Premium Essay

Marketing Research Techniques

In:

Submitted By charlottetachu
Words 697
Pages 3
After reviewing the video and reading Data Mining: A Competitive Weapon for Banking and Retail Industries; I learned that when marketing research was born – sort of. Since the mid 1890’s marketing research has come a long way; I learned how the company, Burke utilizing a rigid process to collect data for many different consumer research studies (Burke Video, n.d.). They involve web interviews, telephone calls, internet, and meeting with the clients face-to-face. The company redesigned their process and developed a plan to include customer ideas to develop ways to reach customers utilizing a revised type of analytical strategy involving time, frequency, or occasion in one overall process a digital dashboard. This process is similar to data mining; both methods allow the researches to perform steps to obtain a sample size that will allow them to obtain the data needed to make a critical decision. The key is to make a very clear research process that will address the problem so everyone can follow until the next change to make the company valuable to consumers (Burke Video, n.d.). Hormazi, and Giles (2004) states that the main idea of utilizing data mining is to extract the most important data from the existing data and enable better decision making (p. 63). This is a critical step that is noticed in the Burke video as each participant is discussing how the company changed their data collecting method to create the digital dashboard. During the process of the Burke’s method and the Data Mining; both requires the collector to visualize the data so that there is a complete understanding of the data. Doing so helps spot something missed later on; overall, data mining is a process that utilizes clusters and segmentation to group the data. Utilizing the data mining method allows the collector to link or apply connectors and the predictive model approach to apply

Similar Documents

Premium Essay

Unit 3 Business

...|Assignment title |The role of marketing and market research | | | |Assessor |Hazel Murkin/Liliana Ribau | | | |Date issued |1st October 2014 | |Interim Deadline |22nd October 2014 |Final deadline |7th November 2014 | |Duration (approx) |6 weeks | | | |Qualification suite |BTEC Extended Diploma in Business Level 3 | |covered | | |Units covered...

Words: 1937 - Pages: 8

Premium Essay

International Marketing

...UNIT 14 Research INTERNATIONAL MARKETING RESEARCH Objectives After going through this unit you should he able to • explain the global marketing research scenario • • • • • explain the scope of international marketing research describe the procedure for undertaking international marketing research describe the techniques available for international marketing research plan a field research describe the techniques available for interview • identify and explain the various steps in analysis of field data and preparation of research report Structure 14.1 Introduction 14.2 Marketing Research : The Global Scene 14.3 The Scope of International Marketing Research 14.4 International Marketing Research Procedure 14.5 Techniques of International Marketing Research 14.6 Survey Research 14.7 Techniques of Interviewing 14.8 Analysis of Field Data 14.9 Preparation of Research Report 14.10 Summary 14.11 Self-assessment Questions 14.12 Further Rea dings 14.1 INTRODUCTION In international marketing, the marketer is faced with a dilemma of having too much data and too little information. There is plenty of global data from sources like the World Bank and other international bodies, but often a lack of specific information on countries and markets. In helping to reduce uncertainty around decision-making, precise information is the key. Whilst searching for opportunities globally, uncertainties arise due to four main factors:...

Words: 5547 - Pages: 23

Premium Essay

Examining Market Research

...Running Head: MARKET RESEARCH Examining Market Research Andrea Reed GB 500-Business Perspectives Kaplan University June 3, 2014 Examining Market Research In the world of business there are several important factors to a company’s success, one of these factors is the use of marketing research to help make sure that the company can position itself in the best possible market to achieve the greatest possible success. Market research is simply the orderly collection and analysis of information by which good business decisions can be made. Companies that use market research regularly are better positioned for success. Performing research before deciding to do business in a certain area is a good way for a company to determine whether or not the business can be successful in that area. Investigating the size of different markets and finding out what position of the business is in that market helps to give the business an idea of what type of success they will have in that market (Edwin, and Itzkowitz, n.d.). When exploring the functions of marketing research, several approaches come into view. Whether conducted internally or by an outside firm it is important to decide which process will give the best results for the company’s need. The exploratory function of marketing research is used by researchers to get an understanding of a certain situation or outcome; a descriptive function, is used for the collecting...

