relationships between variables.

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4 views2 pages

Marketing Research Process Explained

Marketing research involves acquiring market information to improve marketing decisions. There are two main sources of marketing information - internal data from within a company and marketing intelligence from publicly available external sources. The marketing research process involves four steps - defining the research purpose, planning the research, performing the research by collecting and analyzing data, and interpreting and reporting the findings. There are three main types of marketing research - exploratory research to develop initial insights, descriptive research to provide an accurate snapshot of a market, and causal research to establish cause-and-effect relationships between variables.

Uploaded by

Baraa
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Marketing Research: the process of acquiring market information to improve marketing

decisions

*4 P’s = Product, pricing, placement, promotion

Marketing Information System: information needed by managers can be obtained from…

I. Internal data
 Computerized collection of consumer and market info from data sources (i.e.:
accounting) within the company network
 Gathered via customer databases, financial records and operations reports
 PROS: quick, easy access to info
 CONS: incompleteness, inappropriateness to a particular situation
II. Marketing Intelligence
 Collection/analysis of publicly available information about competitors/developments in
the marketing environment (i.e.: technological)
 Competitive intelligence gathering activities have grown
 Many sources of competitive info exists

Procedure for Marketing Research:

1) Define purpose of the research


 Why should we do the research?
 What should the research tell us?
2) Plan the research
 How should the research be carried out?
3) Perform the research
 Collecting/analyzing data
 What should we do with the data?
4) Interpret and report the findings
 What do we do with the results?

Research plan: classification of research types

I. Exploratory:
 Gives insights into the general nature of a problem, possible decision alternatives, and the
relevant variables to consider
 Used when little is known about the problem/situation → to develop initial
hunches/insights and to provide direction for any further research needed
 Used to gain ideas and insight into the research problem
 Used to determine what factors/variables/constructs may potentially be influential
 Research outcome: a list of potentially influential factors/variables
II. Descriptive:
 Provides an accurate snapshot of some aspect of the market environment
 Used when the research objectives/questions are clearly defined and summary measures
are needed to address the research questions
 Used to describe the characteristics/composition of relevant groups or units
 Research outcome: summary measures (of characteristics)
III. Causal/Confirmatory/Experimental:
 Shows whether one variable causes or determines the values of other variables
 Used to identify/establish cause-and-effect among variables
 Used to understand tight connections between management actions and observed
outcomes
 Research outcome: and X & Y relationship → if X occurs, Y happens

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