Steps in the marketing research

1. Issue/problem definition

2. Secondary data scrutiny

3. Primary data collection

4. Decision making

5. Recommendations

6. Data analysis and implications

 

#1. issue/problem definition

§ single greatest challenge

§ involves developing a focused statement

§ often requires exploratory research to gain ideas and insights

#1.1. research issue (problem) definition steps

develop statement

↓                                 

regarding issue to be investigated conduct exploratory research, also called ‘qualitative’ research

↓                                 

refine statement regarding issue to be investigated

↓                                 

once the issue is clarified, conclusive research, also called ‘quantitative’ research, is used

#1.2. types of research

causal

how X impacts on Y (e.g. sales decline because of …)

exploratory

when we do not know a thing about something (e.g. who are our customers?)

descriptive

when we know something about an object but need more detail (what are the rivals’ best product features & benefits?)

#2. secondary data scrutiny

secondary data have been previously gathered for purposes other than current research.

Secondary data:

§ is existing data

§ have been previously generated for other reasons

§ should always be reviewed before any new data are generated

#2.1. secondary data sources: internal

§ budgets

§ business and marketing plans

§ sales reports

§ P&L statements

§ account management data: receivables

§ previous research reports

#2.2. secondary data sources: external

§ governmental statistics, census data

§ chamber of commerce bulletins

§ industry related publications, journals, web

§ portals

§ available market research reports

#2.3. secondary data pros.&cons

Pros

Inexpensive (almost free to obtain)

Widely available

Easy and quick to procure

Credible sources

Aids exploratory research

Cons

may be obsolete, goes obsolete quite quickly

may lack suitability

questionable methodologies

undisclosed findings

conflicting results

reliability may not be proven

reflects the viewpoint of the researcher, journalist

#3. primary data collection

Primary data relate to a specific marketing issue. Primary data are:

§ collected to solve specific problem at hand

§

§ necessary when available secondary data may be insufficient

§ usually required for conclusive research

#3.1. primary data pros.&cons

Pros

precise

current

known methodology

exclusive domain

reliable

Cons

high costs

time consuming

perspective may be limited

corporate limitations

Research design

§ who collects data?

§ what information: exploratory/ conclusive?

§ who or what to be studied? T

§ echnique to be used? (survey/ observation experiment/simulation) other considerations: cost factors? methodology?

§ time frame?

§ when & where?

#4. data analysis and implications

§ questionnaire information is coded and numbered

§ response categories are labeled

§ tabulations calculate summary data for each response category

§ analysis is the evaluation of responses, usually by statistical techniques, pertaining to the question under investigation

#4.1. data analysis methods in marketing

§ means comparison

§ Levene’s T-test

§ ANOVA

§ Mann-Whitney, Kolmogorov-Smirnov tests

§ regression analysis

§ taxonomy analysis

§ cluster

§ factor

§ discriminant

§ structural equation modelling (SEM)

#5. Recommendations

§ firm's future actions are based on research findings

§ the report is written in language for the intended audience

§ they incorporate a rationale and findings

§ research reports should be kept in the data warehouse of a firm’s marketing intelligence network for future reference

#5. Decision making

§ research reports represent feedback to marketing managers

§ these managers are responsible for utilizing findings to achieve short-term and long-term goals

§ implementation works best when marketing managers take part in research design, have broad control over marketing decisions, and have confidence that results are accurate

 

Big data research and analysis

Big data analytics is the process of examining large and varied data sets -- i.e., big data -- to uncover hidden patterns, unknown correlations, market trends, customer preferences and other useful information that can help organizations make more-informed business decisions.

Driven by specialized analytics systems and software, big data analytics can point the way to various business benefits, including new revenue opportunities, more effective marketing, better customer service, improved operational efficiency and competitive advantages over rivals.

Big data analytics applications enable data scientists, predictive modelers, statisticians and other analytics professionals to analyze growing volumes of structured transaction data, plus other forms of data that are often left untapped by conventional business intelligence (BI) and analytics programs. That encompasses a mix of semi-structured and unstructured data -- for example, internet clickstream data, web server logs, social media content, text from customer emails and survey responses, mobile-phone calldetail records and machine data captured by sensors connected to the internet of things.

#5. Developing a target market strategy

§ what is consumer segmentation

§ STP - segmentation, targeting, positioning

§ consumer segmentation criteria

§ targeting consumers