Summary Lecture notes: Marketing Research week 1 chapter 1-4
What is marketing? Marketing is the process of meeting the needs of a business profitably. Marketing look at the needs of its consumer ( you and I). Marketers try to better understand what consumers want out of a product.
Once upon a time marketing solely focused on what consumers wanted and how to physical gives them these products. However, today marketing has a more holistic approach. Firstly, marketing research examines how it could be more competitive than others in the same field. Secondly,they identify potential customer who would benefit from a specific product. Thirdly, they look at ways to build a relationship between customer and product. Lastly, they allow customer to help them better understand what their customers want. As a result of this marketers are able to learn from the feedback that consumers give and they use that information to help provide the services.
Marketing concept is a business philosophy used by marketers to deliver products. The philosophy argue that the key to having a successful business is being more effective than competitors in creating, delivering, and communicating customer value to its specific market target( this can be a certain age group, race/ethnicity, gender, income level, and education level to name a few).
Marketing Strategy- is when a company selects a specific group as its marketing target (in other words these are the people who marketers want to buy their products). Once a specific marketing target is reached business, design the proper “mix” of product/service, price, promotion, and distribution system to meet these wants and needs of consumers in that specific target market. (Burn bush 2009; 9).
Now that we know a little bit about marketing what is the relationship between marketing and marketing research?
First, what is marketing research? Marketing research is the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem. Market research links the consumer, customer, and public to the marker (Burn Bush 2009:9).
What is the purpose of marketing research? Marketing research help business sell their products and become more competitive than other business selling and providing a similar service. Marketing Research help business make decisions about their product and services; the purpose of marketing research is to identify opportunities and problems (you can view the presentation to see the list).
For the purpose of this class we will be doing our research report on monitoring Marketing performance. Studies that fall within this aspect of marketing included image analysis, tracking studies, customer stratification studies, employee stratification studies, distributor studies, and website evaluation (Burn&Bush 2009:14).
Chapter 2 Explaining the marketing research process
There are 11 steps to the marketing research process (please see page 24 or the lecture slides for ch2). Please make sure you know the 11 steps they will be on your midterm. The first step in the marketing research is establishing the need of marketing research. Most of the time marketing research is needed when managers must make a discussion but do not have enough information to make a decision that where marketing research step in. We provide business with this information.
-The next step, step 2 is defining the problem. In a business the manager must define the problem and marketing researchers must also understand the underlining when there is a problem with marketing a product or service.
-Step 3 is establishing the research objectives; ask you what information is needed in order to solve the problem. An example of these questions and objective might be. “I will determine why more students at noble buy iPhone instead of the Samsung galaxy.”
-step 4 is determine the research design, we have gotten here yet but you might want to start thinking about what type of research design is need for your report. Is it a focus group, in-depth interview, or a survey?
-Step 5 identifies information types and sources. Will your study be using primary data or secondary data (know what each of these is for the quiz.) Primary data information that is collected from the target group and secondary data is information that had already been collected from a specific group.
Step 6-11 will be discussed throughout the course.
Chapter 3 describing the characteristics of the marketing research industry
The most important information in chapter 3 is the ethics when doing research section. Make sure you know these terms.
Sugging refer to selling under the guise of a survey (Burn&Bush, 2009).
Frugging stands for fundraising under the guise of survey (Burn&Bush 2009).
Research Integrity defined as performing research that adheres to accepted standards (Burn&Bush; 2009)
Confidentiality is very important in research, confidentiality means that research know who respondents are but does not identify the resident to a client by any information gather during a study (Burn&Bush;2009)
Chapter 4 Defining the problem and determining research objective
Hypotheses are sometime developed to help the researcher come up with the research objectives.
Hypotheses are statements that are taken for true for the purpose of an argument or investigation. A hypothesis could be “Samsung must develop “face time” for their cell phones in order to get more customers to buy their product.”
Another thing to note that not all research are conducted using a hypothesis sometimes research questions are used. For example, “What must Samsung do in order to get more people to buy the Samsung galaxy?”
Your research question or hypothesis will help you formulate the type of questions asked during your data collection process. It will also help you determine who and how you will get this information.
Operational definition help use define what our construct “problem “is and how we will measure this.
At the end of stage 3 you will have created a research proposal. In this proposal you will state the problem, you research objectives, your methods in collecting data, and timetable and proposed budget.
We will be going over chapter 4-6 this week.
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