Mark2052 Notes

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MARK2052 – Marketing Research

Topic 1 – The Role of Marketing Research and the Marketing Research Process

Marketing Research
The systematic and objective process of generating information to aid in making marketing decisions

OR

The systematic and objective identification, collection, analysis and dissemination of information for the purpose of assisting management in decision making related to the identification and solution of problems and opportunities in marketing.

Enables:
* Uncovering opportunities
* Making more informed decisions
* Making better decisions
* Making lower risk decisions

It is:
* Necessary for strategic planning
* The basis of a superior marketing plan

Market data needs to be gathered, processed, analysed and interpreted to become valuable.

Basic Research (Pure Research) v. Applied Research
Basic (Pure) Research research conducted to expand limits of knowledge, to verify the acceptability of a given theory or to learn more about a certain concept

Applied Research Research conducted when a decision must be made about a real-life problem

e.g. UNSW v Apple

Both applied and basic research uses the scientific method – this refers to the techniques used to recognise and understand marketing phenomena. In the scientific method, empirical evidence (facts from observation or experiment) is analysed and interpreted to confirm or disprove prior conceptions.

Important Considerations when Conducting Research
* Must have scope
* Must be timely
* Must be relevant
* Must be ethical
* Should be reliable
* Should be accurate
* Should be measureable
Managerial Value of Marketing Research for Strategic Decision Making Developing and implementing a marketing strategy involves four stages: 1) Identifying and evaluating opportunities
Marketing Research Provides:
* Diagnostic information about the current environment
* Evaluating market opportunities
* Estimates of market potential or predictions about future environmental conditions e.g. sales forecast 2) Analysing market segments and selecting target markets Marketing Research Provides:

* Analyse market segments and targets
3) Planning and implementing a marketing mix that will satisfy customers’ needs and meet the objectives of the organisation Marketing Research Provides:
* Support further decision making regarding the marketing mix e.g. evaluate alternative course of action a) Product research (develop and evaluate product or adapt existing products – e.g. concept testing, product testing, brand name studies, packaging testing and product research) b) Pricing Research (e.g. competitive pricing study, discounting, elasticity etc.) c) Distribution Research (e.g. location, online v physical store, intensity of distribution etc.) d) Promotion Research (e.g. effectiveness of premiums, coupons, sampling, sales promotions, motivation, advertising) 4) Analysing marketing performance

Marketing Research Provides:
* Effectiveness of execution
* Performance Monitoring Research (research that regularly provides feedback for evaluation and control of marketing activities)

When is Marketing Research Needed?
Decision to conduct marketing research centres on:
1) Time Constraints
2) Availability of data (may already have adequate information) 3) Nature of the decision to be made (routines/tactical/strategic?) 4) Value of the research information in relation to costs (Benefits v Costs)

Business Trends in Marketing
Global Marketing Research
Growth of the Internet

Stages in the Marketing Research Process
1) Define the problem
The stage in which management seeks to identify a clear-cut statement of the problem or opportunity. Research Objective
Research Questions

Certainty Uncertainty Absolute Ambiguity Certainty...
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