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What is Marketing Research? Classification of Marketing Research (problem-identification research and problem-solving research) The Marketing Research Process (Step 1: Problem Definition, Step 2: Development of an Approach to the Problem, Step 3: Research Design Formulation, Step 4: Fieldwork or Data Collection, Step 5: Data Preparation and Analysis, Step 6: Report Preparation and Presentation) The Role of Marketing Research in Marketing Decision Making Ethics in Marketing Research
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Module Code: MKT216SL Business And Market Research University Of Plymouth
According to American Marketing Association,
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 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;
Problem-solving research results are utilized to make judgments that will solve particular marketing issues. This research includes;
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)
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.
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.