ESSENTIALS OF MARKETING RESEARCH
COMPREHENSIVE STUDY GUIDE WITH SUMMARIES,
KEY CONCEPTS, AND EXAM CURRENTLY TESTING
Who stores big data and what do they do?
pg. 4
databases, data warehouses;
describes the large and complex datasets that information technology enables organizations to
gather and store, requires innovative tools to extract insight for businesses and marketers.
o Many companies use a customer relationship management (CRM) system to manage
important customer information.
What is marketing Research
pg. 5
The function that links an organization to its market through the gathering of information
§ Designing methods for collecting information
§ Managing the information collection process
§ Analysing and interpreting results
Communicating findings to decision makers
What is the role and value of marketing research?
- Managerial decisions may involve new contexts where experience may be absent or even
misleading.
o Marketing research draws on the social sciences for methods and theory.
§ Recently, the size of the toolbox has grown with "big data"
- Marketers first must understand the questions or business problems that need to be addressed,
then use the appropriate tools and techniques.
o Marketing research applies to problems involving the four Ps
§ Theoretical research helps marketers understand questions applicable to a broad variety of
marketing contexts.
Established Marketing Research Tools
pg. 5
Hypothesis testing
construct definition
reliability
,validity
sampling
data analysis
Product
pg. 6-7
Product decisions are varied and include new product development and introduction, branding,
and positioning products.
e.g.branding; Even established brands undertake research for early detection of changes in
meaning and attitudes towards a brand
Concept and Product Testing or Test Marketing
pg. 7
provides information for decisions on product improvements and new-product introductions
Concept testing identifies any weaknesses in a product improvements and new-product
introductions.
Positioning
pg. 7
a process in which a company seeks to understand how present or possible products are
perceived by consumers on relevant product attributes.
Perceptual mapping
pg. 7
A technique used to picture the relative position of products on two or more product dimensions
important to consumer purchase decisions.
Distribution Decisions in Marketing
pg. 7
Choose and evaluation location, channels, and distribution partners.
§ Market research peculiar to retailers include: trade area analysis, store image studies, in-store
traffic patterns, and location analysis
- retailing research
- behavioural targeting
- shopper marketing
Retailing Research
,o research focuses on database development through optical scanning at the point of purchase
Behavioral targeting
o In behavioural targeting, online retailers work with content sites to display ads based on data
collected about user behaviours
Shopper Marketing
pg. 8
Marketing to consumers based on research of the entire process consumers go through when
making a purchase.
§ Shopper marketing gives manufacturers and retailers an understanding of a customer’s
purchase journey and addresses the following:
o Product category management
o Displays, sales, packaging, promotion and marketing.
Promotion
pg. 8
Promotional decisions are important influences on any company's sales. Billions of dollars are
spent yearly on various promotional activities.
What are the three most common research tasks in integrated marketing communications?
o Advertising effectiveness studies
o Attitudinal research
o Sales tracking
Price
Pricing decisions involve pricing new products, establishing price levels in test marketing, and
modifying prices of existing products.
§ Marketing research provides answers to the following questions:
1. How large is the demand potential within the target market at various price levels?
- What are the sales forecasts at various price
levels?
2. How sensitive is demand to changes in price levels?
3. Are there identifiable segments that have different sensitivities?
4. Are there opportunities to offer different price lines for different target markets?
Segmentation Studies
, pg. 9
Creating customer profiles and understanding behavioral characteristics. Determining why
consumers behave as they do with respect to products, brands, and media.
- 4ps
Benefit and Lifestyle Studies
pg. 9
Examine similarities and differences in consumers' needs. Researchers use these studies to
identify two or more segments within the market for a particular company's products.
What is marketing theory?
§ The purpose of theory is to generalise relationships between concepts in a way applicable to a
wide variety of business, and other settings.
o Adoption and diffusion theory helps marketer understand how new products are adopted and
spread through the market.
o In services marketing research, markets found five characteristics important to consumers -
reliability, empathy, responsiveness, assurance, and tangibles.
o Information overload theory explains why consumers are more likely to purchase from a
sample of 6 versus 24.
o In sales research, likability, similarity and trustworthiness are characteristics linked to a
salespersons' success.
Internal and external marketing firms
- a unit within the company or hiring a firm on a fee basis.
