marketing research, information and forecasting

Week 2Week 2

Topic 3: Marketing Research,

Information and Forecasting

Marketing research

The systematic design, collection, analysis, and reporting of

data relevant to a specific marketing situation facing an

organization.

“Research is an art, an art of telling a story and making

sure that it involves a pertinent topic, sound theoretical

framework and of course, is making a contribution to

the development of the field.”2

Topic 3: Topic 3: Marketing Research, Information Marketing Research, Information

and Forecastingand Forecasting

The Marketing Research process

1) Defining the problem and research objectives

“A well defined problem is half-solved.”- Don’t confuse problem with symptom.

Three types of objectives:Exploratory research: to gather preliminary information that will help define problems and suggest hypothesis.Descriptive research: to better describe marketing problems, situations and markets.Causal research: to test hypothesis about cause-and-effect relationship.

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Topic 3: Topic 3: Marketing Research, Information Marketing Research, Information

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The Marketing Research process (cont.)2) Developing the research plan for collecting information Determining specific information needs Gathering secondary information

Secondary data Primary data Online database

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Topic 3: Topic 3: Marketing Research, Information Marketing Research, Information

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The Marketing Research process (cont.)Advantages and disadvantages of secondary dataPlanning primary data collection

Observational research (Explorative information) Survey research (Descriptive information) Experimental research (Casual information)

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Topic 3: Topic 3: Marketing Research, Information Marketing Research, Information

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The Marketing Research process (cont.)Contact method

Mail, telephone, personal (Individual, focus group), Online

Sampling Plan Sample: A segment of the population selected for marketing research

to represent the population as a whole.

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Topic 3: Topic 3: Marketing Research, Information Marketing Research, Information

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The Marketing Research process (cont.)It requires three decisions:

who is to be surveyed (Sampling unit) How many people to be surveyed (Sampling size) How should the people in the sample be chosen (Sampling procedure)

Research instrument: Questionnaire and mechanical device

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Topic 3: Topic 3: Marketing Research, Information Marketing Research, Information

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3) Implementing research plan

  Interpreting and reporting the findings.

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Topic 3: Topic 3: Marketing Research, Information Marketing Research, Information

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Estimation of Consumer Demand

The estimation of demand is a crucial concept in respect to

marketing research and the search for information and

knowledge about the market.

Topic 3: Topic 3: Marketing Research, Information Marketing Research, Information

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Methods of Estimating Consumer DemandHeuristic estimation methods

1. The chain ratio method2. Standard industrial classification method3. Index of buying power method

Topic 3: Topic 3: Marketing Research, Information Marketing Research, Information

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Subjective estimation methods

1. Delphi method2. Sales force composite method3. Demand estimation through buyer intentions

Topic 3: Topic 3: Marketing Research, Information Marketing Research, Information

and Forecastingand Forecasting

Thank You!Thank You!