Week 1 â Intro to Marketing Research
Week 1 – Intro to Marketing Research The systematic and objective: identification collection analysis dissemination, and use of information
Market Research: Problem identification researchhelp identify problems which are not apparent on the surface and yet exist e.g. market potential, forecasting, sales analysis, business trends Problem solving researchhelp solve specific marketing problems e.g. product, price, promotion, segmentation, distribution
Market Research Process: 1) defining the problem MDP, MRP, Research Questions, Hypotheses 2) develop approach to problem 3) formulate research design exploratory research design secondary data, qualitative research/primary data conclusive research design descriptive research, causal research 4) data collection mail survey, internet survey, phone interview, database, observation 5) prepare/analyse data insights what have we learnt from the analysis recommendations how can findings be put into action/is more research needed 6) prepare/present report
Week 2 - Planning for Research 1) Defining the problem: taking a vaguely defined problem faced by managers and turning it into a well-defined, wellarticulated, solvable problem for market research specialists Management Decision Problem (MDP) -asks what decision maker needs to do -action orientated -focus on symptoms -vague -not clear how to solve e.g. how can RACV prevent customers switching to competitors?
Market Research Problem (MRP) -overarching statement (broad summary of overall goal) -specific components (scientific + measurable clear guidelines) Defining the problem
-Gather info and understand the complete problem situation -synthesise the info gathered and recognise key factors systematic approach conceptual thinking abstract reasoning -trial and error
How to identify good MRP: -answering MRP provides solution for MDP -fairly broad
Developing the approach
How to derive MRP from MDP:
-focus on underlying causes -clearly defined/articulated -answered by testing RQ/H
-research questions -hypotheses -specification of the information needed
2) Develop Approach to Problem: Analytical Model/Framework-set of concepts or ideas related in a specified manner to represent all or a part of some real system -should represent the process underlying the MRP you try to investigate graphic representation, verbal description Research Questions + HypothesesRQ: refined statements of a relationship described in the model that are also of interest to the rschr H: unproven statement/proposition about a relationship. Possible answer to RQ -each RQ/H covers a narrow aspect of the component of MRP -very specific, precise and can be empirically tested
3) Formulate Research Design: Research Designdetailed blueprint or plan to guide the implementation of a research study details the procedures necessary for obtaining the info needed to structure/solve MRP’s Research Design Exploratory: -ambiguous problem -provide insight -info defined loosely -process flexible -small sample -results tentative Secondary data qualitative research
Conclusive: -hypothesis testing -info clearly defined -process formal -large sample -results conclusive Descriptive research causal research
Sources and types of Data: secondary data- already exists, been collected for another purpose *always start here* primary data- does not exist, collected for research project qualitative data- narrative in nature, describes attitudes, opinion, motivations in words quantitative data- describes variables by allocating a number to represent attitudes, op. etc. Descriptive research: describe market characteristics/function e.g. develop a profile of target market, determine relationship between variables *quantitative analysis of primary/secondary data* Causal research: identify causal relationships e.g. identify causes and effects, determine extent of relationship *conducted through experiments*
Research Proposal: written document that contains the essence of the research project and serves as a contract between the researched and management covers all phases of marketing research process including cost/schedule 1) executive summary 2) research problem- background, statement of problem 3) research approach- RQ and H 4) research design 5) reporting, costs and timing 6) appendix
Market Research: Problem identification researchhelp identify problems which are not apparent on the surface and yet exist e.g. market potential, forecasting, sales analysis, business trends Problem solving researchhelp solve specific marketing problems e.g. product, price, promotion, segmentation, distribution
Market Research Process: 1) defining the problem MDP, MRP, Research Questions, Hypotheses 2) develop approach to problem 3) formulate research design exploratory research design secondary data, qualitative research/primary data conclusive research design descriptive research, causal research 4) data collection mail survey, internet survey, phone interview, database, observation 5) prepare/analyse data insights what have we learnt from the analysis recommendations how can findings be put into action/is more research needed 6) prepare/present report
Week 2 - Planning for Research 1) Defining the problem: taking a vaguely defined problem faced by managers and turning it into a well-defined, wellarticulated, solvable problem for market research specialists Management Decision Problem (MDP) -asks what decision maker needs to do -action orientated -focus on symptoms -vague -not clear how to solve e.g. how can RACV prevent customers switching to competitors?
Market Research Problem (MRP) -overarching statement (broad summary of overall goal) -specific components (scientific + measurable clear guidelines) Defining the problem
-Gather info and understand the complete problem situation -synthesise the info gathered and recognise key factors systematic approach conceptual thinking abstract reasoning -trial and error
How to identify good MRP: -answering MRP provides solution for MDP -fairly broad
Developing the approach
How to derive MRP from MDP:
-focus on underlying causes -clearly defined/articulated -answered by testing RQ/H
-research questions -hypotheses -specification of the information needed
2) Develop Approach to Problem: Analytical Model/Framework-set of concepts or ideas related in a specified manner to represent all or a part of some real system -should represent the process underlying the MRP you try to investigate graphic representation, verbal description Research Questions + HypothesesRQ: refined statements of a relationship described in the model that are also of interest to the rschr H: unproven statement/proposition about a relationship. Possible answer to RQ -each RQ/H covers a narrow aspect of the component of MRP -very specific, precise and can be empirically tested
3) Formulate Research Design: Research Designdetailed blueprint or plan to guide the implementation of a research study details the procedures necessary for obtaining the info needed to structure/solve MRP’s Research Design Exploratory: -ambiguous problem -provide insight -info defined loosely -process flexible -small sample -results tentative Secondary data qualitative research
Conclusive: -hypothesis testing -info clearly defined -process formal -large sample -results conclusive Descriptive research causal research
Sources and types of Data: secondary data- already exists, been collected for another purpose *always start here* primary data- does not exist, collected for research project qualitative data- narrative in nature, describes attitudes, opinion, motivations in words quantitative data- describes variables by allocating a number to represent attitudes, op. etc. Descriptive research: describe market characteristics/function e.g. develop a profile of target market, determine relationship between variables *quantitative analysis of primary/secondary data* Causal research: identify causal relationships e.g. identify causes and effects, determine extent of relationship *conducted through experiments*
Research Proposal: written document that contains the essence of the research project and serves as a contract between the researched and management covers all phases of marketing research process including cost/schedule 1) executive summary 2) research problem- background, statement of problem 3) research approach- RQ and H 4) research design 5) reporting, costs and timing 6) appendix
