Mark2052 Notes
MARK2052 – Marketing Research
Topic 1 – The Role of Marketing Research and the Marketing Research Process
Marketing Research
The systematic and objective process of generating information to aid in making marketing decisions
OR
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.
Enables: * Uncovering opportunities * Making more informed decisions * Making better decisions * Making lower risk decisions
It is: * Necessary for strategic planning * The basis of a superior marketing plan
Market data needs to be gathered, processed, analysed and interpreted to become valuable.
Basic Research (Pure Research) v. Applied Research
Basic (Pure) Research research conducted to expand limits of knowledge, to verify the acceptability of a given theory or to learn more about a certain concept
Applied Research Research conducted when a decision must be made about a real-life problem
e.g. UNSW v Apple
Both applied and basic research uses the scientific method – this refers to the techniques used to recognise and understand marketing phenomena. In the scientific method, empirical evidence (facts from observation or experiment) is analysed and interpreted to confirm or disprove prior conceptions.
Important Considerations when Conducting Research * Must have scope * Must be timely * Must be relevant * Must be ethical * Should be reliable * Should be accurate * Should be measureable
Managerial Value of Marketing Research for Strategic Decision Making
Developing and implementing a marketing strategy involves four stages: 1) Identifying and evaluating opportunities
Marketing Research Provides: * Diagnostic information about the current environment * Evaluating market
Topic 1 – The Role of Marketing Research and the Marketing Research Process
Marketing Research
The systematic and objective process of generating information to aid in making marketing decisions
OR
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.
Enables: * Uncovering opportunities * Making more informed decisions * Making better decisions * Making lower risk decisions
It is: * Necessary for strategic planning * The basis of a superior marketing plan
Market data needs to be gathered, processed, analysed and interpreted to become valuable.
Basic Research (Pure Research) v. Applied Research
Basic (Pure) Research research conducted to expand limits of knowledge, to verify the acceptability of a given theory or to learn more about a certain concept
Applied Research Research conducted when a decision must be made about a real-life problem
e.g. UNSW v Apple
Both applied and basic research uses the scientific method – this refers to the techniques used to recognise and understand marketing phenomena. In the scientific method, empirical evidence (facts from observation or experiment) is analysed and interpreted to confirm or disprove prior conceptions.
Important Considerations when Conducting Research * Must have scope * Must be timely * Must be relevant * Must be ethical * Should be reliable * Should be accurate * Should be measureable
Managerial Value of Marketing Research for Strategic Decision Making
Developing and implementing a marketing strategy involves four stages: 1) Identifying and evaluating opportunities
Marketing Research Provides: * Diagnostic information about the current environment * Evaluating market