Marketing
Methods of Market Research
Methods of market research refer to the various techniques and approaches used to gather information about consumer preferences, market trends, and competitive landscape. These methods can include surveys, interviews, focus groups, observation, and data analysis. The goal of market research is to provide businesses with valuable insights that can inform their marketing strategies and decision-making processes.
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10 Key excerpts on "Methods of Market Research"
eBook - ePub- Chris Rice(Author)
- 2010(Publication Date)
- Routledge(Publisher)
marketing research . It has been defined by the Market Research Society as:The collection and analysis of data from a sample of individuals or organizations related to their characteristics, behaviour, attitudes, opinions or possessions. It includes all forms of research such as consumer and industrial surveys, psychological investigations, observational and panel studies …What can market research do?
The process of marketing research is used by organizations for a number of purposes:• To identify changes in the existing marketplace • To improve market awareness so as to inform negotiations with suppliers • To build up a bank of information • To solve ad hoc problems • To help in making plans for the future • To monitor the success of current plans.We could illustrate this by posing some of the questions which a marketing department may be asked to answer.Some may centre on the existing market , e.g.:• How big is a given market? • Is it growing, contracting or stable? • How profitable is it? • What differing market segments are apparent? • How are they different from one another? • What other products/services are in the market? • Who are the significant players/competitors?Others focus on potential markets :• How can we get ideas for new products/services? • How do we choose which ideas to develop? • How do we identify new market segments to target?Strategic questions may be asked:• Where do we stand in the market compared with our competitors? • Should we get out of a given market?
eBook - ePub- Jennifer Rowley(Author)
- 2017(Publication Date)
- Routledge(Publisher)
Marketing research is concerned with collecting information so that an organization can better understand its marketplace and its customers. Collecting information on the actual and potential marketplace not only allows the organization to monitor trends and issues relating to its current customers, but also enables it to profile potential new customers and new markets. The better the planning, data collection, information management and analysis, the more reliable and useful will be the outputs, and the better equipped the organization will be to respond to the changing environment in which it operates. Marketing research can be defined as:the systematic design, collection, interpretation and reporting of information to help marketers solve specific marketing problems or to take advantage of marketing opportunities.Important features of this definition are that market research is concerned with the collection of information on a special project basis, and with solving specific problems and recognizing marketing opportunities. Typical examples of such problems are the need to launch a new product, a new competitor entering the marketplace, or a decline in sales volume. For example, a publisher might experience a drop in sales volume of undergraduate texts; they would wish to investigate the cause of such a decline. Marketing research specifies the information necessary to investigate the situation, designs the methods for collecting the data, analyses and interprets the data, and communicates the findings. The information that is collected is not otherwise available to the organization or, in other words, cannot be collected through marketing information systems.Marketing information systems are the framework for the day-to-day management and structuring of information gathered regularly from sources both inside and outside an organization. They encompass processes that convert information from a range of sources into information that can support marketing decision-making, as summarized in Figure 9.1
eBook - ePub- Jennifer Rowley(Author)
- 2016(Publication Date)
- Routledge(Publisher)
Marketing research is concerned with collecting information so that an organization can better understand its marketplace and its customers. Collecting information on the actual and potential marketplace not only allows the organization to monitor trends and issues concerning its current customers, but also enables it to profile potential new customers and new markets. The better the planning, data collection, information management and analysis in market research, the more reliable and useful will be the outputs, and the better equipped the organization will be to respond to the changing environment in which it operates. Marketing research can be defined as:… the systematic design, collection, interpretation and reporting of information to help marketers solve specific marketing problems or to take advantage of marketing opportunities.Important features of this definition are that market research is concerned with the collection of information on a special project basis. Marketing research is concerned with solving specific problems and defining marketing opportunities. Typical examples of such problems are the need to launch a new product, a new competitor entering the marketplace, or a decline in sales volume. For example, a publisher might experience drop in sales volume of undergraduate texts; they would wish to investigate the cause of such a decline. Marketing research specifies the information necessary to investigate the