What is market research?
Summary
TLDRThis video offers an in-depth overview of marketing research, explaining its importance in understanding consumer needs and minimizing risks in launching new products or campaigns. It outlines the steps involved in conducting effective market research, such as defining the problem, selecting a representative sample, and analyzing results. Additionally, the video covers various research techniques like desk research, surveys, and interviews, as well as the distinction between primary and secondary market research. The video emphasizes the role of thorough market research in making informed business decisions.
Takeaways
- 📈 Market research is essential for understanding consumer needs and reducing the risk of product unacceptance.
- 🔍 It is a systematic process of identifying and analyzing information related to marketing techniques and problems.
- 📊 Marketing research helps in sales forecasting and ensures sound marketing decisions by discovering how, where, and to whom to sell.
- 🏢 Sales analysis within a company can provide insights on product performance and customer preferences using recorded data.
- 📊 Market research includes a wide scope such as market potential measurement, market characteristics, competitive analysis, and more.
- 📝 The research process involves defining the problem, selecting a representative sample, data collection, analysis, and reporting.
- 👥 A representative sample ensures the research findings accurately reflect the larger population's views and characteristics.
- 📋 Proper data collection instruments are crucial to prevent errors and ensure reliable research outcomes.
- 📊 Accurate analysis of results is vital for making appropriate decisions based on the research findings.
- 📝 The research report should be clear and focused on the objectives, using storytelling to present conclusions effectively.
- 🔬 Market research techniques include desk research, postal questionnaires, telephone interviews, personal interviews, observation, and statistical methods.
- 🔍 There are two main types of market research: primary, which involves direct data collection, and secondary, which relies on existing data.
Q & A
What is the primary purpose of marketing research?
-The primary purpose of marketing research is to identify and analyze information related to marketing techniques and problems, ensuring the continued vitality of a business by understanding customer needs and market trends.
Why is market research considered valuable to a manufacturer?
-Market research is considered valuable to a manufacturer because, when properly conducted and used regularly, it provides insights into consumer acceptance, helps in making sound marketing decisions, and ensures the product meets market demands, just as technical research does.
What does marketing research include in its scope?
-The scope of marketing research includes measurement of market potential, determination of market characteristics, market share analysis, competitive product studies, short and long-range forecasting, studies of advertisement effectiveness, pricing studies, plant and warehouse studies, distribution channel studies, and more.
What are the steps involved in conducting effective market research?
-The steps involved in conducting effective market research are: 1) Define the problem, 2) Define the sample, 3) Execute data collection, 4) Analyze the results, and 5) Make the research report.
What is the importance of a well-defined problem in market research?
-A well-defined problem in market research is crucial as it guides the researchers in formulating questions aimed at solving the problem. It ensures the research objectives are clearly recorded and helps in obtaining the necessary information in a precise manner.
What is a representative sample in market research?
-A representative sample in market research is a subset of individuals that accurately represents a larger group. It ensures that the research findings can be generalized to the entire population, making the study more reliable.
What are the two main ways to obtain a representative sample in market research?
-The two main ways to obtain a representative sample in market research are probability sampling, where the choice of the sample is made at random, and non-probability sampling, where different types of people are sought to achieve a balanced representative sample.
Why is accurate data collection important in market research?
-Accurate data collection is important in market research to prevent errors that can arise from incomplete or incorrect responses. It ensures that the data collected is reliable and valid, leading to more appropriate and effective decision-making.
What is the role of analysis in the market research process?
-Analysis in the market research process is critical for interpreting the collected data. It helps in identifying patterns, trends, and insights that can inform marketing strategies and decisions. Without accurate analysis, the research may not yield useful results.
What advice is given for making a good research report in market research?
-To make a good research report, it is advised to use storytelling, start with conclusions, present fundamentals instead of accumulating evidence, ensure the report is relevant and accessible to anyone interested, and restructure data to discover new and valuable information.
What are the main techniques of marketing research mentioned in the script?
-The main techniques of marketing research mentioned in the script are desk research, postal questionnaires, telephone interviews, personal interviews, observational methods, and statistical methods.
What is the difference between primary and secondary market research?
-Primary market research involves collecting data directly from sources, and it can be either qualitative or quantitative. Secondary market research, on the other hand, relies on existing information and data, making use of reports and existing market research to gain insights.
Outlines
📈 Introduction to Marketing Research
The first paragraph introduces the concept of marketing research, emphasizing its importance in understanding consumer needs and minimizing business risks when introducing new products or services. It outlines marketing research as a systematic process of gathering and analyzing information related to marketing techniques and problems. The paragraph explains that this research helps in sales forecasting and making informed marketing decisions, and distinguishes between sales analysis using internal data and external data sources like published statistics and government reports. The scope of marketing research is also discussed, including market potential measurement, market share analysis, and various other studies.
