Methods of Market Research

12 Key excerpts on "Methods of Market Research"

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  eBook - PDF

  Handbook of Marketing Research Methodologies for Hospitality and Tourism

  • Ronald A. Nykiel(Author)
  • 2007(Publication Date)
  • Routledge

    (Publisher)

  PURPOSE Marketing research is the active process of identifying and gathering information pertinent to assisting in the decision-making process. The type of information gathered for analysis is de- pendent upon the purpose of the research. In addition there are a variety of research methodolo- gies and information-gathering processes utilized by market researchers. One definition of marketing research is that it is the “function that links the consumer, customer, and public to the marketer through marketing information.” 1 * However, this is but one of many different defini- tions. Frequently, businesses want to know what the market for a specific product is or service before it can be sold to the consumer. And, frequently the term market research is used to de- scribe the process of identifying and gathering information related to the specific product or ser- vice. In this latter case the focus is on consumer demand, product and/or service supply, the present and future scenarios, and many other factors that can impact the decision process. Again, the type of information gathered for analysis is dependent upon the purpose of the re- search. The purpose of the research can be focused on analyzing customer needs, product/service at- tributes, competitors’ strengths and weaknesses, and even external events likely to impact the product or service offering. The research might focus on the product/service offering in terms of supply and demand, both current and future. The research may focus on actual markets, coun- tries, and cities, seeking to identify opportunities for or threats to an existing product/service offering. Research may focus on new product/service development by identifying market seg- ments or product/service offerings currently not being served. Handbook of Marketing Research Methodologies for Hospitality and Tourism © 2007 by The Haworth Press, Inc.

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  Fundamentals of Marketing

  • Marilyn Stone, Marilyn A Stone(Authors)
  • 2007(Publication Date)
  • Routledge

    (Publisher)

  The role of marketing researchers is varied. It may involve desk or field research. Most commonly the client using internal staff undertakes desk research, while field research is contracted to marketing research agencies. The popular stereotype of the marketing researcher is that of a lady with a clipboard asking questions in a street interview but, in reality, the marketing researcher can undertake a variety of roles involving both men and women. These include designing the marketing research project, undertaking desk and field research to collect the market data, analysing the findings, often using computer statistical analysis and presenting the market information to the client. Clearly, the nature of marketing research jobs varies considerably.

  Research methods used may be quantitative or qualitative in nature. Quantitative research ‘seeks to make measurements as distinct from qualitative research’ (MRS, 2006: 43); i.e. it attempts to measure what is done in the market using analytical research methods. On the other hand, qualitative research methods seek ‘insights through loosely structured mainly verbal data. Analysis is interpretative, subjective, impressionistic and diagnostic’ (MRS, 2006: 43); i.e. qualitative research tries to explain why the results occur. For example, quantitative research can measure how much washing powder is bought, where it is bought, which brands and in what quantities the brands are bought. However, quantitative research does not necessarily explain why the washing powder is bought. Qualitative research sets out to establish the reasons why consumer behaviour is as it is, e.g. it might examine the influences on consumer purchasing of, say, washing powder, using descriptive methods to assess that behaviour.

  Often, it may be appropriate to use both quantitative and qualitative research methods in the same marketing research study. For example, qualitative methods may be used in an exploratory manner at the beginning of the study to gain insight into opinion regarding a concept for a new product; quantitative methods may be used to measure the likely demand for the proposed product, or service. Qualitative research is also used to identify issues which can then be built into the questionnaire design for validation on a larger, numerically robust sample. Usually data obtained through quantitative research are quantified in terms of numbers, proportions, statistical significance, etc. Frequently, subsequent to the quantitative research, more qualitative research is undertaken to explain unexpected quantitative findings.