Words: 1275 - Pages: 6

Premium Essay

Business Management

...P1: Describe how marketing techniques are used to market products in two organisations.         In this unit I am going to pick two organisations and describe how marketing techniques are  used to market products in these two organisations. The first organisation I am going to  choose is Nike. Nike is an American multinational corporation that is involved in the design,  development and worldwide marketing and selling of sporting equipments such as running  shoes, tracksuits etc. Nike also sells accessories and unique footwear that attracts the eyes  of so many people including celebrities. Nike has used various marketing techniques to get  to the stage it’s at today and I am going to be describing what techniques it has used. My  second organisation is apple. Apple is a Multinational Corporation that is known for the sales  and design of computer electronics, computer software and personal computers. In recent  years, apple came out with products such as I pads, I phones etc. These products became  very popular in a short period of time thus giving apple an upper hand over its competitors.         Marketing technique is the overall marketing plan that is designed to meet the needs and  wants of customers. There are four main marketing techniques which are: Market  penetration, market development, product development and Diversification.         Market penetration: This is an activity that an organisation takes in order to increase the  market share of an existing product or promoting a new product...

Words: 7457 - Pages: 30

Premium Essay

Marketing Research

...Marketing research Marketing research is “the process or set of processes that links the consumers, customers, and end users to the marketer through information — information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications.”[1] It is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal of marketing research is to identify and assess how changing elements of the marketing mix impacts customer behavior. The term is commonly interchanged with market research; however, expert practitioners may wish to draw a distinction, in that market research is concerned specifically with markets, while marketing research is concerned specifically about marketing processes.[2] Marketing research is often partitioned into two sets of categorical pairs, either by target market: • Consumer marketing research, and • Business-to-business (B2B) marketing research Or, alternatively, by methodological approach: • Qualitative marketing research, and • Quantitative marketing research 1 Role The task of marketing...

Words: 5962 - Pages: 24

Premium Essay

Business

...Pass: 3 Introduction to Marketing Describe how a selected organisation or any other organisation uses marketing research to contribute to the development of its marketing plane. A definition of marketing research: "Marketing research is the systematic and objective search for, and analysis of, information relevant to the identification and solution of any problem in the field of marketing." The key words in this definition are; systematic, objective and analysis. Marketing research seeks to set about its task in a systematic and objective fashion. This means that a detailed and carefully designed research plan is developed in which each stage of the research is specified. Such a research plan is only considered adequate if it specifies: the research problem in concise and precise terms, the information necessary to address the problem, the methods to be employed in gathering the information and the analytical techniques to be used to interpret it. The market research brief: Marketing research can be concerned with any of a variety of aspects of the market: the product, sales, buyer behaviour, promotion, distribution, pricing, packaging, etc. Since the researcher cannot investigate everything about a market, he/she must be selective. The question remains as to how the researcher decides where to focus the study, and to what depth each issue should be investigated. The answer should lie in a document called the research brief. The research design is a set of guidelines...

Words: 1793 - Pages: 8

Premium Essay

Mktg 202 Notes

...MARKETING 202 NOTES CHAPTER 1 MARKETING RESEACH = systematic and objective process of generating information to aid in decision making BASIC (PURE) RESEARCH= > expands limit of knowledge or learn more about concept > not aimed at solving pragmatic problem > verify acceptability of certain theory APPLIED RESEARCH= > conducted when a decision needs to be made about specific real life problem > studies undertaken to answer specific question (our focus) SCIENTIFIC METHOD= > techniques and procedures used to recognise and understand marketing phenomena 4 STAGES OF DEVELOPING AND IMPLEMENTING MARKETING STRATEGIES: 1. Identifying and evaluating opportunities 2. Analyse market segment and select target markets 3. Planning and implementing a marketing mix that will satisfy customers’ needs and meet objectives of the organisation 4. Analysing market performance TYPES OF RESEARCH FOR PLANNING AND IMPLEMENTING MARKETING MIX: 1. Product research = to evaluate new products or adapt old products = concept testing: new product idea to judge acceptance and feasibility of concept = product testing: reveals strengths and weaknesses and performs better than competition = brand name evaluation: is name appropriate...

Words: 1065 - Pages: 5

Premium Essay

Marketing Research

... MARKET RESEARCH:- Consumer marketing research is a type of sociology (applied) that has its main focus on the preferences, attitude and behaviour of consumers in a competitive economy. The main objective is to understand the effectiveness and success levels of pull-marketing campaigns. Consumer marketing research is also known as the systematic identification, analysis, collection and distribution of information mainly for the purpose of helping the management in decision making process related to the classification and solution of prospects and problems in marketing. The goal of marketing research is to identify and assess how changing elements of the marketing mix impacts customer behaviour. Assess of consumers (prospective and existing)can be done with consumer market research from Informatics Outsourcing. Consumer market research can help in the quests of, * Gathering market information regarding opinions and trends * Acquiring information on consumer behaviour * Measure the interest levels in new products and service offerings * Generating a list of potential new customers Consumer marketing research is also a Part of market research in which the preferences, motivations, and buying behavior of the targeted customer are identified through direct observation, mail surveys, telephone or face to face interviews, and from published sources (such as demographic data). Business to business market research Business to business (B2B) research is inevitably...

