Marketing Research Notes

Marketing Research Chapter One Notes

Marketing Research: what is it?
Marketing Research: Function that links an organization to it market through gathering of information
-Critical part of marketing intelligence that obtains information on consumer needs
-It facilitates the identification and definition of market driven opportunities and problems, the development
-Enables the monitoring of marketing performance and improved understanding of marketing as a business process
-Organizations use market research information to identify new product opportunities, develop advertising strategies, and implement new data gathering methods to better understand customers
-Links an organization to its market through the gathering of information
-Systematic Process

Marketing Research Process
1. Problem Definition
2. Development of an approach to the problem
3.Reserach Design Formulation
4. Data Collection
5. Data Analysis
6. Report Preparations and Presentation

Marketing Planning and Decision Making
-Decisions must have be made with a high level of confidence
-Marketing research is the foundation of market planning

Research Benefits Marketing decisions…
-Situation analysis
-Strategy design
-Program development

Marketing Situation Analysis
Situation analysis: to monitor the appropriates of a firms marketing strategy and to determine whether changes to the strategy are necessary
-Includes 3 decision are: 1. Market analysis 2. Market Segmentation 3. Competition Analysis

When conducting a situation analysis, Market Research can…
-Locate and identify new market opportunities for a company (opportunity assessment)
-Identify segments of customers within a product market (segmentation)
-Identify existing and potential competitors strengths and weaknesses (performance analysis)

Market Analysis
Opportunity Assessment: involves collecting information on product markets for the purpose of forecasting how they will change
-Collect