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Module Code: MKT216SL Business And Market Research University Of Plymouth
Introduction to Marketing Research
What is Marketing Research?
According to American Marketing Association,
- "Marketing research is the systematic and objective identification of elements that connect the consumer, customer, and public to the marketer
- through the collection and analysis of information in order to recognize and classify marketing opportunities and challenges
- as well as to monitor marketing performance and enhance knowledge of the market as a process".
Classification of Marketing Research
Marketing research is conducted for two primary reasons, which is to discover and solve marketing problems. These two reasons divide marketing research into two categories, that consist of two concepts named problem-identification research and problem-solving research.
Problem-identification research
Problem-identification research is carried out to aid in the detection and understanding of issues which are not readily visible on the surface but which exist or are expected to develop in the near future. This type of research include;
- Market Potential Research
- Market Share Research
- Image Research
- (^) Market Characteristics Research
- Sales Analysis Research
- Forecasting Research
- (^) Business Trends Research
Problem-solving research
Problem-solving research results are utilized to make judgments that will solve particular marketing issues. This research includes;
- Segmentation Research
- Product Research
- (^) Pricing Research
- Promotion Research
- Distribution Research
The Marketing Research Process Step 1: Problem Definition (introduction) The researcher must consider the objective of this study, necessary background material , the information required , and how it would be utilized in decision-making when defining the problem. This step involve interviews with veterans of the particular field of study, going through secondary quantitative or qualitive resources and discussion with marketing managers. Step 2: Development of an Approach to the Problem (theoretical model)
- (^) constructing a theoretical or objective framework
- analytical models
- research questions
- Hypotheses
- determining what information is required
Step 6: Report Preparation and Presentation (conference paper) The entire study must be recorded in a written report which answers the research questions that have been defined. The results should be provided in an easily understandable style so that management can utilize them to make decisions quickly.
- (^) describes the approach
- the research design
- data collection
- the data analysis procedures adopted
- presents the results and the major findings. The Role of Marketing Research in Marketing Decision Making
Marketing managers require information to evaluate consumer requirements and
improve marketing plans and tactics to meet those demands. Since customers have grown more knowledgeable, rivals became more fierce, and the environment is constantly evolving more quickly, they want accurate and timely information regarding customers , rivals , as well as other factors in the industry. Marketing research's goal is to analyze information requirements and deliver relevant, precise, trustworthy, valid, actionable and timely information to management.
Marketing research assists marketing managers in connecting marketing variables (product, price, promotion, and distribution) to the uncontrolled environment (PESTEL elements) and customer categories (Consumers, Employees, Shareholders, and Suppliers). It alleviates a few of the ambiguity by giving reliable data on marketing variables, the environment, and customers as well as helping marketing managers in making better decisions. Marketing researchers used to be in charge of analyzing information requirements and delivering appropriate data, while marketing management were in charge of making marketing choices. However , now Marketing managers are getting increasingly engaged with research, while marketing researchers are getting increasingly engaged with decision-making. Marketing research should, offer value for marketing decision-making and to the overall business. As a result, marketing research must interact with several other organizational activities such as production, R&D, financing, accounting, as well as other operational departments as needed for a specific project. Ethics in Marketing Research The majority of marketing research is done for clients that represent commercial businesses. The financial motivation can sometimes lead to researchers or clients jeopardizing the professionalism or impartiality of the process of marketing research. The marketing researcher, the respondent, the general public and the client are typically regarded as the four stakeholders in marketing research. The ideal way to address ethical difficulties is for all parties involved to act decently. Codes of ethics are provided to assist, guide the behavior and address ethical issues, like the American Marketing Association code of ethics.
When it comes to respondents, researchers have a lot of duties;
- Privacy (do not publish their personal information)
- Informed consent (The researcher need to tell the respondent why and for what reason they are doing this research and collecting their information)
- Confidentiality (the researcher cannot say the private information of the respondent to a third party)
- (^) Avoid Harassment /harm (the researcher cannot force the respondent to answer for them)
- Never use research as a cover for sales efforts (do not sell the products of the clients in the research process)
- Never misrepresent the length of the survey (the research needs to specify how long it will take for research for the respondent)