🔍 Steps in Conducting Market Research
This paragraph delves into the steps involved in conducting effective market research. It starts with defining the research problem and objectives, followed by selecting a representative sample to ensure the accuracy of the research findings. The paragraph then describes the development of data collection instruments and the importance of accurate data collection to prevent research errors. It proceeds to discuss the analysis of results, emphasizing the need for in-depth analysis to inform appropriate decision-making. The paragraph concludes with advice on creating a research report that is clear, concise, and focused on the research objectives, including the use of storytelling and restructuring data to reveal valuable insights.
🛠️ Techniques and Types of Market Research
The final paragraph explores various techniques used in market research, such as desk research, postal questionnaires, telephone interviews, personal interviews, observational methods, and statistical methods. Each technique is briefly explained, highlighting their specific uses and benefits. The paragraph also differentiates between primary and secondary market research, with primary research involving direct data collection from sources and secondary research relying on existing data. The paragraph concludes by encouraging viewers to access more detailed information through provided links and to engage with the content by liking and subscribing.
Mindmap
Keywords
💡Marketing Research
💡Consumer Acceptance
💡Sales Forecasting
💡Marketability
💡Competition
💡Sales Analysis
💡Representative Sample
💡Data Collection
💡Descriptive Statistics
💡Primary Research
💡Secondary Research
Highlights
Market research is essential for understanding consumer needs before introducing new products or services.
Properly conducted market research is as valuable as technical research for business vitality.
Marketing research involves identifying and analyzing information related to marketing techniques and problems.
It includes activities such as gathering, recording, and analyzing product utility, market demand, competition, and marketing methods.
Market research provides sales forecasting and supports sound marketing decision-making.
Sales analysis within a company can reveal best-selling products and customer preferences.
Published statistics and government data are valuable for understanding market potential.
The scope of marketing research includes market potential measurement, market share analysis, and competitive product studies.
The market research process involves defining the problem, selecting a sample, data collection, analysis, and reporting.
A well-defined research objective is crucial for formulating effective questions and solutions.
Representative sampling ensures accurate reflection of the larger population in market research.
Probability and non-probability sampling methods are used to obtain a balanced sample.
Data collection instruments must be developed to prevent errors in research findings.
In-depth analysis of results is necessary for making appropriate decisions based on market research.
Effective research reports should use storytelling, start with conclusions, and be clear for decision-making.
Desk research involves analyzing published data for insights into sales, economics, and market trends.
Postal questionnaires and telephone interviews are methods for collecting specific data from a selected sample.
Personal interviews provide reliable results through direct question-and-answer sessions with respondents.
Observational methods silently collect information by observing consumer behavior in real-time.
Statistical methods use precollected data to logically conclude market investigations.
Primary market research collects data directly from sources, while secondary research relies on existing information.
Qualitative and quantitative approaches are used in primary research for exploratory or specific data collection.
Secondary market research investigates existing data for consumer and market insights without direct collection.
Transcripts
in this video you are going to learn
marketing research
let's start the video
are you interested in introducing a new
product service or even a new marketing
campaign but you're not sure what your
consumers want
without having any idea in advance of
customer acceptance of that product it
takes quite a risk of product
unacceptance
in this case
and in many other situations in your
business market research is the way to
get all the answers you need
market research today has come to a very
important part of the marketing function
market research when properly conducted
and used on a regular basis is just as
valuable to the manufacturer as
technical research and ensures the
continued vitality of a business
so what is marketing research
marketing research is a system of
identifying and analyzing the
information related to the techniques
and problems of marketing
marketing research includes all research
activities involved in marketing
problems such as gathering recording and
analyzing the utility and marketability
of the product the nature of demand the
nature of competition the method of
marketing and other aspects of the
movement of the products from the stage
of production to the point where they
get consumed
marketing research provides effective
sales forecasting and promotes the
soundness of marketing decisions
essentially marketing research is
designed to discover not only how much
the company hoped to sell but where to
whom and how to sell
some parts of the research can be done
right in the company's own office
through the recorded data this form of
market research is known as sales
analysis
this should provide information on which
products are selling best in which
markets and to what type of customer
it is very important the sales record be
set up to yield this type of data in
usable form
other sources of information on markets
are the published statistics that give
an indication of the size of the
potential market in various localities
government and consultants are valuable
sources of this type of information
check out other topics of sales and
marketing in my sales and marketing
playlist link is in the description
now come to scope of marketing research
measurement of market potential
determination of market characteristics
market share analysis competitive
product studies short and long range
forecasting studies of business trends
studies of advertisement effectiveness
pricing studies plant and warehouse
studies distribution channel studies and
many more
marketing research process
let's discuss the steps involved in
conducting effective market research
step one
define the problem
having a well-defined subject of
research will help researchers when they
ask questions
these questions should be directed to
solve problems and they have to be
adapted to the project
the research objectives should be
recorded in a precise way and should
briefly describe the information that is
needed and the way in which it will
obtain it
they should have an answer to the
question why are we doing the research
step 2
define the sample
to carry out market research researchers
need a representative sample
a representative sample is a few people
that represent a larger group as
accurately as possible
an organization cannot waste their
resources on collecting information from
the wrong population
regarding the size of the sample the
larger it is the more likely it is to be
representative of the population
there are two ways to get a
representative sample probability
sampling the choice of the sample will
be made at random which guarantees that
each member of the population will have
the same probability of selection and
inclusion in the sample group
non-probability sampling in
non-probability sampling different types
of people are seeking to get a more
balanced representative sample
knowing the demographic characteristics
of our group will undoubtedly help to
limit the profile of the desired sample
and define the variables that interest
the researchers such as gender age place
of residence etc
for example if researchers want to have
a representative sample of employees
they should choose a similar number of
men and women
step 3.