situation, designs the methods for collecting the necessary data, analyses and interprets the data, and communicates the findings. The information that is collected is information that is not otherwise available to the organization or, in other words, cannot be collected through marketing information systems.Marketing information systems are the framework for the day-to-day management and structuring of information gathered regularly from sources both inside and outside an organization. Such systems encompass processes that convert information from a range of sources into information that can support marketing decision-making, as summarized in Figure 9.1 . There are a number of different types of marketing information systems that offer varying levels of processing and packaging of the information.Figure 9.1 A marketing information systemMarketing knowledge repositories Market research and marketing information systems collect valuable information concerning the marketplace. Both types of information feed into a marketing knowledge repository. This knowledge repository, which is part of the wider knowledge repository of the organization, should form the basis of the marketing intelligence
eBook - ePub- Paul Reynolds, Geoff Lancaster(Authors)
- 2005(Publication Date)
- Routledge(Publisher)
Marketing Information and Research
DOI: 10.4324/9780080455020-1414.1 Introduction
The American Marketing Association (AMA, 1961 , p. 1) defines marketing research as: ‘the systematic gathering, recording and analysing of data relating to the marketing of goods and services’. Kotler (1994 , p. 257) defined it as: ‘systematic problem analysis, model building and fact finding for the purpose of improved decision-making and control in the marketing of goods and services’. Doyle (1994 , pp. 39, 124) stated that marketing management consists of five tasks, one of which is marketing research and explains: ‘Management has to collect information on the current and potential needs of customers in the markets chosen, how they buy and what competitors are offering’.Research attempts to find reliable and unbiased answers to questions. Marketing research provides information in a systematic way about the markets for goods and services and probes people’s ideas and intentions on many issues. As explained in Chapter 2 , in a complex consumer society, there is little direct contact between producers and consumers. Marketing research can, by the collection, analysis and interpretation of facts, find out what it is that people want and ascertain why they want it. The application of techniques and methodology of marketing research are as applicable in the not-for-profit sector as in profit-making organisations.14.2 Marketing Information Systems
Effective marketing decisions are as good as the information on which they are based. Decision-making underlies the management process at every level and the terms ‘managing’ and ‘decision-making’ are synonymous. Marketing management is the process of making decisions in relation to marketing problems. Marketing research is utilised by marketing management when planning the marketing strategy of an enterprise. A disciplined and systematic approach to research methodology to the area of investigation is needed and a series of steps should be taken in developing, planning and executing research with a view to solving specific problems (Demirdjian, 2003
eBook - ePubFBO Management
Operating, Marketing, and Managing as a Fixed-Base Operator
- C. Daniel Prather(Author)
- 2024(Publication Date)
- Aviation Supplies & Academics, Inc.(Publisher)
Marketing research is the systematic process of gathering, recording, analyzing, and utilizing relevant information to aid in marketing decision-making. Marketing managers today should understand that marketing research is an aid to decision-making, not a substitute for it. Having the right kind of information available can greatly increase the probability that the best decision will be made.Figure 9-1. Marketing research. (buffaloboy/Shutterstock.com)Scope of Marketing Research
Marketing research has a broad scope that includes various types of studies. These studies can be grouped into four major categories: market measurement, marketing mix, competitive, and uncontrollable variables.- Market measurement
- Demand research
- Determination of market characteristics
- Measurement of market potential
- Short-range forecasting (up to one year)
- Long-range forecasting (more than one year)
- Buyer motivation
- Performance research
- Market share analysis
- Sales analysis
- Establishment of sales quotas
- Evaluation of test markets
- Customer surveys
- Demand research
- Marketing mix—controllable variables
- Product or service research
- New product or service acceptance and potential
- Existing products or service in new markets
- Diversification of products
- Place research
- Methods of delivering product or service to customers
- Facility location
- Price research
- Promotion research
- Studies of advertising effectiveness
- Sales compensation studies
- Media research
- Studies of sales promotion effectiveness
- Product or service research
- Competitive
- Competitive product or service studies
- Uncontrollable variables
- Studies of business trends
- Studies of legal constraints—rules and regulations
- Environmental impact studies
- Demographic studies
Market Measurement Studies
Market measurement studies
eBook - ePub- Carole R. Engle, Kwamena K. Quagrainie, Madan M. Dey(Authors)
- 2016(Publication Date)
- Wiley-Blackwell(Publisher)