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  Agricultural Marketing Management

  • Sharma, Premjit(Authors)
  • 2021(Publication Date)
  • Genetech

    (Publisher)

  10 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. Marketing research seeks to set about its task in a systematic and objective fashion. This means that a detailed and carefully design research plan is developed in which each stage of the research is specified. Such a research plan is only considered adequate if 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. Maintaining objectivity in marketing research is essential if marketing management is to have sufficient confidence in its results to be prepared to take risky decisions based upon those results. To this end, as far as possible, marketing researchers employ the scientific method. The characteristics of the scientific method are that it translates personal prejudices, notions and opinions into explicit propositions (or hypothesis). These are tested empirically. At the same time, alternative explanations of the event or phenomena in which we are interested are given equal consideration. There is a tendency for marketing managers to be prejudice in favour of a proposed project, such as entry into a new market or the development of a new product, once it has been decided that his/her organisation should formally investigate its potential. This is especially the case where the manager has at some point supported, or even originated the project. He/she may even specify the research problem in a way that biases the results towards a positive answer, e.g. “Your job is to find out how big the market might be for this product”. In reality, the task is to determine whether This ebook is exclusively for this university only. Cannot be resold/distributed.

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  The SAGE Handbook of Public Opinion Research

  • Wolfgang Donsbach, Michael W Traugott, Wolfgang Donsbach, Michael W Traugott(Authors)
  • 2007(Publication Date)
  • SAGE Publications Ltd

    (Publisher)

  50 Marketing Research H u m p h r e y T a y l o r What exactly is marketing (or market) research? In what ways is it the same as or different than opinion polling? Chuck Chakrapani (2000, pp. 4ff.) wrote that: ‘Traditionally, marketing research has been considered a discipline that primarily uses scientific methods to collect, analyze, and interpret data relevant to marketing of goods and services.’ But he went on to say that: The acceptance of this definition has prevented marketing researchers from being meaningful part-ners in the decision-making process. The practice and goal of marketing research should not be just to provide ‘input’ to decision makers but to gather data and interpret them in light of what is already known and to be a part of the decision-making process. To have continued relevance to management and marketing, we should develop a core body of knowledge. Such knowledge should be supported by extensive empirical evidence. There is no substitute for empirical evidence. Statistical analysis on limited data cannot take the place of empirical evidence. This is an excellent description of marketing research at its best. However, marketing research certainly includes both quantitative and qualitative research, and qualitative research, by definition, does not provide data for ‘extensive empirical evidence.’ Marketing research draws on many different sources for its data, including primary (i.e. ‘new’) research and secondary research (the analysis of data and other information already available). It does not necessarily involve the use of new data collection, although it usually does. It includes both consumer (actual or potential retail customers) research and business-to-business (‘B2B’) research where corporate or institutional customers or prospects are interviewed. Like opinion polling, marketing research may be conducted locally, regionally, nationally or internationally.

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  FBO Management

  Operating, Marketing, and Managing as a Fixed-Base Operator

  • C. Daniel Prather(Author)
  • 2024(Publication Date)
  • Aviation Supplies & Academics, Inc.

    (Publisher)

  Marketing research is the systematic process of gathering, recording, analyzing, and utilizing relevant information to aid in marketing decision-making. Marketing managers today should understand that marketing research is an aid to decision-making, not a substitute for it. Having the right kind of information available can greatly increase the probability that the best decision will be made.

  Figure 9-1. Marketing research. (buffaloboy/Shutterstock.com)

  Scope of Marketing Research

  Marketing research has a broad scope that includes various types of studies. These studies can be grouped into four major categories: market measurement, marketing mix, competitive, and uncontrollable variables.

  1. Market measurement
     1. Demand research
        1. Determination of market characteristics
        2. Measurement of market potential
        3. Short-range forecasting (up to one year)
        4. Long-range forecasting (more than one year)
        5. Buyer motivation
     2. Performance research
        1. Market share analysis
        2. Sales analysis
        3. Establishment of sales quotas
        4. Evaluation of test markets
        5. Customer surveys
  2. Marketing mix—controllable variables
     1. Product or service research
        1. New product or service acceptance and potential
        2. Existing products or service in new markets
        3. Diversification of products
     2. Place research
        1. Methods of delivering product or service to customers
        2. Facility location
     3. Price research
     4. Promotion research
        1. Studies of advertising effectiveness
        2. Sales compensation studies
        3. Media research
        4. Studies of sales promotion effectiveness
  3. Competitive
     1. Competitive product or service studies
  4. Uncontrollable variables
     1. Studies of business trends
     2. Studies of legal constraints—rules and regulations
     3. Environmental impact studies
     4. Demographic studies