Words: 2920 - Pages: 12

Premium Essay

Introduction to Marketing

...MARKETING (WH) {MKTG} L/R 101. Introduction to Marketing. (C) Niedermeier. The objective of this course is to introduce students to the concepts, analyses, and activities that comprise marketing management, and to provide practice in assessing and solving marketing problems. The course is also a foundation for advanced electives in Marketing as well as other business/social disciplines. Topics include marketing strategy, customer behavior, segmentation, market research, product management, pricing, promotion, sales force management and competitive analysis. 211. (MKTG773) Consumer Behavior. (C) Cutright, Reed. Prerequisite(s): MKTG 101. This course is concerned with how and why people behave as consumers. Its goals are to: (1) provide conceptual understanding of consumer behavior, (2) provide experience in the application of buyer behavior concepts to marketing management decisions and social policy decision-making; and (3) to develop analytical capability in using behavioral research. 212. (MKTG756) Marketing Research. (C) Shen, Eliashberg. Prerequisite(s): MKTG 101, STAT 101. Students are highly encouraged to take statistics in the semester immediately preceding this course. This course examines the role of marketing research in the formulation and solution of marketing problems, and the development of the student's basic skills in conducting and evaluating marketing research projects. Special emphasis is placed on problem formulation, research design, alternative methods...

Words: 6959 - Pages: 28

Premium Essay

Yeah

...wsafsdfMarketing management is a business discipline which is focused on the practical application of marketing techniques and the management of a firm's marketing resources and activities. Rapidly emerging forces of globalization have led firms to market beyond the borders of their home countries, making international marketing highly significant and an integral part of a firm's marketing strategy.[1] Marketing managers are often responsible for influencing the level, timing, and composition of customer demand accepted definition of the term. In part, this is because the role of a marketing manager can vary significantly based on a business's size, corporate culture, and industry context. For example, in a large consumer products company, the marketing manager may act as the overall general manager of his or her assigned product.[2] To create an effective, cost-efficient marketing management strategy, firms must possess a detailed, objective understanding of their own business and the market in which they operate.[3]In analyzing these issues, the discipline of marketing management often overlaps with the related discipline of strategic planning. ------------------------------------------------- tarketing management employs various tools from economics and competitive strategy to analyze the industry context in which the firm operates. These include Porter's five forces, analysis of strategic groups of competitors, value chain analysis and others.[4] Depending on the industry...

Words: 539 - Pages: 3

Premium Essay

Market Research Interview

...Market Research Interview Vincent Parson Staryer University GB-500 Business perspectives June 9th, 2015 Market Research Interview Marketing is pivotal for monetized, for-profit businesses to succeed. “Marketing without data is like driving with your eyes closed.” (Zarrella, 2013). These companies strive to viably secure and convey the appropriated sales and advertising techniques necessitated to procure the proper, targeted clientele a given business most likely would obtain business from. One of the notable methods these aforementioned businesses use to endear future business is by conducting the proper research based upon the consumer’s specific predilections. The methods used to help ascertain what these particular clientele’ needs and wants are is what is known as market research (Cadle, Paul, Turner, 2010). Market research is an extremely important component of business strategy. Succinctly, market research is really any organized effort to accumulate information that is based upon target customers or markets. Market research is more or less concerned specifically within a given market. This is what’s known as a very distinct key factor that helps companies to ensure they have both an upper edge as well as to maintain their specific competitiveness over their competitors (McDonald, 2007). The market research that is used is to help provide essential information that helps to both analyze as well as identify that market’s need, in addition to that market’s competition...