Benefits to Keeping Marketing Internal
pg. 10
research method consistency,
shared information across the company,
lower research costs,
the ability to produce actionable research results
Customized research firms
pg. 11
Research firms that provide tailored services for clients
Standardized research firms
pg. 11
COMPREHENSIVE STUDY GUIDE WITH SUMMARIES,
KEY CONCEPTS, AND EXAM CURRENTLY TESTING
Who stores big data and what do they do?
pg. 4
databases, data warehouses;
describes the large and complex datasets that information technology enables organizations to
gather and store, requires innovative tools to extract insight for businesses and marketers.
o Many companies use a customer relationship management (CRM) system to manage
important customer information.
What is marketing Research
pg. 5
The function that links an organization to its market through the gathering of information
§ Designing methods for collecting information
§ Managing the information collection process
§ Analysing and interpreting results
Communicating findings to decision makers
What is the role and value of marketing research?
- Managerial decisions may involve new contexts where experience may be absent or even
misleading.
o Marketing research draws on the social sciences for methods and theory.
§ Recently, the size of the toolbox has grown with "big data"
- Marketers first must understand the questions or business problems that need to be addressed,
then use the appropriate tools and techniques.
o Marketing research applies to problems involving the four Ps
§ Theoretical research helps marketers understand questions applicable to a broad variety of
marketing contexts.
Established Marketing Research Tools
pg. 5
Hypothesis testing
construct definition
reliability
,validity
sampling
data analysis
Product
pg. 6-7
Product decisions are varied and include new product development and introduction, branding,
and positioning products.
e.g.branding; Even established brands undertake research for early detection of changes in
meaning and attitudes towards a brand
Concept and Product Testing or Test Marketing
pg. 7
provides information for decisions on product improvements and new-product introductions
Concept testing identifies any weaknesses in a product improvements and new-product
introductions.
Positioning
pg. 7
a process in which a company seeks to understand how present or possible products are
perceived by consumers on relevant product attributes.
Perceptual mapping
pg. 7
A technique used to picture the relative position of products on two or more product dimensions
important to consumer purchase decisions.
Distribution Decisions in Marketing
pg. 7
Choose and evaluation location, channels, and distribution partners.
§ Market research peculiar to retailers include: trade area analysis, store image studies, in-store
traffic patterns, and location analysis
- retailing research
- behavioural targeting
- shopper marketing
Retailing Research
,o research focuses on database development through optical scanning at the point of purchase
Behavioral targeting
o In behavioural targeting, online retailers work with content sites to display ads based on data
collected about user behaviours
Shopper Marketing
pg. 8
Marketing to consumers based on research of the entire process consumers go through when
making a purchase.
§ Shopper marketing gives manufacturers and retailers an understanding of a customer’s
purchase journey and addresses the following:
o Product category management
o Displays, sales, packaging, promotion and marketing.
Promotion
pg. 8
Promotional decisions are important influences on any company's sales. Billions of dollars are
spent yearly on various promotional activities.
What are the three most common research tasks in integrated marketing communications?
o Advertising effectiveness studies
o Attitudinal research
o Sales tracking
Price
Pricing decisions involve pricing new products, establishing price levels in test marketing, and
modifying prices of existing products.
§ Marketing research provides answers to the following questions:
1. How large is the demand potential within the target market at various price levels?
- What are the sales forecasts at various price
levels?
2. How sensitive is demand to changes in price levels?
3. Are there identifiable segments that have different sensitivities?
4. Are there opportunities to offer different price lines for different target markets?
Segmentation Studies
, pg. 9
Creating customer profiles and understanding behavioral characteristics. Determining why
consumers behave as they do with respect to products, brands, and media.
- 4ps
Benefit and Lifestyle Studies
pg. 9
Examine similarities and differences in consumers' needs. Researchers use these studies to
identify two or more segments within the market for a particular company's products.
What is marketing theory?
§ The purpose of theory is to generalise relationships between concepts in a way applicable to a
wide variety of business, and other settings.
o Adoption and diffusion theory helps marketer understand how new products are adopted and
spread through the market.
o In services marketing research, markets found five characteristics important to consumers -
reliability, empathy, responsiveness, assurance, and tangibles.
o Information overload theory explains why consumers are more likely to purchase from a
sample of 6 versus 24.
o In sales research, likability, similarity and trustworthiness are characteristics linked to a
salespersons' success.
Internal and external marketing firms
- a unit within the company or hiring a firm on a fee basis.
Benefits to Keeping Marketing Internal
pg. 10
research method consistency,
shared information across the company,
lower research costs,
the ability to produce actionable research results
Customized research firms
pg. 11
Research firms that provide tailored services for clients
Standardized research firms
pg. 11