  Market Measurement Studies

  Market measurement studies

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  Management of Marketing

  • Paul Reynolds, Geoff Lancaster(Authors)
  • 2005(Publication Date)
  • Routledge

    (Publisher)

  Marketing Information and Research

  DOI: 10.4324/9780080455020-14

  14.1 Introduction

  The American Marketing Association (AMA, 1961 , p. 1) defines marketing research as: ‘the systematic gathering, recording and analysing of data relating to the marketing of goods and services’. Kotler (1994 , p. 257) defined it as: ‘systematic problem analysis, model building and fact finding for the purpose of improved decision-making and control in the marketing of goods and services’. Doyle (1994 , pp. 39, 124) stated that marketing management consists of five tasks, one of which is marketing research and explains: ‘Management has to collect information on the current and potential needs of customers in the markets chosen, how they buy and what competitors are offering’.

  Research attempts to find reliable and unbiased answers to questions. Marketing research provides information in a systematic way about the markets for goods and services and probes people’s ideas and intentions on many issues. As explained in Chapter 2 , in a complex consumer society, there is little direct contact between producers and consumers. Marketing research can, by the collection, analysis and interpretation of facts, find out what it is that people want and ascertain why they want it. The application of techniques and methodology of marketing research are as applicable in the not-for-profit sector as in profit-making organisations.

  14.2 Marketing Information Systems

  Effective marketing decisions are as good as the information on which they are based. Decision-making underlies the management process at every level and the terms ‘managing’ and ‘decision-making’ are synonymous. Marketing management is the process of making decisions in relation to marketing problems. Marketing research is utilised by marketing management when planning the marketing strategy of an enterprise. A disciplined and systematic approach to research methodology to the area of investigation is needed and a series of steps should be taken in developing, planning and executing research with a view to solving specific problems (Demirdjian, 2003

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  Seafood and Aquaculture Marketing Handbook

  • Carole R. Engle, Kwamena K. Quagrainie, Madan M. Dey, Carole R. Engle(Authors)
  • 2016(Publication Date)
  • Wiley-Blackwell

    (Publisher)

  The American Marketing Association defines marketing research as the function that links the consumer and the public to the marketer through information that is used to: identify and define marketing opportunities and problems; generate, refine, and evaluate marketing performance; and improve understanding of marketing as a process (Bennet 1988). This definition elaborates on the several functions and uses of marketing research. A seafood company that is not doing very well in sales may conduct a marketing research study to obtain information about why their product is not selling and what can be done to improve sales. A new company that wants to introduce a seafood product to the market will first have to find an answer to the question, “Will there be a market for this product or will this product meet a need on the market that has not been satisfied?” Marketing research is therefore conducted for various reasons and it is essential that the research be conducted appropriately.

  An effective market research process can be financially rewarding for a company. If done poorly, however, it could result in the failure of the business. Before embarking on marketing research, the business owner should know the purpose for which the research is to be conducted. Any company embarking on market research should know the type of information it needs and the cost of obtaining that information. Sometimes, marketing research is needed to obtain some general information or market outlook while at other times it is required to solve specific problems.

  Types of research and design

  The process of conducting marketing research consists of gathering, sorting, analyzing, evaluating and disseminating information for timely and accurate market decision‐making. There is so much information in the marketplace that the focus of the process should be to target information necessary to make informed decisions. Market research can be designed in one of three forms: (1) exploratory research; (2) qualitative research; or (3) quantitative research. The type of research that is most appropriate depends upon the objectives. For example, exploratory research would be most appropriate for a new startup business that is taking its first steps in identifying potential markets. Qualitative research would be appropriate for a company attempting to decide whether to change its brand or whether its advertising program should focus more on emphasizing the color, taste, or safety of its fish fillets. Quantitative research could help a company estimate the size of a prospective new market. Each of these types of research is discussed below.

