By Erica Wenham,
Thursday 04 October 2012.
Modern Marketing
Information & Analysis (Week 2)
Once the initial introductory week of the Modern Marketing Information & Analysis module was complete, week 2 was straight down to business. Vic and Ruth decided to test the class (on a team basis) on what we had remembered regarding market research from our previous year and any stand-out issues surrounding the market research industry in the 21st century.
What is Market Research?
Market research gives an overall structure to a business plan and ensures appropriate objectives are defined and achieved as efficiently and cost-effectively as possible. Conducting market research can be implemented to identify numerous business factors; for example, market share/growth, current trends, sales volume, barriers to entry, major suppliers etc.
The Marketing Research Process is outlined in the model below. This will help organisations to gain a perspective on internal and external factors that need to be seen to in order to achieve overall goals and objectives.
When undertaking a new research project, it is also essential to ensure that it is planned and executed systematically and logically. Using the concept below will allow companies to take some of the risk out of marketing decisions that can positively impact their business performance in the future. It is applicable to all aspects of marketing decisions and should be an integral part of the process of formulating an effective marketing strategy (Proctor, 2000, p.3).
In competitive industries (such as retail, building society and catering), it may also be useful for organisation's to conduct product research. This can then allow them to analyse their competition and substitute products/services. Any advances they may have (i.e. technological, packaging etc.) can then be researched into further to ensure a competitive edge.
As explained previously, market research can be conducted using many different techniques ranging from secondary research via Mintel or Kantar and primary research via surveys, questionnaire, in-depth interviews, focus groups and observational research. Market research methods typically follow the marketing research process (as shown above) or a 12 step research model, as shown below.
A few real-life quotes taken from market research on current issues surrounding the business in the 21st century are as follows;
Research v Insight
Databases
Observation
Declining Response Rates
Challenges in B2B research
Achieving representative samples
Multi mode interviewing
Using Technology for data collection
Clients going direct to respondent
International Research
Respondents view of Research
Once the initial introductory week of the Modern Marketing Information & Analysis module was complete, week 2 was straight down to business. Vic and Ruth decided to test the class (on a team basis) on what we had remembered regarding market research from our previous year and any stand-out issues surrounding the market research industry in the 21st century.
Market research gives an overall structure to a business plan and ensures appropriate objectives are defined and achieved as efficiently and cost-effectively as possible. Conducting market research can be implemented to identify numerous business factors; for example, market share/growth, current trends, sales volume, barriers to entry, major suppliers etc.
The Marketing Research Process is outlined in the model below. This will help organisations to gain a perspective on internal and external factors that need to be seen to in order to achieve overall goals and objectives.
When undertaking a new research project, it is also essential to ensure that it is planned and executed systematically and logically. Using the concept below will allow companies to take some of the risk out of marketing decisions that can positively impact their business performance in the future. It is applicable to all aspects of marketing decisions and should be an integral part of the process of formulating an effective marketing strategy (Proctor, 2000, p.3).
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| The Marketing Research Process |
As explained previously, market research can be conducted using many different techniques ranging from secondary research via Mintel or Kantar and primary research via surveys, questionnaire, in-depth interviews, focus groups and observational research. Market research methods typically follow the marketing research process (as shown above) or a 12 step research model, as shown below.
 |
| The 12-Step Process |
A few real-life quotes taken from market research on current issues surrounding the business in the 21st century are as follows;
Research v Insight
Databases
Observation
Declining Response Rates
Challenges in B2B research
Achieving representative samples
Multi mode interviewing
Using Technology for data collection
Clients going direct to respondent
International Research
Respondents view of Research
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