Marketing Research Approaches

Presented byShaundia

Blount

What is Marketing Research

Marketing research is: Designing Collecting AnalysingReporting

data relevant to a specific marketing situation facing an organization.

Who is a Marketing Researcher

A Market Researchers persons tasked with the job of gathering and interpreting the data of a market Research.

Marketing Research Approaches

• Survey • Observation• Experiment• Commercial data services

Survey

A Survey is the study of the spending characteristics and purchasing power of the consumer who are within a business' geographic area of operation.

Advantages

• Extensive: Surveys are useful in describing the characteristics of a large population

• Cost: Surveys are relatively inexpensive.

Advantages ContdCan be administered through various

means:

Questionnaires

Advantages Contd• Phone

Limitations

• Participant’s Reluctance to answer certain questions

• subjects try to help the interviewer by giving pleasing answers

Observation

Observational research is gathering data by studying relevant people’s actions to get a grasp of how they react in certain situations

Eg. Ethnographic observation

Ethnographic observation

Advantages

• Collect data that people are unwilling or unable to give.

• Gives unbiased insight into consumers behaviour

Limitations

• Information is not easily interpreted through observation. • Time Consuming

Experiment

Experimental research is used to determine cause and effect relationships. Variables are put in a controlled environment and variables affecting the variable is controlled and monitored.

Advantages

• Shows consumers’ reaction to changes made to products and services, by the organization.

Limitation

• Results are Vulnerable to Researcher manipulation

Commercial Data Services

This is a collection of information from online sources. Marketers use this to access secondary data.

Advantages

• Not very costly to acquire data

Disadvantages

Information required by researchers is not always available