Resumen

Summary Market Research (Universitat de Valencia/Erasmus Exchange)

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Grado
Market Research

Institución
Universitat De Valencia (UV)

Samenvatting van het vak Market Research op de Universiteit van Valencia. Ideaal voor de voorbereiding van het examen, heb zelf aan de hand van deze samenvatting een 8 gehaald voor het examen tijdens mijn Erasmus Exchange.

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Subido en 6 de octubre de 2023
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Summary Market Research
Exam date: 1st chance 25/05/2023 – 2nd chance 26/06/2023.

Topic 1
What is marketing research?
Systematic and objective identification, collection, analyse and use of information for the purpose of
improving decision making, related to the identification and solution of problems and opportunities
in marketing.

What is the nature of marketing research?
Marketing = identification and satisfaction of consumer needs (VALUE)
Information = needed to determine customer needs & implement mk strategies

Key fact: INFOMATION has become more and more important for decision making

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,The FACTORS that have increased the need for more and better information:

- Firms have become national and international in scope
- Consumers have become more affluent & sophisticated
- Competition has become more intense
- Environment is changing more rapidly

Market research always has to provide sound and concrete information

What is gut intuition?

- Could be fear based
- Your gut has 1 million neurons -> which makes it an internal GPS
- Intuition is not a thought, but a feeling/instinct
- It’s the thing that randomly comes to mind
- It helps you understand the good and the bad for you

Sound information is relevant to make sound decisions but in combination with intuition or
experience. (Don’t neglect the power of it, take a look of at the examples gives of Einstein etc.)

A classification of marketing research
MARKETING RESEARCH can be undertaken using different approaches or designs:

- A research design is a framework for conducting the marketing research project
- It involves several tasks: information needs, research techniques, questionnaire, scaling,
sampling and data analysis

This serves for classifying research into either exploratory research or conclusive research (later
separated into descriptive and casual research)

Comparison among research designs
An example/explanation:

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, DESCRIPTIVE RESEARCH can be further classified into:

- Cross sectional research: most frequent used design in marketing research, involving the
collection of information from a given sample only once.
- Longitudinal research or panel: a fixed sample (normally remains the same over time) is
measured repeatedly on the same variables

(the main difference is in the amount of times the research is conducted)

RELATIONSHIP AMONG EXPLORATORY, DESCRIPTIVE & CAUSAL RESEARCH:

1. When little is known about the problem, better to begin with exploratory research
2. Exploratory research should be followed by descriptive or causal research
3. Not necessary to begin every research with exploratory research
4. Exploratory research is generally the initial step, but it can be the only one

The role of marketing research in MIS
Marketing information system (MIS): is a formalized set of procedures for generating, analysing,
storing and distributing information to marketing decision makers on an ongoing basis.

Marketing research is part of the MIS since it only provides information on the basis of adhoc
research.

The MIS obtains information through:

- Internal records
- Marketing intelligence
- Marketing research

In the end all this information will be used in decision making.

Explanation:

Examples of internal records are the number of sales etc.
Marketing intelligence is from outside the information such as reports about industries.
Marketing research is specific gathered information.

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