Free Sample: Five Step Approach to Marketing Research paper example for writing essay

Five Step Approach to Marketing Research - Essay Example

Marketing Research Marketing Research – Is a systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. There is Five- Step Approach to Marketing Research, these are follows: 1 . Define the problem A. Set the research objectives Exploratory Research-is to gather preliminary information that will help to define the problem and suggest hypothesis.

Descriptive Research-is to describe things, such as he market potential for a product or the demographics and attitudes of consumers who buy the product. Causal Research- Is to test the hypothesis about the cause and effect relationship. B. Identify possible Market Measures of Success- criteria or standards used in evaluating proposed solutions to the problem. 2. Develop the Research Plan A. Specify the constraints on the marketing research activity- knowing the restrictions placed on potential solutions to a problem. B. Identify the needed for marketing decisions. Concepts- mean Ideas about products or services.

This Is creating new product concepts, It may be a picture or verbal description of a product or service the firm might offer for sale. Methods- are approaches that can be used to collect data to solve all part of a problem. C. Determine how to collect data Sampling – select group of distributors ,customers or prospects and treating the information they provide as typical of all those in whom they are interested . Statistical Reference- generalizes results from the sample to much larger groups of distributors, customers, or prospects to decide on marketing actions. 3.

Collect relevant information- gathering data facts and figures related to the problem. A. Obtain secondary data- these are facts and figures that have been recorded before the project at hand Internal – knowing the sales, breakdowns, customer Inquiries and complaints. External – census, economic census, trade associations, universities, business periodicals, syndicated panels (data collection over time) B. Obtain primary data- these are the facts and figures that are newly collected for the project. Mechanical method- observing how people behave through technology.

Personal method- observing people through mystery shopping, watching consumers in person, videotaping, ethnographic research. Observing to seek and to discover subtle behavioral and emotional reactions as consumers encounter products In their process. A. Individual interview- single researcher asking correspondent probe for additional ideas but expensive. B. Depth interview- individual interviewer asks lengthy , free-flowing kinds of questions. C. Focus groups- informal session of 6-10 past present or prospective customers are asked about their opinions on company’s ND competitors’ products. . Idea evaluation- marketing researcher tries to test ideas discovered earlier to help the marketing manager recommend marketing actions. E. Mall intercept- personal interview of consumers visiting shopping centers. C. Primary Data- these are the other sources. Social Networks- collecting data through social media / social networking sites. Panels and Experiments-using samples of consumers or stores from which researchers take a series of measurements. D. Use of info tech- involves operating computer networks hat can store and process data. . Develop findings Analyses Data -includes analyzing of the data gathered that involves the application of analytical model. Present findings-once the information has been processed and analyses, it must be presented to the right decision makers at the right time. 5. Take marketing actions- this include making action recommendations, implementation of the action recommendations and evaluate the results that includes the monitoring the market place to determine is action is necessary in the future.