Marketing Research 101

Summary

This video provides essential tips for conducting effective marketing research, focusing on three main areas: consumers, markets, and external factors. It emphasizes the importance of understanding target demographics, analyzing market structure, and considering external influences using the PESO framework. Key research tools are introduced, such as Passport, IBISWorld, and Gartner. The video also explains how to construct effective database searches using key concepts and related terms. Overall, it offers a practical guide for students to navigate the complexities of marketing research and find relevant, valuable information.

Takeaways

• 😀 Identify key factors before starting marketing research: consumers, markets, and external factors.
• 😀 Demographic research is crucial: understand your target audience's income, interests, and activities.
• 😀 Use trusted sources for demographic data, including Passport, the Australian Bureau of Statistics, and Census.
• 😀 Analyze the market structure: consider whether your product fits into an existing market or creates a new one.
• 😀 Assess the competition, demand, and market share before launching a product.
• 😀 Use reliable resources for market research, such as Gartner, Passport, and IBISWorld.
• 😀 Consider external factors affecting your market using the PESO framework (Paid, Earned, Shared, Owned).
• 😀 Pay attention to advertising standards, economic pressures, and technology availability in your target region.
• 😀 Identify key concepts in your research question, such as 'social media' and 'brand positioning'.
• 😀 Include related terms in your search to cover different ways of describing key concepts (e.g., 'social media' vs. 'social networks').
• 😀 Use search operators to connect key concepts and related terms in your database searches for better results.

Q & A

What are the three main factors to consider when starting marketing research?

The three main factors to consider are consumers, markets, and external factors. These areas help guide the research process and ensure that the research is comprehensive.

Why is demographic research important in marketing research?

Demographic research is crucial because it helps identify the target audience. Understanding demographics such as interests, income, and activities allows marketers to tailor their strategies effectively.

What resources can be used to conduct consumer demographic research?

Resources for consumer demographic research include Passport, the Australian Bureau of Statistics, W AARC, the OECD website, and Census data.

What is the significance of market research in marketing?

Market research helps determine where a product fits within the existing market, identifying competitors, market demand, and the companies that hold market share. This ensures that marketers understand their competitive landscape.

What tools can be used for market research?

Some useful tools for market research include Gartner (for technology products), Passport (for consumer and retail goods), IBISWorld (for Australian industries), Crunchbase (for small markets), and Business Source Altima (for scholarly reports and international industry analysis).

What is the PESO framework, and how is it relevant to external factors in marketing research?

The PESO framework stands for Paid, Earned, Shared, and Owned media. It is useful for considering the external factors affecting marketing research, such as advertising standards, economic pressures, technology, and social drivers.

How do search operators improve the efficiency of database searches?

Search operators, like 'AND' and 'OR', help refine search queries by connecting related terms or concepts. Using 'AND' narrows results by including both concepts, while 'OR' broadens results by including either concept.

What is the purpose of using related terms in a database search?

Using related terms ensures a broader search scope, as different resources may describe the same concept in different ways. For example, terms like 'social networks', 'digital networks', or specific platforms like 'Instagram' can be used to capture all relevant information.

What steps should be taken when beginning a search in marketing research databases?

First, identify the key concepts related to your research. Then, think of related terms to ensure comprehensive coverage. Use search operators like 'AND' and 'OR' to connect these terms and refine your search. Repeat and adjust as needed.

Why is it important to be patient when conducting marketing research?

Marketing research is a process that requires time and persistence. Researchers need to examine multiple sources, refine their search strategies, and piece together the information gradually to form a complete understanding.