Market Research

Missions and definitions of marketing research

Customer insights

Customer insights: fresh marketing information-based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and relationships.

Developing marketing information

INTERNATAL DATA: collections of consumer and market information within the company network.

MARKETING INTELLIGENCE: Systematic collection and analysis of publicly available information about consumers, competitors, and developments

Market Research

The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Types of research

Primary data: information collected for the specific purpose at hand (qualitative or quantitative) Secondary data: information done by someone else (Internet, information desk, etc.)

Gathering Secondary Data

• Advantages

  • Lower cost
  • Obtained quickly
  • Cannot collect otherwise

• Disadvantages

  • Data may not be:

    • Relevant
    • Accurate
    • Current
    • Impartial

Objective of Market Research

• Help with comprehension (describe, analyze, measure, anticipate the demand and its influencing factors)
• Help with decision making
• Help with control (analyze performance and results)

Marketing Research Process

Types of research

Qualitative Research

• intensive studies using an open, non-directive , permissive, and
  indirect approach of respondents to collect data.
• collecting and analyzing non-numerical data (e.g., text, video, or audio)

How does it work ?

• Conducted by a specialist
• Small sample
• Selection mode of participants
• Analysis

What for ?

• Exploratory basis study
• Sensitive matter
• Knowledge enhancement
• Screening/alternative reduction
• New idea generation

Types

• Focus group: small group, open debate, one moderator, interaction between participants, timing, non-judgemental.
• Depth interview: 2 people, directive to semi-structure to non-directive, 1h30 to 2h, in home or in facility, recorded, 30 people max, online bulletin.
• Observation: careful finding of facts, behaviours in a given situation and their recording

Advantages and limitations

• Gather detailed information
• Adaptive
• Flexible
• Communicate brand proposition
• Reduce customer churn
• Rigor is required
• Small sample size and representativeness
• Possibility of bias

Quantitative Research

• systematic investigation by gathering quantifiable data and performing statistical, mathematical, or computitional techniques.
• RESULTS = logical, statistical and unbiased.
• COLLECTION = structured, larger sample

Objectives

• Find patterns and averages
• Make predictions
• Test causal relationships
• Generalize results
• Predict the future

Characteristics

• Structured tools
• Large sample size
• Close-ended questions
• Prior studies
• Quantitative data (numbers)
• Generalization of results
• One idea = One question
• Pre-tested

Types

• (Systematic) observation: identify behavior in a natural setting, fill in a grid
• Census: interviewing the whole population, most reliable, too expensive
• Surveys, polls: most widely used, representative sample, questionnaire
• PanelsCollect regularly, provide history and stability, large amounts of data sold to subscribers

Advantages

• Collect reliable data
• Replication
• Direct comparison of results
• Large samples
• Hypothesis testing
• Eliminate bias

Disadvantages

• Superficiality
• Narrow focus
• Structural bias
• Sampling bias