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Marketing Research

Marketing Intelligent

Market Research

This is probably most commonly associated with the process of interviewing consumers about their product preferences, their buying behaviour, their levels of expenditure and their attitudes.

This is a continuous process of gathering Information about competitors, customers, products and markets. It commonly relies on secondary sources and on newspapers, commercial data bases, industry sources and published reports.

This refers to specific studies conducted to address particular questions and continuous tracking studies to provide regular information on trends and patterns within a market.

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•They provide an objective internal assessment of a particular issue.•It is usually cheaper than trying to develop aspecialist function in house and•They can provide access to certain specialist research skills.

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•The staff of a market research company may not a detailed understanding of the client-organizationand its markets.•The client-organization has less control over theConduct of the research and;•It is less confidential than in- house research.

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Establish Purpose of ResearchNeed to find out why the consumer take-up of internet banking has been slow

Design Research ProcessSecondary data- searches of existing databases for information on consumer attitude to WWWPrimary data- focus group discussions with customers who use internet banking and those who do not identify differences.

Implement InvestigationRecruit and organise focus groups, invite client to attend

Analyse dataRecruit and organise focus groups, invite client to attend

Present FindingsWritten report and verbal presentation

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•Market research collects information that enables managers to generate solutions for particular problems.•It can be use to provide information on a variety of marketing issues.•It may also be used to assess advertising effectiveness, monitor competitors activities, concept testing products, assess sales promotions, etc.

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This requires that the market researcher first determine the type of data require and the most appropriate sources of that data.

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•This is the process of actually carrying out the research.•It always easier if the researcher process has been carefully and sensibly designed.

•The data to be analysed that is, it needs to be converted in to information, to be of value to marketing managers.•The result of the analysis will not solve the original problem but will give managers the information they need to find answers to the original questions

Once the analysis is complete the findings mustbe presented to the client.