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Benedictine College Marketing Research
Benedictine College Marketing Research
Pages and Files
The Role of Marketing Research
Steps in the Marketing Research Process
Defining the Problem and Setting Objectives
Quantitative Data Collection Methods
Qualitative Data Collection
Defining the Research Problem and Setting Research Objectives
(Thomas Strickland, p.7)
Strategic market objectives focuses on the company’s intent to sustain and improve the organization’s competitive strength and long-term market position through creating customer value. Strategic objectives focuses on winning additional market share, overtaking key competitors on product quality or customer service or product innovation, achieving lower overall costs than rivals, boosting the company’s reputation with customers, winning a stronger foothold in international markets, exercising technological leadership, gaining a sustainable competitive advantage, and capturing attractive growth opportunities.
Defining the Research Problem
To alleviate the decline in any given company's sales, there must be a plan set in store with the end goal of growth in mind. In most cases, problems revolve around information regarding the product. Companies meet consumer's wants/needs by the way their research presents the data, time playing a key role in this accuracy. The time of year to perform marketing research is crucial in the truth found with the study and the relevancy of its findings. This will ultimately return its investment in long-run success of the research.
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Setting Research Objectives
Hey, these are some extra things used in making research objectives that someone else can use...aka up for grabs :)
• Products that are purchased
• Un-met needs (new product opportunities)
• Attitudes to new products (either in concept, as prototypes or in their finished form)
• Packaging of the product
• Prices of the products (list and net)
• Price sensitivity (elasticity) of the product
• Values attached to various aspects or components of the offer
In setting research objectives, it is important to look at many aspects of a business and ask the pertinent questions.
First look at
the market and its structure
; think about the market size which is usually broken down by segments and the route to market through the value chain. Also look at the companies that compete in the market and their market shares and the numbers of consumers, which are again broken down by segment. Second, pay attention to
consumer needs and satisfaction
. Look at factors that trigger the purchase of the product or service, and factors that influence the choice of supplier. The importance of specific issues on the selection of supplier, such as product quality, availability, price, and brand, are important too. The same goes for consumer's satisfaction with the product or service.
Through research objectives there are the promotion information, distribution information, and segmentation opportunities. Promotion information are sources that consumers can gather their ideas on products and services. This could show market researchers the effectiveness of different forms of advertising from the results. Distribution information is the role of different levels in the value chain such as factors that prompt merchants and distributors to stock products. Then the segmentation opportunities are the demographics of the population in terms of age, gender, income group, and location. This would be the behavior of the population in terms of how they buy, for example the frequency of purchase or the place of the purchases.
The scope of your research is determined by what you want to achieve--your objectives. Objectives need to be defined before you get to work so you don't waste time and effort later. To do so, you need to ask yourself three questions. What is the purpose of the research? What information is being sought? How will the information be used?
Defining research objectives is the most important step in designing a marketing research plan. Objectives decide interview topics. They shape the questions you ask,and guide your analysis and reports, pointing you in the right direction. Research objectives should be; precise, detailed, clear, and operational.
Defining research objectives can take planning. You need to have your client spell out the problem for you and really identify the heart of the problem. There are three questions to ask to ensure that your research is necessary. What research already exists? What research is needed? Can the research readily be undertaken? From this point you can start setting objectives to aquire the desired information.
Setting Objectives can be separated into two different categories 1) corporate level
2) Functional level. Corporate level has to do concerns of the company as a whole. These will involve improvements that have to do with ROI, operation profit ect. The functional level objectives deal with more specific objectives that will lead to the completion of the corporate objectives, such as building customer base, achieving greater market share ect. These goals need to be SMART (specific, measurable, attainable, relevant, time bound).
Conducting a successful research study involves four separate stages: 1.checking if the same or similar research has been carried out in the past; 2. reviewing any existing relevant data; 3. determining when the information is needed and how much you can spend to obtain it; and 4.deciding how the data will be used, and by whom.
Defining the research problem is more than just looking at the broad scheme of things. For instance, if there is a decline in profits, there must be a problem that goes deeper into just losing money. We must look at the factors of why we are not making as much profit as before. You must consider all of the things that can be measured in this situation and then eliminate the rest of the categories. Throughout this process, you need to make objectives for the opportunities you have discovered in your analysis. After discovering the opportunities in turning things around, you need to begin the research process with secondary and primary information gathering. Primary research is simply face to face and secondary is through surveys and such.
The role of a marketing researcher is to work with management to identify what is wrong and separate it from the factors that do not contribute to the problem. A problem can be identified by working with management, interviewing industry experts, and qualitative research. These actions can help the context of the problem be understood. Once the context is understood essential factors can be analyzed.
When setting research objectives, organizations need to consider their product information. Researching this information can give organizations a good understanding of why customers buy their products and how they can influence customers to buy their products. One main area businesses should research are unmet needs. By conducting research such as interviews and surveys, businesses can find information that can help them create or change a products to meet the unmet needs of their customers. Businesses should also research their customers attitudes about their brand or products. Understanding customers attitudes can be an asset to a business while trying to answer a research problem
The difference between setting goals and objectives is a goal is broad and describes what a company wants to achieve through their efforts. An objective is more focused, more specific, and have the potential to be measured. A company needs to set SMART objectives: Specific, Measurable, Appropriate, Realistic, and Time-Sensitive. Goals are broader and objectives are smarter. It is necessary for researchers to set goals that are broad and that can be obtained through more specific and measurable objectives. The company needs to know its target market and what kind of products the target market wants and needs, and how to objective achieve reaching them through brand recall and advertising.
When setting research objectives, Researchers must set up SMART objectives.First off, the objective should be specific. It is extremely important to be specific with your objective because if not, irrelevant information may cause errors in information and waste money.It must also be measurable. This gives researchers HOW FAR they need to go to measure their objective. The goal or objective must also be ACHIEVABLE. If a goal we are researching is too unbelievable, time and money will be wasted. This is probably one of the most important criteria in setting objectives.Objectives must also be relevant.Objectives should be relevant to the people responsible for achieving them Objectives should be set with a time-frame in mind. These deadlines also need to be realistic. If these criterion are met, Research should be successful.
The marketing manager and marketing researcher have to work closely together to define the research problem carefully and agree on the research objectives.
Managers have to know some about marketing research to help plan and interpret research results. An experienced market researcher will understand the manager's problem as well, and will be involved at this stage. The researcher also must be able to help the manager define the problem and suggest ways the research will help the manager make better decisions.
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