Chapter 10 Marketing research methodologiesMarketing research is essential to the overall success of any business because the major objectives of any seafood business are to meet consumer demand and operate efficiently at a profit. To stay in business and remain competitive, companies rely on various types of marketing research information to formulate marketing strategies, make marketing decisions, or implement marketing concepts. For example, marketing research will help the business manager to find answers to questions such as: “What are the attitudes and desires of consumers?”; “Is there a demand for our product?”; “What is our volume of sales compared to our competitors, or what is our share of the market for the product?”; and “What products will consumers demand in the future?” Answers to such questions are important for business planning as they allow a business to find out more about the current market situation relating to a product of interest as well as to predict future market situations. Market research can also be used to find solutions to specific marketing problems that a company might have.The American Marketing Association defines marketing research as the function that links the consumer and the public to the marketer through information that is used to: identify and define marketing opportunities and problems; generate, refine, and evaluate marketing performance; and improve understanding of marketing as a process (Bennet 1988). This definition elaborates on the several functions and uses of marketing research. A seafood company that is not doing very well in sales may conduct a marketing research study to obtain information about why their product is not selling and what can be done to improve sales. A new company that wants to introduce a seafood product to the market will first have to find an answer to the question, “Will there be a market for this product or will this product meet a need on the market that has not been satisfied?” Marketing research is therefore conducted for various reasons and it is essential that the research be conducted appropriately.
- Tony Curtis, John Williams(Authors)
- 2012(Publication Date)
- Routledge(Publisher)
- How are pay-offs associated with promotional efforts estimated?
Market information- How is marketing research information transmitted to, and used within, the business unit?
- Is a global information system in place?
- How are tasks scheduled, described and planned? How are the responsibilities of individuals determined?
- What spans of supervision, reporting relationships and communication patterns exist? How are they evaluated?
- What level of competence has been attained by personnel in each position?
- Are remedies to problems, if necessary, being planned? What are they?
- What is the state of morale? motivation? What are the present plans in these areas?
- Describe career development paths. Have potential replacements for personnel in key positions been identified?
The term ‘marketing research’ covers market research, marketing research, product research and research to support pricing, distribution and promotional activity. Market research is used to supply information about the market for particular products and services. Therefore, market research has a narrower focus compared to marketing research.Market Research Characteristics of Good Market Research- Scientific method– The principles are careful observation, formulation of hypotheses, prediction and testing.
- Research creativity– Research should develop innovative ways to solve a problem.
- Multiple methods– The research should use more than one method to increase confidence in the results.
- Interdependence of models and data– A recognition that data is interpreted from underlying models that guide the type of information sought.
- Value and cost of information
eBook - ePubBrand Strategy in Three Steps
A Purpose-Driven Approach to Branding
- Jay Mandel(Author)
- 2023(Publication Date)
- Kogan Page(Publisher)
09Research and Measurement
So here we are. You understand where you are and where you fit in the organization; you have an agency to support you; you have a committee to manage the brand; now it’s time to dig deeper and make an actionable plan. This plan involves researching consumer insights and trends, considering social media data and customer feedback. With research in place, we can create content that resonates with your audience and engages them emotionally.Market research plays a critical role in every business’s success, enabling companies to plan strategically for the future and adjust their strategy when needed based on consumer feedback. Research allows organizations to better understand consumer needs, preferences, and trends. It enables them to create marketing campaigns and innovative products or services that will help them meet those needs. Using data gathered from market research studies, companies can better target and tailor their messaging, discover what marketing strategies work best, and gain a competitive edge. Market research also helps identify unmet needs and offers insights into how they can be addressed through new products, services, or pricing or distribution channel changes.You can unlock the power of intelligence with data-driven decision-making with market research. It can provide insights into competitor behavior and trends, customer needs and behaviors, market attractiveness, industry size, or brand preferences. Some fundamental best practices and principles should be considered to create an optimal market research setting that will yield truly valuable insights. This includes crafting a clear research plan with stated objectives and methodologies agreed upon by everyone involved; selecting reliable sampling techniques; eliminating potential biases; properly constructing questionnaires; selecting relevant parameters for analysis; utilizing empirical data wherever possible; framing questions appropriately; and accounting for weather and other considerations.