Words: 1527 - Pages: 7

Premium Essay

Lonely Planet

...Chapter 6 – Knowledge Base Lonely Planet Guides Global Explorers Does Lonely Planet required to conduct a market research before entering a new market? Yes it does. Every company will need to conduct a market research before entering a new market. With the globalisation of the travel books markets, marketing research that conducted in international level is highly required. Marketing research can be defined as the use of information to define marketing problems and opportunities, evaluate marketing actions and monitor the performance (American Marketing Association 2004). According to Naresh (1992), marketing research process consists of six steps, which are problem definition, developing an approach, research design formulation, data collection, data analysis and report presentation. There are several research techniques that could be applied when conducting a marketing research, such as interview, observation, survey and focus group. Focus group is an effective qualitative technique in marketing research that has been used by many marketing research firms since 1950s (Cox, Higginbotham & Burton 1976). According to Gallagher (2009), Lonely Planet used focus groups to figure out how individuals travel around regions. Since regional travellers were most likely to be aged 26 to 34 or more than 50 years old, Lonely Planet decided to change their strategy on how to penetrate the demographic market. With an attractive image on the front covers and full colour section...

Words: 360 - Pages: 2

Premium Essay

Marketing Research Paper

...Marketing Research Kudler Fine Foods is a gourmet grocery store that caters to savvy shoppers seeking the finest produce, meats, cheeses, and wines. Kudler Fine Foods was established by Kathy Kudler in 1998. Currently, Kudler Fine Foods has two locations in California, La Jolla and their newest location in Del Mar. Kudler Fine Foods prides itself on providing fine quality products to savvy customers seeking high quality as well as a new shopping experience. Kudler Fine Foods has become successful because of their strategic location catering to consumers with a unique taste and who are willing to pay the price. As Kudler Fine Foods develops their marketing strategy and tactics additional market research is required in specific areas before proceeding. Those three areas are new locations, catering services, and acquisition opportunities. New Locations Kudler Fine Foods is currently operating two stores in California, one in La Jolla and the other in Del Mar. As a growth opportunity, Kudler Fine Foods is considering geographic expansion throughout California. Kudler Fine Foods is considering expanding by opening new locations in San Diego, Palm Springs, San Francisco, Santa Barbara, and Carlsbad. Before proceeding with opening new locations additional market research must be conducted to determine if this locations have a demand for the types of products Kudler Fine Foods has to offer, and if the consumers are willing to pay the price. Kudler Fine Foods research team...

Words: 1192 - Pages: 5

Premium Essay

Market Research Types & Function

...Definition of Marketing Research: Marketing research is defined as the systematic and objective identification, collection, analysis, and dissemination of information for the purpose of assisting management in decision making related to the identification and solution of problems (and opportunities) in marketing. 1) Identification: Involves defining the marketing research problem (or opportunity) and determining the information that is needed to address it. 2) Collection: Data must be obtained from relevant sources. 3) Analysis: Data are analyzed, interpreted, and inferences are drawn. 4) Dissemination of information: The findings, implications, and recommendations are provided in a format that makes this information actionable and directly useful as an input into decision making. Classifications of marketing research.: 1) Problem identification research: The goal is to identify existing or potential problems not apparent on the surface. Examples include market potential, market share, market characteristics, sales analysis, short-range forecasting, long-range forecasting, and business trends research. 2) Problem solution research: The goal is to solve specific marketing problems such as segmentation, product, pricing promotion, and distribution research. Steps involved in the marketing research process: 1) Problem definition: Defining the marketing research problem to be addressed is the most important step because all other steps will be based on...

Words: 4528 - Pages: 19

Premium Essay

What Customer Value

...Southern Methodist University Cox School of Business MKTG 6223-021 Analytic Methods for Understanding What Consumers Value 195 Crow Thursdays 2-4:50 pm Spring 2011 Professor William R. Dillon 210A Fincher 214/768-3163 Email: bdillon@mail.cox.smu.edu Office Hours: Thursday 1-2 pm and by appointment Course Description Determining what is valued and the importance of product features and service offerings is perhaps the most important issue that marketing managers face. Recently, conjoint and choice models have become popular techniques to help marketing managers understand what customers value. The objective of this course is to expose the student to a variety of preference models used by brand managers and marketing analysts and to give students hands-on experience in using conjoint and choice modeling techniques. This course examines these marketing decisions using a combination of lectures, cases, and exercises. Learning Objectives: 1) Develop an understanding of consumer decision making frameworks and protocols. 2) Learn how to design and analyze choice/conjoint experiments so as to quantify the importance consumers place on specific attributes/ benefits. Course Material Readings, Lecture notes, Case Exercises and Situation Analysis directions are available on Blackboard at https://courses.smu.edu/webapps/login/ . Evaluation Exam 40% Quizzes 35% Simulation Exercise 25% 100% Please...

Words: 1318 - Pages: 6