Scribd
Upload
127 views3 pages

Chapter 1 Summary

Marketing research involves the systematic and objective identification, collection, analysis and use of information to improve marketing decision-making. It can involve both problem identification and problem-solving research. The marketing research process follows six steps: problem definition, developing an approach, research design, data collection, data analysis, and report preparation. Marketing research is useful for understanding customer preferences and the competitive environment. Firms must consider resources, costs, and benefits when deciding whether to conduct marketing research.

Uploaded by

parini soni
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
127 views3 pages

Chapter 1 Summary

Marketing research involves the systematic and objective identification, collection, analysis and use of information to improve marketing decision-making. It can involve both problem identification and problem-solving research. The marketing research process follows six steps: problem definition, developing an approach, research design, data collection, data analysis, and report preparation. Marketing research is useful for understanding customer preferences and the competitive environment. Firms must consider resources, costs, and benefits when deciding whether to conduct marketing research.

Uploaded by

parini soni
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 3

Chapter Summary: Ch-1

Marketing Research (MR) is the systematic and objective identification, collection,


analysis, dissemination, and use of information for the purpose of improving decision making
related to the identification and solution of problems and opportunities in marketing.

Wendy’s case describes the importance of marketing research in designing and implementing
marketing programs which get successful; here where Wendy’s offered fresh fruit bowls.

Classification of MR:

Classification- What answers will it provide?


1) Problem Identification Research About marketing environment like declining
market potential, changes in social and
cultural trends, etc. and help in diagnosing
the problem.
2) Problem solving Research- Segmentation, product, pricing, promotion,
distribution research.
MR project can combine both of them, for example Kellogg’s project used both to achieve its
objective.

Marketing Research Process:

6 step process which includes:

1) Problem Definition: Involves discussion, interviews, analysis of secondary data, and


qualitative research on focus group.
2) Development of an approach to the problem: Formulating framework, analytical
models, research questions and hypotheses.
3) Research design Formulation: Definition of information needed, Secondary data
analysis, Qualitative research, Methods of collecting quantitative data, Measurement
and scaling procedures, Questionnaire design, Sampling process and sample size, plan
of data analysis.
4) Field work or Data collection: Data collection through personal interviewing, mail,
phone calls, etc.
5) Data preparation and analysis: Editing, coding, transcription and verification of data.
6) Report preparation and Presentation: Findings are presented in a comprehensible
format to use them in decision making process.
Johnson and Johnson Company’s case highlights why marketing managers need to focus
on relevant and actionable information, and not on gut feeling, intuition or pure
judgments.

Competitive Intelligence is the process of enhancing the marketplace competitiveness


through a greater understanding of firm’s competitors and the competitive environment. It
is a legal collection and analysis through ethical marketing research inquiry.

Decision to conduct Marketing Research should be guided by Resource availability


including both time and money, also along with cost- benefit analysis.

MR Industry:

Internal Suppliers: Can be either centralized or decentralized. Decentralized marketing


research structure is useful when company have multiple divisions in terms of products,
customers and geographical regions.

External suppliers: They can be providing either limited service or full service. Limited
services includes specialized offering in field services, qualitative services, technical and
analytical services. Full services includes customized services, syndicated services and
internet/social services.

McDonald’s success in various international market is the result of understanding consumer


preferences with the help of international marketing research.

Starbucks connected with customers through a blog and other social media handles, which in
turn helped the company to get suggestions from its customers and understand their
preferences.

Mobile Marketing Research is using mobile devices as a tool for conducting market
research. It has the potential to reach larger and wider audiences at low cost with faster
responses. But certain limitations do exists like need for short and simple survey, sample
representativeness, data protection issues, etc.

There are certain ethical issues in MR involving 4 stakeholders- marketing researcher, clients,
respondent and the public.

Tools like SPSS, SAS and Excel are useful for data analysis in marketing research.

You might also like