- Callie Daum, Vibrant Publishers(Authors)
- 2020(Publication Date)
- Vibrant Publishers(Publisher)
Another way of collecting information is by simply watching what the competitors do and taking note. Some organizations will purchase a competitor’s product and take it apart to reveal its advantages and disadvantages. After noting what works and what does not, the competitor will attempt to improve upon the existing competitor product.Often people who work with competitors are good sources of competitive information. If a customer works with a competitor frequently, he or she can inform your organization on the latest happenings of the competitor. Sometimes, companies will go as far as sending a “spy” to gather information on competitors. There is obvious ethical question to this method that your organization will need to answer internally before considering this option. Job interviews or discussions with competitor staff may also yield valuable information.The Process of Marketing Research
The final information category is marketing research. Marketing research focuses on link the consumer or customer to the organization, specifically the marketing manager. Linking the two allows organizations to gather information to help them determine their opportunities and issues, to review marketing actions, understand how well they are performing, and increase comprehension of the marketing process.Below is a diagram indicating the marketing research process. This process is what marketing researchers follow.What’s the Problem and the Objective?
The first step in the marketing research process is to ask the question, “What is the problem I am trying to solve and what is my objective?” Clear understanding of the answer to this question by the researcher and the manager are critical to obtaining relevant information that will affect decision making. Some describe this step as the most difficult of all the steps in the process because there are instances where you know the problem, but you do not know its cause. When you have instances such as these, it is helpful to understand the most common objectives for marketing research.
eBook - ePub- Marilyn Stone(Author)
- 2007(Publication Date)
- Routledge(Publisher)
Usually quantitative research methods in marketing research involve some form of survey, i.e. the systematic collection, analysis and interpretation of information about some aspect of study. In marketing research the term is applied to the collection of information about actual and potential customers, often using sampling to select the individuals and organizations. The techniques used may include: postal survey; personal interview survey; observation; consumer panel; omnibus survey; opinion poll.POSTAL SURVEY
Postal surveys involve ‘the collection of primary data using a self-completion questionnaire or diary distributed or returned by post’ (MRS, 2006: 43). The questionnaire is designed (see p.) in such a way as to encourage self-completion by the targeted respondent. Usually postal survey questionnaires have questions with pre-coded answer choices that provide quantitative information. These may be supplemented with open-ended answer questions to give additional qualitative data. Postal questionnaires can vary in length although the use of around twenty questions is favoured, as more questions can lead to a lower response rate.The BMRB market research agency uses the postal questionnaire technique to monitor consumption of mass consumer products and services for its Target Group Index (TGI). An extensive questionnaire of over ninety pages in length is targeted at 24,000 adults aged 15 and over from across Great Britain. It collects data on respondents’ lifestyles, their purchasing patterns, concerning over 4,000 brands within more than 500 product fields, and their exposure to the promotional media, especially television and the press. In this way, product use can be compared with respondents’ demographics and lifestyles as well as with promotional media influence to help advertisers, advertising agencies and media owners to target marketing promotional strategies and advertising campaigns.PERSONAL INTERVIEW SURVEY
Personal interviews can take various forms and are used for gathering both qualitative and quantitative data. Usually a questionnaire guides the interviewing process. IT is used to help manage the interviewing process and for collecting and analysing the interview data. Often face-to-face interviewing uses Computer Assisted Personal Interviewing (CAPI) with portable laptop computers. The interviewer is prompted with the question by the computer and the appropriate response codes are keyed in directly according to the respondent’s answers. Routing procedures use these codes to determine which question appears next. Since the data are entered directly into the computer, analyses can be produced quickly (MRS, 2006: 42).
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