Question

1. What is the reason(s) that companies do Marketing Research? In other words, why is it valuable?

2. Please explain and provide an example of Secondary Research.

3. Please explain and provide an example of Primary Research.

4. Which is more reliable, secondary or primary research/data?

5. Briefly describe each of the four steps of Marketing Research.

6. Please list the advantages and disadvantages of the following contact methods in Marketing Research: mail, telephone, personal interviewing, and online.

7. Please define Marketing Analytics and explain how it can help a manager or company.

Answer 1

1. Business market research is the process of collecting data to determine whether a particular product/service will satisfy the needs of your customers. With effective market research, your company can gain invaluable information about your competitors, economic shifts, demographics, the current market trends and the spending traits of your customers.

Market research benefits include:

• Communication Driver: It drives your communication with current customers and target prospects.
• Identifies Opportunity:  Market research will show you where the opportunities are and help you identify not only the high-level opportunities but will also assist in showing you the more immediate "low hanging fruit" opportunities.
• Lowers Risk: Detailed data can help you in lowering risk. It shows you where the opportunities that will produce results are and keeps you focused and voiding the "squirrel syndrome" when it comes to your marketing.

2. Secondary research (or desk research) gathers existing information through available sources. Secondary research examples include:

• information on the internet
• existing market research results
• existing data from your own stock lists and customer database
• information from agencies such as industry bodies, government agencies, libraries and local councils.

3. Primary research (or field research) gathers original information directly for your purpose, rather than being gathered from published sources. Primary research includes:

• surveys
• direct observations
• interviews and focus groups that are developed and conducted by you or your researcher.

4. Accurate market research is essential for new businesses looking to understand their marketplace, their customers and their competitors. There are two core methods of obtaining this priceless information: primary and secondary research, also known as field and desk research.Whether someone is developing a new product line, entering a new territory or growing an already established business, understanding the marketplace helps one make sound business decisions based on intelligence. Both primary market research and secondary market research have their benefits. If you’re unsure of whether you can benefit from either or both of these research methodsPrimary and secondary data are the two most prominent forms of data available for research studies. In some research, the researchers might use territory data but the reliability and validity of research decrease with the use of lesser authentic data. Data can be defined as the quantitative or qualitative values of a variable. Data is plural of Datum which literally means to give or something given. Data can be present in the forms of numbers, figures, words or images. The researcher collects data using data sources; i-e, primary or secondary sources, from this data he makes useful conclusions about his study.

5.There are four steps in marketing research process.

1. Define the Problem & Research Objective
2. Developing Marketing Research Plan
3. Collect Needed Information
4. Implementing Marketing Research Plan

6.Face-to-face surveys have several key strengths. These surveys are clearly structured, flexible and adaptable. They are based on personal interaction and can be controlled within the survey environment. Physical stimuli can be used and respondents are able to be observed. On the other hand, there are also some disadvantages, such as interviewer bias, high cost per respondent, geographical limitations and time pressure on respondents.

The use of telephones for the collection of survey data has been transformed from a rarely used and often criticised method into a dominant mode of data collection all over the world. Current statistics show that the telephone survey is still one of the most important survey modes , although the trend is falling. The possibility of random digital dialling , good geographical coverage, personal interaction and lower cost compared to face-to-face surveys contributes to the advantages of telephone surveys. Major potential disadvantages include interviewer bias, lower response rate and the inability to use visual help .

Online surveys have a number of strengths, such as lower cost and higher speed; they are visual, interactive, and flexible; they do not require interviewers to be present and busy people – often educated and well-off – who systematically ignore taking part in a telephone survey are willing to answer questions posted on their computer screens. Nevertheless, Couper (2011) notes that relying on such modes, which require initiative from respondents, will likely lead to selective samples, raising concerns about nonresponse bias. Samples used for large national and international face-to-face and telephone surveys are considered representative of the general population, while online samples are currently regarded as representative of population subgroups only.

7. Marketing analytics comprises the processes and technologies that enable marketers to evaluate the success of their marketing initiatives. This is accomplished by measuring performance (e.g., blogging versus social media versus channel communications). Marketing analytics uses important business metrics, such as ROI, marketing attribution and overall marketing effectiveness. In other words, it tells you how a company's marketing programs are really performing.

Marketing analytics gathers data from across all marketing channels and consolidates it into a common marketing view. From this common view, a manager or company can extract analytical results that can provide invaluable assistance in driving your marketing efforts forward.