BUS502: Strategic Marketing

2a. Explain the strategic importance of marketing research for making marketing decisions

• Why is it important to use marketing research?
• What might be considered marketing research?
• How can you use research to make marketing decisions?

In marketing, research can be used to help you make strategic marketing decisions. Using internal and external sources to assist in developing a marketing plan can be useful. Your company may conduct their own market research, or you may collect data from other sources. Collecting consumer information is important and key to any marketing plan.

Marketing research may include pilot groups, interviewing consumers, asking consumers to complete surveys, or using existing data from governmental or public websites. The more information you have about the marketplace for a product, the easier it will be to develop appropriate marketing. Research can be used to determine how to properly market a product or create a marketing plan.

To review, see Marketing Research.

 

2b. Explain the five steps in the marketing research process

• What are the five steps in the marketing process?
• How can you use these five steps to develop a marketing plan?
• What is an example of using the 5-step process to market a product?
• Why is secondary data important in marketing research?

Using a systematic approach in marketing research is important when developing a marketing plan. According to the text, the five steps in the marketing research process include identifying the problem, developing the research plan, conducting research, analyzing and reporting findings, and taking action. As you read through these five steps, think about how you might apply these to your marketing plan.

1. Identify the problem: What problem are you trying to solve? What objectives and goals do you have for this product? What are the research questions you would like to answer?
2. Develop the research plan: What information do you need to conduct this study? How will you analyze the research results and data?
3. Conduct research: How will you collect the research data? What secondary data will you need? What research methods are best suited to the type of data you will collect?
4. Analyze and report findings: How will you analyze the data? How will you interpret the results? How do you plan to report the data? What recommendations will you need?
5. Take action: Evaluate the options, review the results, create a plan to take action, and execute the plan.

To review, see:

• The Marketing Research Process
• Research Design
• Data Evaluation and Analysis

 

2c. Assess four methods for defining a marketing research problem

• Why is it important to define a marketing research problem?
• What are the four methods to define a marketing research problem?
• How can you write about a marketing research problem?

Conducting market research is an important step in the marketing process that will help to concentrate your efforts. By identifying a specific problem, you will better define your marketing plan. Defining a research problem is one way to focus your marketing and ensure your study will get the results you desire.

When defining a marketing research problem, you must take into consideration business goals, potential trends in the industry, feedback from consumers, competitors in the industry, and any additional research you can gather. It is important to begin with a clear account of the problem or potential prospect you want to research. Then, you will research and learn about the problem, followed by understanding the variables and how they are related to the problem, and then you will develop a problem statement.

To review, see The Marketing Research Process.

 

2d. Evaluate primary and secondary research approaches for collecting data

• What is an example of primary research?
• What is an example of secondary research?
• How do you know if you need primary or secondary data for marketing research?

Secondary and primary marketing research are important when conducting a marketing study.

Secondary research may include existing internal organizational data, government websites, industry journals or publications, or existing polling information collected by organizations. Secondary research may be needed when primary research does not answer the research question in its entirety or when gaps are found in the data collection.

Primary research includes collecting data that will answer the research question, and it requires more time and effort than secondary research. Primary research may include collecting information from a consumer focus group, conducting case studies, conducting action research, interviewing consumers, or completing consumer questionnaires.

To review, see Primary and Secondary Research.

 

2e. Describe two quantitative and two qualitative research methods for a marketing research project

• What is an example of a quantitative research method?
• What is an example of a qualitative research method?
• How can quantitative and qualitative research methods be used in one study?

For marketing research, quantitative research might include consumer surveys or questionnaires. A consumer survey or questionnaire may be conducted after or before a purchase and will ask the consumer how they might use the product or service and for their opinion. Quantitative research may ask short closed-ended questions that begin with words like "how much", "how many", or "to what extent do you".

For marketing research, qualitative research might include a consumer focus group or an in-depth interview. Qualitative research explores ideas and concepts; questions would include longer open-ended questions that begin with words such as how and why.

A mixed methods study would include both quantitative and qualitative research and would double the effort and expense to conduct but may provide more in-depth data.

To review, see Research Design.

 

2f. Differentiate exploratory, descriptive, and causal research designs for marketing research

• What is an example of an exploratory research design?
• What does the term descriptive mean in a research design?
• How might a causal research design be conducted?

Before designing a study, it is important to understand what results are needed; then, the appropriate research design can be chosen. Three different types of research designs are exploratory, descriptive, and casual.

Exploratory research is used to answer research questions that have not been well explored in the past, and they may include a survey, a case study, or a collection of information from other studies. While this type of research is typically qualitative primary research, secondary research methods might be used.

In marketing research, descriptive research attempts to understand and describe a specific population of people or a situation. A descriptive research study may attempt to answer what, where, when, and how questions. This type of research may use observations, panels, or an analysis of previously completed research. This type of research can be primary or secondary and is qualitative.

Casual design research uses experiments as the basis for research and may review the cause and effect between two or more variables. A marketing plan using this type of research may attempt to determine the consumer impact regarding changes to a product or features of a product or service. This is primary research and is typically quantitative in nature,

To review, see Data Evaluation and Analysis and Using Research Results.

 

2g. Recommend guidelines for analyzing and interpreting research results for data validity and decision-making

• Why is it important to understand how to interpret study results?
• What does data validity mean in marketing research?
• How can research results lead to marketing decision-making?

Understanding how to properly interpret research results is important so that decisions are based on facts. If inappropriate or lower-quality data (for example, blogs vs. industry journals) is used in a research study, then the decision-making process may not be valid. It is important that the data reviewed is of an appropriate quality to prevent any inconsistencies.

Properly interpreting research results is important to determine trends, patterns, or possible correlations in the industry or for specific products and services. This information will be used to complement the marketing plan and make fact-based decisions. Ensuring data validity includes reviewing the quality of data used to ensure that fewer errors are made in the research process and to make informed decisions about the products or services.

To review, see Using Research Results.

 

Unit 2 Vocabulary

This vocabulary list includes terms you will need to know to successfully complete the final exam.

• casual design
• data validity
• descriptive research
• exploratory research
• interpreting research results
• marketing research
• marketing research problem
• marketing research process
• primary research
• qualitative research
• quantitative research
• secondary research