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Nature and Rationale of Marketing Research: Marketing Research Process

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Nature and Rationale of Marketing Research: Marketing Research Process
HC2022
MARKET RESEARCH

LECTURE 1
Introduction to
Marketing Research

SUBJECT OUTLINE: Marketing research

SUBJECT OUTLINE
Nature and rationale of marketing research
Marketing research process
Importance of defining research problem
Planning of the Research Design
Significance of Sampling in Marketing Research
Data Collection, Analysis and Presentation

aca-hk2022.psd..currf.04.12

Holmes Institute, 2010

2

LECTURE OBJECTIVES

OBJECTIVES
What is Marketing Research, why is it needed?
What are the steps involved in the process?
Basic, applied research & scientific method
Marketing Mix and Marketing Research
When to undertake Marketing Research?
How benefits from Marketing Research?

aca-hk2022.psd..currf.04.12

Holmes Institute, 2010

3

1

Marketing Concept
MARKETING CONCEPT
Consumer Long Run Cross-Functional
Oriented Profitability
Effort
RELATIONSHIP MARKETING
►Idea: marketing is to build long-term relationships with the parties who contribute to the company’s success ►Marketers want customers for life aca-hk2022.psd..currf.04.12 Holmes Institute, 2010

4

The nature of marketing research
MARKETING RESEARCH
Links consumer, customer and public to the market Gathers information to identify and define marketing opportunities and problems
Generates, refines, and evaluates marketing actions Monitors marketing performance
Improves the understanding of marketing as a process. aca-hk2022.psd..currf.04.12

Holmes Institute, 2010

5

Marketing research defined

MARKETING RESEARCH
Is the systematic and objective process of generating information for aid in making marketing decisions.
►Basic Research
►Applied Research

aca-hk2022.psd..currf.04.12

Holmes Institute, 2010

6

2

Basic research
Basic (pure) research attempts to expand the limits of knowledge
Not aimed at solving a particular pragmatic problem Generally cannot be immediately implemented by a marketing executive


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