LEARNING OBJECTIVES
After completing this study unit you should be able to:
Explain the importance of information to the company and its
understanding of the market place.
Outline the steps in the marketing research process.
MARKETING RESEARCH
LEARNING OBJECTIVES
After completing this study unit you should be able to:
Explain the importance of information to the company and its
understanding of the market place.
Outline the steps in the marketing research process.
Introduction
Marketing research is the systematic design, collection, analysis, and
reporting of data relevant to an organization's specific marketing
situation. Companies use market research in a wide variety of situations.
Market research can help marketers understand consumer satisfaction
and buying behavior. It can help evaluate market potential and share or
measure the effectiveness of pricing, product, sales and promotional
activities.
Marketing research
Many decisions require information
Sales personnel rely on research to provide them with feedback
on sales performance or to identify likely purchasers.
Media planners need information to determine which specific
magazines or television shows will most likely be seen by a market
segment.
, Advertising executives need feedback to ‘flesh out’ the needs and
wants of target consumers.
Brand managers need to determine how their product is
perceived in the marketplace, especially relative to other
competing brands.
Marketing and retail research projects that have proven to be
productive ventures for the retailer in the past include the following:
Consumer attitudes to retailers and/or marketers and their efforts
Consumer purchase motives and preferences
Demographic and psychographic profiles of both customers and
non-customers
Buyer behaviour patterns and their relationship to the retailer’s
mode of operation.
Service and performance records of suppliers, price and cost
comparisons between suppliers.
Merchandising and operational strengths and weaknesses of
competitors
Employee perceptions of the store and its dealing with them.
The marketing research process
The marketing research process is the sequence of steps
that are involved in the collecting and analysing marketing
data systematically.
The process provides a description of how marketing
research is designed and implemented, which helps
researchers when doing a research study.
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