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Marketing Research and Marketing Research Process

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Vincent Ndale
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10 views2 pages

Marketing Research and Marketing Research Process

Uploaded by

Vincent Ndale
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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TOPIC EIGHT

MARKETING RESEARCH AND MARKETING RESEARCH PROCESS


Marketing research process
Stage 1; defining the research objective/ problem
Gathering information can be expensive therefore it is vital that the research objectives are
identified. Research objectives could take many forms; the marketer may be attempting to
determine the most suitable price for a product or selecting suitable channels of distribution.
The objectives indicate the type of information to be gathered and the methods that should be
used to gather the information
Stage 2; the research design
This stage involves the development of a specific plan including scheduling and costs. The
research design should include such information as
- Secondary data sources
- Sample design
- Primary data collection methods
- Analysis methods
- Research schedule
- Research costs
Stage 3; information gathering
The research design plan is implemented. Performing market research is expensive and the
marketer may have to hire data in-puters thus the marketer should monitor and coordinate this
phase of the research process to ensure good quality data is gathered
Stage 4; information analysis;
Analysis involves statistical measurement, identifying correlations and looking for trends.
Analysis helps to make the data collected meaningful
Stage 5; Presentation of results
Once analysed information should be presented so that it can be used to aid decision making.
Results are usually presented in report format
Types of data
Quantitative data; is information that can be expressed using numbers and statistics. Its used
to answer the question how many?
Qualitative data; concerned with information that is based on descriptions. It is used to address
questions introduced by such as how, what?
Secondary and primary research
Secondary research also known as desk research involves use of information that already exists
and so its cheaper and quicker to gather than primary information. Secondary data can be
gathered from internal sources and external sources. The main sources of secondary
information include;
- Government statistical sources
- Newspapers
- Trade/ journals
- Published research
- Internet
- Sales records
Primary research
This is also called the field research which involves gathering information for the first time to
directly address research objectives. Primary data may be gathered using; observation,
experimentation, surveys
Marketing information system.
MKIS provides systematic means of managing and analyzing data to make sense of it. MKIS
has four major components;
1. The internal accounting system. This is a system that records internal secondary data
like sales records, inventory records and budget information. This purpose of this
system is to gather, organize and process the data on a continuous basis so that
marketers can find it easily and use it to aid decision making
2. The marketing intelligence system. This part of MKIS contains everyday information
about developments in the environment. The marketing intelligence system determines
what information is needed, collects it and delivers it to marketers. Data is often entered
onto a computerized system that sorts and distributes it
3. The marketing research system
4. The analytical marketing system. This part of MKIS analyses data that is gathered in
any other component of the MKIS. It uses statistical procedures and mathematical
models to help give meaning to data

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