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Summary Marketing Research MNM3702
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MNM3702Market Research
Study Unit One
The role of marketing research in decision making
1.1 Need for marketing information
- Marketing research is necessary because it is the link between the organisation and the customer
- Marketing research serves two important purposes.
- It gives customers the opportunity to express their view on a company’s product offerings
- It provides managers with information about customers
- The information is used to perform the management tasks; it enables managers to identify changes in the
environment, to make predictions about the changes and to plan accordingly.
- Marketing research is a SYSTEMATIC and objective process of planning, gathering, analysing and reporting data
which help solve a SPECIFIC problem or opportunity facing the organisation.
- It helps in drive for quality and customer satisfaction
- Necessary to keep existing customers
- Provides insight to an ever-changing market
1.1.1 Key roles of marketing research
A. Descriptive research
- Depicts the current situation
- Focus on providing historical and current data about the consumer, industry and environment and the impact or
relevance of this data
B. Diagnostic Research
- Cause and effects of a certain event in a given situation
- Effect of introducing a new strategy or something as small as how a slight price change will affect product sales
C. Predictive Research
- Used to predict or forecast outcomes of new strategies being developed
- Focus is looking towards the future and identifying new opportunities to be taken advantage off
1.1.2 Data terminology
- Data: available statistics, opinions, facts and predictions
- Information: data component that is relevant to the decision
- Conclusion: proposition that is arrived at the after considering evidence, arguments or premises; end of reasoning
process involving data, evidence or observations from an investigation
- Deduction: form of logical reasoning that begins with a general assertion and then presents specific details and
examples in support of that generalisation
- Induction: explanation of a particular facts or instances to form general principles. Argues from specific cases or data
to a general conclusion
- Hypothesis: unproven statement or proposition about a fact that is of interest to the researcher.
- Null: H0 tested against alternatives
- Alternative: Ha indicates the direction of change if H0 is rejected
- Theory: set of systematically interrelated concepts, definitions, and propositions that are advanced to explain and
predict facts
- Knowledge: blend of information, experience, and insights providing a framework that can be applied when
assessing new information or evaluating relevant situation
1.2 The definition and scope of marketing research
1.2.1. Definition of marketing research
- Marketing research is the systematic collection, analysis and interpretation of information on all marketing problems
- By means of recognised scientific methods to provide information that marketing management can use in the
decision-making process.
American marketing associations
- Is the link between consumer, customer and public to the marketer through information
- Identify and define the marketing opportunities and problems
- Generate, refine, and evaluate marketing actions
- Monitor marketing performance
- Improve understanding of marketing as a process
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