Marketing Research

(noun)

The function that links the consumers, customers, and public to the marketer through information. This information is used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.

Related Terms

Examples of Marketing Research in the following topics:

  • Defining Objectives and Formulating Problems

    • Defining the problem and research objectives is the first step involved in the marketing research process.
    • Systematic planning is required at all the stages of the marketing research process.
    • There are three types of objectives that can be deployed in marketing research:
    • The first stage of the marketing research process involves defining the problem.
    • Outline objectives and problems as part of the marketing research process

  • Goals of Consumer Market Research

    • Consumer market research is the systematic collection of data regrading customers' preferences for actual and potential products / services.
    • For instance, a consumer goods company that wants to develop a new cheese product for the growing Hispanic demographic can use market research.
    • In the field of marketing, consumer market research can be generally defined as the systematic collection and evaluation of data regrading customers' preferences for actual and potential products and services.
    • It is also important to note that consumer market research is not directly synonymous with marketing research.
    • Marketing research is actually comprised of both consumer and business-to-business research and examines all aspects of a business environment.

  • Plan the Research Design

    • The research design is a framework or blueprint for conducting the marketing research project.
    • Conducting exploratory research, precisely defining the variables, and designing appropriate scales to measure them are a part of the research design.
    • A research design is a framework or blueprint for conducting the marketing research project.
    • The research plan outlines sources of existing data and spells out the specific research approaches, contact methods, sampling plans, and instruments that researchers will use to gather data.
    • Describe the formulation of research design within the context of the marketing research process

  • Collecting Data

    • Data collection is a crucial step in the research process because it enables the generation of insights that will influence the marketing strategy.
    • In marketing research, an example of data collection is when a consumer goods company hires a market research company to conduct in-home ethnographies and in-store shop-alongs in an effort to collect primary research data.
    • Systematic planning is required at all stages of the marketing research process, especially in the data collection step.
    • Marketing research uses the scientific method in that data are collected and analyzed to test prior notions or hypotheses.
    • Construct the rationale of field work or data collection from a marketing research process perspective

  • Business Ethics in B2B

    • Ethical danger points in market research include invasion of privacy and stereotyping.
    • Examples of unethical market exclusion or selective marketing are past industry attitudes to the gay, ethnic minority and obese ("plus-size") markets.
    • Marketers are ethically responsible for what is marketed, and for the image that a product portrays.
    • Firms need to be careful not to use irresponsible stereotyping in the market research process.
    • List the pitfalls B2B companies face when ignoring ethics in market research and target marketing, and the advantages to incorporating ethics

  • Primary and Secondary Research

  • Researching Using Digital Media

    • The field of Internet research is relatively new and evolving.
    • Online research methods enable researchers to use increasingly sophisticated digital tools to collect data via the Internet.
    • Specific types of research methods that incorporate digital media include:
    • Market research is increasingly making use of developments in Web 2.0 technologies and online communities.
    • Social bookmarking sites such as Digg are used to gather research on different target markets.

  • Selecting Target Markets

    • A well-defined target market is the first element to a marketing strategy.
    • Research has shown that racial similarity, role congruence, labeling intensity of ethnic identification, shared knowledge and ethnic salience all promote positive effects on the target market.
    • Research has generally shown that target marketing strategies are constructed from consumer inferences of similarities between some aspects of the advertisement (e.g., source pictured, language used, lifestyle represented) and characteristics of the consumer (e.g. reality or desire of having the represented style).
    • Marketers have outlined four basic strategies to satisfy target markets: undifferentiated marketing or mass marketing, differentiated marketing, concentrated marketing, and micromarketing or niche marketing.
    • Mass marketing - Mass marketing is a market coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.

  • Service Marketing Management and Metrics

    • Service marketing management oversees the implementation of marketing programs, while metrics measure their effectiveness and performance.
    • Marketing management is a business discipline which is focused on the practical application of marketing techniques and the management of a firm's marketing resources and activities.
    • Tasks for marketing management may include conducting a competitor and value chain analysis, putting together a brand audit, and assembling qualitative and quantitative research.
    • This research, along with an assessment of the business' own strengths and weaknesses, go into a marketing plan used to launch future marketing programs and initiatives.
    • Overseeing the successful development and execution of the marketing plan falls under service marketing management roles.

  • Methods for Evaluating Marketing Performance

    • KPIs, ROMI, and Accountable Marketing are all metrics that are used to track marketing performance.
    • Marketing Performance Measurement, Marketing Performance Management, Marketing Return on Investment (ROI), Return on Marketing Investment (ROMI), and Accountable Marketing are all metrics that companies use to connect marketing performance to the financial performance of the organization.
    • Since marketing campaigns are typically integrated across all channels (e.g., print, email, and social media), these channels are measured together to understand the overall effect on target markets.
    • Companies using formalized methodologies continually gather and monitor marketing data to understand where the marketing plan is strong and where it needs improvement.
    • Independent organizations such as the Advertising Research Foundation evaluate the validity of commonly used measurement systems to produce standards and best practices for evaluating marketing and advertising data.