Remove Major Barriers by Synthesizing Marketing Research

Feb 16

marketing-research-v2Never in history has there been a more financially funded science than marketing research.

Today it remains the most effective means of obtaining information about consumer needs, demographics, behaviours, values, attitudes and beliefs.

The success-rate of future events, products, services, solutions and ad campaigns depends on conducting the following types of marketing research:

Quantitative Research — obtains, analyzes and uses data, which can be easily measured in numbers.

Qualitative Research — deals with data that can be observed but not measured.

Further, when it comes to research data, it can be either primary or secondary:

Primary Data — originates from performing marketer’s formal research for the problem at hand.

Secondary Data — originally collected for other purposes and usually is obtained quickly and inexpensively from external sources.

The initial step is also the most important one: Defining The Problem To Be Researched. A difficult matter because quite often management does not know what the problem is or only has few vague assumptions. Skilled marketers help isolate and identify key aspects during this process.

Nature of marketing research can be problem-identifying, such as in the case of market share and market potential, image-related, sales analysis and sales forecasting; or problem-solving, as with product, price, promotion, segmentation as well as efficient distribution related situations.

The problem can not be defined too narrowly or too broadly. Great way to framework a research project is to make a broad statement and then to identify its specific components. Next an appropriate approach to the problem can be designed——the who, what, where, when, and the why.

Surveys and observations are two most common methods of collecting primary quantitative research. The former involves direct questioning of the respondents by direct mail, phone, online or in-person. Majour methods in the latter are tech-observations, audits, content and data analyses.

Each tactic has its advantages depending on the context of the problem. It is not uncommon to combine few of them to achieve the best and most accurate results.

After analyzing the collected data with statistical techniques and software such as MS Excel and SPSS, management is presented with a detailed verbal and written report that pretexts follow-up and future decision-making agenda.

Significantly, marketing research, the bedrock of marketing, must always be ethical. No lines to delusion or respondents’ rights can ever be crossed.

Ultimately, marketing research science has to be practiced with professionalism and considerable conscience.

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