Week 2 - Market Research

Question 1

What is market research?

Answer 1

A business activity that discovers information of use in making marketing decisions
- Essential component of understanding the market
- Should contribute to improved performance

Question 2

Marketing Process

Answer 2

Market research informs many types of decisions.
- Market segmentation
- Sales Performance
- Product
- Price
- Promotion
- Place

Question 3

Big Data

Answer 3

By understanding what people do and when, where and why, we can build explanations that:
- Describe people’s current behaviour
- Identify trends
- Identify changes in behavioural patterns over time
- Identify opportunities and areas for action

Question 4

Components of Market Research

Answer 4

• Defining the research problem
• Designing the research methodology
• Collecting the data
• Analysing data and drawing conclusions
• Presenting the results and making recommendations

Question 5

Market Research Considerations

Answer 5

Before undertaking market research, the following factors should be considered:
- Relevance
- Timing
- Availability
- Need for new information
- Cost-benefit analysis

Question 6

Defining Research Problem (1)

Answer 6

The questions which the market research project is intended to answer
- Needs to be clear and specified
- Needs to enable the organisation to make marketing decisions

Question 7

Defining Research Problem (2)

Answer 7

The original questions can be changed

Question 8

Defining Research Problem (3)

Answer 8

Setting a good research problem is important

Question 9

Defining Research Problem (4)

Answer 9

A research brief outlines the research problem and describes the specific information required, generally involved;
1. Research problem
2. Information required
3. Timeframe
4. Budget
5. Any other conditions of the project

Question 10

Designing the research methodology

Answer 10

Detailed methodology created to guide the research project and address the question

Multiple approaches possible: how you frame your research question will determine the type of research method

Question 11

Research Types

Answer 11

Exploratory Research
Descriptive Research
Causal Research
Hypothesis

Question 12

Exploratory Research

Answer 12

Gathers more information about a loosely defined problem

Question 13

Descriptive Research

Answer 13

Solves a particular and well-defined problem by clarifying the characteristics of certain phenomena

Question 14

Causal Research

Answer 14

Assumes that a particular variable causes a specific outcome and then, holding everything else constant, test whether the variables does indeed affect that outcome

Question 15

Hypothesis

Answer 15

A tentative explanation that can be tested

Question 16

Data Types

Answer 16

Primary data: data collected specifically for the current market
Secondary data: data initially gathered for a purpose other than to address the question (information is already available)

Question 17

Qualitative Research

Answer 17

Research intended to obtain rich, deep and detailed information about the attitudes and emotions underlying a consumer’s behaviour

Question 18

Qualitative Research Techniques

Answer 18

Interviews, Focus groups

Question 19

Quantitative Research

Answer 19

Research that collects information that can be represented numerically

Question 20

Quantitative Research Techniques involves

Answer 20

Survey, experimentation, observation, neuroscience

Question 21

Quantitative research useful for

Answer 21

• Monitoring market size
• Identifying market patterns and trends
• Predicting the success of proposed marketing campaigns
• Tracking customers perceptions for existing products

Question 22

Collecting Data (1)

Answer 22

During research, processes are applied to ensure the research design is properly followed
- Responses are to be recorded correctly
- Biases are to be minimised
- Errors are not to in induced

Question 23

Collecting Data (2)

Answer 23

Data can be stored or collected in-house or it can be outsourced

Question 24

Collecting data (3)

Answer 24

Outsourced to an agency taking on the responsibility of the data collection, scraping or mining processes.

Question 25

Managing Data Collection (1)

Answer 25

Population: All of the things of interest to the researcher in the particular research project

Question 26

Managing Data Collection (2)

Answer 26

Sampling: The process of choosing members of the total population

Question 27

Managing Data Collection (3)

Answer 27

Sample: The process of choosing members of the total population

Question 28

Managing data Collection (4)

Answer 28

A market research in a substantial investment

Question 29

Managing data collection (5)

Answer 29

It is crucial to accommodate revision within the plan - the use of a Gantt or a critical path can help

Question 30

Sampling types

Answer 30

Random Sampling: Each member has a chance of being sampled Stratified Sampling: Each member is grouped on a characteristic, and a sample is extracted from that Quota Sampling: The population is divided into groups based on a number of characteristics Convenience Sampling: Participants are selected on the basis of who is available

Question 31

Data Analysis

Answer 31

Once data is collected it needs to be cleaned and filtered

Question 32

Quantitative Analysis

Answer 32

Statistical analysis in various program

Question 33

Report the findings

Answer 33

Once the data is analysed and conclusions are drawn, the findings must be presented in a format that will enable the marketing decision markers to use the information. Market researchers must typically report key findings in presentation format

Question 34

Responding to research problem

Answer 34

Marketers must evaluate the effectiveness of each and every marketing activity undertaken to optimise effectiveness. By undertaking high-quality research we can deliver irrefutable evidence of the return on investment