execute data collection
first a data collection instrument
should be developed
the not answering a survey or answering
it incompletely will cause errors in
research
the correct collection of data will
prevent this
step four
analyze the results
if all the above is executed well but
there is no accurate analysis of the
results then the decisions made
consequently will not be appropriate
an in-depth analysis conducted leaving
no loose ends will be effective in
making solutions
data analysis will be noted in a report
which should also be written clearly so
that effective decisions can be made on
that basis
step 5.
make the research report
when presenting the results researchers
should focus on what they want to
achieve using this research report and
while answering this question they
should not assume that the structure of
the survey is the best way to do the
analysis
to make a good report the expert
analysts give the following advice use
storytelling start with your conclusions
and give them fundamentals instead of
accumulating evidence
anyone interested in your research
should be able to extract something from
your report so that it becomes relevant
for their work
the order of questions in your
questionnaire should not determine the
order of presentation of the outcome
restructure data so you can discover new
and more valuable information
at last take decisions
act and implement
let's move on to market research
techniques
let's discuss some of the relevant
techniques of marketing research
number one
desk research
the data is collected from the
information published by the company or
outside sources for example government
agencies trade associations etc desk
research is done on
a
sales analysis that is past sales
fluctuations sales and promotional
expenditure economics of order size etc
b
correlation studies it is concerned with
finding the relationship between two or
more variables for example the number of
new cars produced and the number of car
batteries sold
see
ratios such as stock turn which is the
relation between sales and stocks profit
per capital etc
2.
postal questionnaire
carefully prepared questionnaires
consisting of questions short specific
and statistical or open-minded are
posted to a selected sample of
respondents for collecting specific data
from them
three
telephone interviews
telephone interviews are conducted at a
personal level with a selected sample of
people for collecting their views on a
product or services
personal interviews
personal interviews are conducted on a
question and answer basis
such interviews give best results with
greater reliability
5.
observational method
the marketing research personnel
silently observe others and collect the
desired information
for example by standing outside or in a
wine shop the brands more frequently
purchased can be found out
6.
statistical methods
statistical methods make use of large
precollected data and logically conclude
the market investigations
bar chart histogram frequency polygon
frequency distribution curve and the
concepts of average median and standard
deviation help serve the purpose
types of marketing research
there are mainly two types of market
research primary market research and
secondary market research
primary market research
in primary market research the
organization collects data directly from
the sources
this type of market research can take a
qualitative or quantitative approach and
the data gathered can be exploratory or
specific
qualitative research which is
exploratory in nature usually uses data
collection methods such as focus groups
triads dyad's in-depth interviews
uninterrupted observation bulletin
boards and observation
quantitative research which looks to
quantify a problem collects data through
surveys in different modalities polls
audits points of purchase and click
streams
exploratory data is typically open-ended
or generic in nature while specific data
is close ended and tailored to definite
scenarios
secondary market research
secondary market research takes an
investigative approach where the
organization depends on available
information in order to gain insights
into consumers and target markets
here the organization does not gather
information directly from the research
subjects rather it depends on existing
data
secondary market research methods are
making reports existing market research
etc
if you want to read in details or
download the pdf go through the link in
the description
like the video it will motivate me to
make more videos for you and don't
forget to subscribe to education leaves
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