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  Integrated Marketing Communication

  Advertising and Promotion in a Digital World

  • Jerome M. Juska(Author)
  • 2021(Publication Date)
  • Routledge

    (Publisher)

  Collecting and Analyzing Input for Decision-Making

  DOI: 10.4324/9780367443382-3

  Learning Objectives

  1. To understand the value and purpose of marketing research
  2. To describe and apply secondary research methods
  3. To describe and apply primary research methods
  4. To identify consumer insights and purchasing patterns

  Introduction

  There are many questions you need to know about customers and potential buyers. But, the most important ones can be summarized in five short words: who, what, when, where, why? This chapter provides you with the research methods needed to answer all these questions.

  It involves learning about the entire spectrum of marketing research, including consumer, product, and industry research. The chapter also explains the differences between primary and secondary research as well as the interpretations of both quantitative and qualitative research findings. However, what is most important is how to use these different research methods to gather information and complete an analysis for Integrated Marketing Communications (IMC) planning and program development.

  This corresponds to the marketing variables that will be used for the determination of target audiences, brand messages, purchase motivations, media selections, and delivery scheduling.

  Identifying and understanding those individuals or groups most likely to need, want, or use a particular product or service is defined as determining a target audience. The primary and secondary demographic data collected and analyzed from consumer research is strategically applied for both preliminary media and creative planning. Brand messages are also composed using the same information to effectively develop relevant and meaningful content for the target audience, while industry research explains and evaluates purchase motivations. Budgets establish the financial limitations involved with media selection, and industry research influences marketing decisions for the best days, times, and locations for IMC message delivery.

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  Standing Room Only

  Marketing Insights for Engaging Performing Arts Audiences

  • J. Bernstein(Author)
  • 2017(Publication Date)
  • Palgrave Macmillan

    (Publisher)

  8 Thus, the importance of individual in-depth interviews. 9 Quantitative Research Methods Quantitative research is conducted in order to reliably profile markets, predict cause and effect, and project findings. Sample sizes are usually large, and surveys are conducted in a controlled and organized environment. Marketing Experiments The most scientific way to research customers is to present different offerings to matched customer groups and analyze differences in their responses. By control- ling the variables, the organization can measure response variations. For exam- ple, an organization can test possible price points by offering different prices in a survey to different groups and evaluating the response rates. 155 C o n d u c t i n g a n d U s i n g M a r k e t i n g R e s e a r c h Conjoint Research Techniques Traditional survey approaches, which will be discussed in depth later in this chapter, ask about choices one at a time and ignore the reality that most con- sumer choices involve trade-offs among desired benefits. Conjoint research tech- niques are specifically designed to capture this process. They permit analysts to estimate the importance to an individual or group of each quality or attribute and to project the likely success of new choices not included in the original set. For example, an organization can ask respondents to rank the importance of such factors as performer renown, seating priority, travel time to the venue (e.g., less than 15 minutes, less than 30 minutes, more than 30 minutes), and so on. By looking at the trade-offs consumers make among these factors, researchers can detect their relative importance and their interactions. Panel Studies Researchers may wish to monitor the performance of a target market over time. For example, they may want to analyze patterns of single ticket buyers becom- ing subscribers or subscribers reverting to single ticket purchase. Changes in consumer behavior can be studied in the following ways: 1.

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  Consumer Behavior and Culture

  • Joao Heitor De Avila Santos(Author)
  • 2020(Publication Date)
  • Society Publishing

    (Publisher)

