LU2

Question 1

6 steps of Marketing Research

Answer 1

Step 1: Defining the problem and research objectives
Step 2: Developing the research plan for collecting information
Step 3: Developing research design
Step 4: Collecting primary & secondary data
Step 5: Analyze data
Step 6: Prepare a report of findings (typically goes to management)

Question 2

Importance of research

Answer 2

Research assists/helps with:

• introduction of new products & services
• consumer needs satisfaction
• formation of new product plan
• showing time for change
• brand finding specific target market & create target market plan

Question 3

Qualitative Research

Answer 3

• in-depth research into the motivations behind customer purchasing behaviour and attitudes
• provide info on preferences, tastes, and buying habits
• detailed, lengthy research methods involving use of discussion, or ‘focus’ groups

Question 4

Quantitative Research

Answer 4

• statistics & numerical data such as market share

- gather info through opinion polls and customer surveys

Question 5

Primary Research

Answer 5

• gathering of new or ‘first-hand’ data

- tailored to provide information on the firm’s own products, customers and markets.

Question 6

Secondary Research

Answer 6

• desk research

- the assembly, collation and analysis of existing or ‘second-hand’ marketing data.