Marketing Research Tools
Most businesses are customer-driven and use marketing as a way to attract both current and potential customers by customizing their marketing mix. The marketing mix consists of the four P’s, which are product, price, place, and promotion. To create a successful marketing mix or even assess a current marketing plan, organizations are able to satisfy the needs of their customers through market research. Market research helps management with important decision-making and can help businesses develop strategies to achieve company objectives. There are two types of market research; secondary and primary research. Secondary research involves data that is readily available and often includes information that was obtained or published by someone else (Aaker, Kumar, & Day, 2001). This may include a company website or a government website such as the Census Bureau. Primary research is information gathered to address a specific research objective such as a survey, focus group, or experiment. (Aaker, Kumar, & Day, 2001). Overall, market research provides a planned approach to achieving company goals and objectives. Understanding the differences in primary and secondary research when using qualitative and quantitative approaches will help any organization gain a better perspective of the various ways market research can be applied to meet company goals.
Secondary Research
It is important to assess the current situation prior to jumping straight into market research because it can be both timely and costly. The first step in market research is to use a cost-benefit analysis and decide if the cost of the research is worth more than the value of the data retrieved. If the benefit of the research outweighs the cost, it...
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...rther test their hypothesis. Secondary and primary research may also include both qualitative and quantitative methods. Using both qualitative and quantitative analysis is the best way to understand customer needs and will give companies more insight into why customers make the decisions that they do. Marketing research is an essential to tool to organizational success because it allows companies to evaluate themselves and make smarter business decisions.
Works Cited
Aaker, D.A., Kumar, V., Day, G. (2007). Marketing Research. John Wiley & Sons Inc
Aaker, D.A., Kumar, V., Day, G. (2001). Marketing Research. John Wiley & Sons Inc. Retrieved
on March 9, 2012 from http://duhoc-online.net/modfnet/Librarian/eBooks/Eco/Mic/Marketing/Summary/Summary%20-%20Marketing%20research.pdf
McDaniel, C.J., Gates, R. (2007). Marketing Research (7th ed.). John Wiley & Sons Inc
Aaker, D. A., Kumar, V., & Day, G. S. (2007). Marketing research (9th ed.). Hoboken, NJ: John Wiley & Sons.
Aaker, D. A., Kumar, V., & Day, G. S. (2007). Marketing Research (9th ed.). Hoboken, JN:
McDaniel, C., & Gates, R. (2006). Marketing Research (7th ed.). Retrieved from The University of Phoenix eBook Collection database.
When conducting research, when is it conducive to use primary research over secondary research and vice versa? Both research techniques are viable and beneficial. They each have purpose and can be used as a marketing research template when conducting research. Both techniques are equipped with tools that can be used to guide a researcher through the research process. If these tools are properly adhered to, the research process can be seamless and quite effective. Moreover, market research can assist a researcher in making accurate decisions and improve the chance of success. This paper will explain the difference among research tools used in primary and secondary research. It will also depict the differences in primary and secondary research when using qualitative and quantitative approaches. Additionally, it will indicate which tools are used for each approach and why.
Whenever a company has a new product or service it would like to offer to the public there are always questions it needs to answer and analyze first. For instance, who is the target market or markets we want to appeal to? Is the market receptive to a new entry or are the products or services already there sufficiently entrenched barring any successful new release into the market? How well will our product or service address the wants and needs of our customers? The answer to each of these questions requires this firm to conduct research, specifically market research, to gain the knowledge they seek. Using the Valley Yellow Pages Company as an example, this paper will define market research, identify the different types of marketing research used, and describe the importance of this research to the organization.
Marketing research is the systematic design, collection, analysis, and reporting of data and its findings relevant to the specific marketing situation that a company faces (Kotler, 2012). By researching the motorcycle rider, Allstate is able to identify who they are and what they experience. In 2008, Allstate conducted a “Who’s Behind the Helmet” survey. They defined their qualifications as a motorcycle owner who is 18 years of age or older with an income of $50,000 or more. (Floyd, 2008). The 500 person sample size produced insightful and interesting details for Allstate. Jeff...
Polaris Marketing Research (2008). Marketing Research Process: An Overview. Retrieved May 8, 2008, from http://www.polarismr.com/edctr_overview.html
Marketing research has become a very important part of small businesses and large corporations gaining information about their customers and how they feel about their products and services. According to Philip Kotler, "Marketing research is systematic problem analysis, model building and fact-finding for the purpose of improved decision-king and control in the marketing of goods and services (Kotler & Keller, 2012)”. The initial step in the marketing process is to identify the problem the company is having and then decide the way the marketing team would like to conduct the research. The marketing team will devise a plan on how to gather the information and set a budget for the research project. In the planning of how they will conduct the
This will include primary as well as secondary research. The primary research would include a survey that would be conducted in selected localities of Delhi and nearby areas where the responses of consumers would be recorded through a designed questionnaire. Secondary research would include various aspects of brand management through internet, journals, company reports, expert views etc.
Market research is an effective tool to understanding the needs of the consumer. Market research aids in aligning your strategy with the buyers ' needs. Simply put, the most important question when conducting market
Exploratory research helps businesses to discover new ideas and find potential market opportunities. It is used to explore a situation or search for a problem. This research process is unstructured. Product managers need not go through all the stages of the market research process from the defining stage to the analysis stage the findings from exploratory research are usually based on secondary data (Data that is already available in different departments of the Company), open ended questions, similar case studies, a pilot study or even result from previous research. The results from exploratory research are not generally suitable for product manger to draw a conclusion and decide to enter a new market. The result is all too often generalized
Marketing research provides organizations with information to aid in decision making and marketing strategies (Peter & Donnelly, 2015, p. 32). Marketing research can test consumer reactions to a new product ideas and services and tell you how your product ranks among competitors, to name a few examples. Marketing research methods can be categorized as primary/secondary data research, quantitative research such as surveys, observations, experimental and mathematical models, or qualitative research such as focus groups and interviews. Additionally, the research can be used to determine the target audience for specific products/services and can guide marketing professionals on how to best communicate the product/service.
Primary marketing research is collected for the first time if the company has enough money to finance it, but in most case it is the second more accurate one. It is original and collected for a specific purpose, or to solve a specific problem. Primary research delivers more specific results than secondary research, more expensive and time consuming, which are an especially important consideration when the company is launching a new product or service. There are many ways to conduct primary research. By customizing tried-and-true approaches, focus groups, surveys, field tests, interviews or observation, you can gain information about your target market. Primary research is generally based on sampling techniques and requires statistical methodologies. The sample size could be as small as 1 percent of the market and thus the information and results gathered are highly accurate.
On the other hand, weaknesses existed. The primary research was the most difficult and frustrating sector, for it was difficult to keep in touch with the potential competitors; hence, a chance to learn more and analyse deeper from the potential competitors was missed. To conclude, the result and analysis of primary and market research which was based on the questionnaire was not convincing enough, and it was the main sector which needed to improve in the future.
McDaniel, C., & Gates, R. (2006). Marketing research (7th ed.). Hoboken, NJ: John Wiley & Sons.