  In market research, processes such as surveys and interviews are conducted to identify consumer needs so that by analyzing that data it will become easier for the production department to start working on a product. This analysis result allows the production team to have a piece of in-depth information related to the product and service required to be developed. For the efficient use of collected data, it is very essential to have a good communication process among different departments of a business. Marketing research finds aspects related to consumer behavior, such as how a consumer decides to buy a certain product. These days e-commerce business is on the rise and almost every business organization have their online presence. They use various tactics to make consumer buy products from their brands. However, it is a long process in which the first step is consumer behavior research. However, in the case of online business, a huge amount of data is present that requires thorough analysis. This analysis of data shows the buying patterns of the customer and how they chose to buy products. The analysis also allows the organization to have a piece of information regarding why consumers chose a product and leave without buying it. All this information allows the organization to develop marketing strategies to have better sales Consumer Behavior and Culture 100 performance. The sales of the organization increase when the customer-centric approach is used by the business organization. Marketing research has become one of the most essential aspects of business due to the presence of various businesses selling similar products. This has allowed the customers to buy from different brands as per their like and buying capacity. Thus, due to the presence of different brands selling the same product makes the organizations to find how they can attract customers to buy the product from their brand.

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  Marketing (AU), P-eBK

  • Greg Elliott, Sharyn Rundle-Thiele, David Waller, Ingo Bentrott, Siobhan Hatton-Jones, Pete Jeans(Authors)
  • 2020(Publication Date)
  • Wiley

    (Publisher)

  Whether the market research project is undertaken in-house or outsourced to a specialist provider, a market research brief should be prepared to guide the project. A market research brief specifies the research problem, the information required, the timeframe, the budget, and any other conditions relevant to the project. 3.3 Distinguish between key data sources and understand different data types. The research problem needs to be analysed in order to create a methodology that will provide an answer to the problem. This detailed methodology planned to answer the research problem is known as the ‘research design’. Depending on the nature of the research problem, market research usually takes the form of exploratory research, descriptive research or causal research. Exploratory research is intended to gather more information about a loosely defined problem. Descriptive research is used to solve a well-defined problem by discovering more about certain phenomena. Causal research tests whether a particular variable affects a specific outcome. Market research can draw on two types of data. Secondary data is data that already exists. Primary data is collected specifically for the purposes of the current research project. Research methods can be broadly classified as quantitative research or qualitative research. Quantitative research collects data that can be represented numerically and analysed using statistical techniques. Experimentation, observation and biometrics are among the quantitative research meth- ods. The most commonly used quantitative research tool is the survey, with online being the most popular current form. Qualitative research obtains rich, deep and detailed information and is often used when the market researcher needs to know about the beliefs and attitudes that underlie observable behaviour. Interviews and focus groups are among the most commonly used qualitative research methods, but they are time- consuming and expensive.

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  Marketing Research Methods

  Quantitative and Qualitative Approaches

  • Mercedes Esteban-Bravo, Jose M. Vidal-Sanz(Authors)
  • 2021(Publication Date)
  • Cambridge University Press

    (Publisher)

  Firms are increasingly gathering huge amounts of quantitative obser- vational information about their customers, usually in the form of computerized databases (information that has been made available in computer-readable form for electronic distribu- tion). The amount of customer information available in computerized databases is exploding (we 9781108834988book CUP/ESTEBAN-L1 December 5, 2020 8:48 Page-26 26 Introduction to Social and Marketing Research already mentioned the big data revolution). Paradoxically, these large databases are gathered from social networks or other non-representative groups of individuals, in which case the results of analyzing these data will be biased, and the analysis will be closer to the exploratory arena. Information collected from non-representative samples generally exhibit biases, and when it is hard to correct these biases, the research results are non-generalizable (albeit gathering numerical information, one must not give automatically a conclusive value to it). 1.5 History of Social and Market Research Methods The development of social and market research methods has been an interdisciplinary goal, involving scholarly research in marketing, statistics and econometrics, economics, sociology, psychology, and politics, as well as efforts from business practice (mainly advertising and com- mercial sectors). The first survey studies were conducted in the nineteenth century by British social reformers, to study the effects of the Industrial Revolution. Charles Booth’s study “Labour and Life of the People of London” (1886) is considered the first social survey based on interviews (see Converse, 1987). The classic contribution was the work by Henry Mayhew: “London Life and London Poor” (1851). Karl Marx (1880) published a survey questionnaire inquiring about the situation of the French working class. Another example is the work by Benjamin Seebohm Rowntree: “Poverty: A Study of Town Life” (1901).

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