What is market research?

Summary

This 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

00:00

📈 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.

05:01

🔍 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.

10:01

🛠️ 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.

Keywords

💡Marketing Research

Marketing Research is the systematic process of identifying and analyzing information related to the techniques and problems of marketing. It is crucial for understanding consumer needs and preferences, which is the main theme of the video. For example, the script mentions that market research helps in discovering how much, where, to whom, and how to sell a product or service.

💡Consumer Acceptance

Consumer Acceptance refers to the willingness of consumers to adopt a new product or service. It is a critical concept in the video as it highlights the risk of product unacceptance without prior market research. The script emphasizes the importance of understanding consumer acceptance to mitigate such risks.

💡Sales Forecasting

Sales Forecasting is the prediction of future sales based on market research data. It is a key aspect of the video's message, as it shows how market research provides effective sales forecasting, which aids in making sound marketing decisions. The script illustrates this by stating that market research is designed to discover not only how much a company hopes to sell but also where and to whom.

💡Marketability

Marketability refers to the potential of a product or service to be sold in the marketplace. The video script discusses market research activities that include analyzing the marketability of a product, which is essential for understanding its potential success in the market.

💡Competition

Competition is the rivalry among different companies for market share. The video script mentions the nature of competition as one of the aspects considered in market research, which helps businesses understand their position relative to competitors and strategize accordingly.

💡Sales Analysis

Sales Analysis involves examining sales records to understand which products are selling best in which markets and to what type of customer. It is a form of market research mentioned in the script that can be conducted using recorded data within a company's office.

💡Representative Sample

A Representative Sample is a subset of a population that accurately represents the larger group for research purposes. The video script discusses the importance of defining a representative sample in market research to ensure the accuracy and relevance of the findings.

💡Data Collection

Data Collection is the process of gathering information for research purposes. The script outlines the development of a data collection instrument as a crucial step in the market research process to prevent errors and ensure accurate data collection.

💡Descriptive Statistics

Descriptive Statistics are used to summarize and organize data in a meaningful way. The video script mentions statistical methods, which include the use of descriptive statistics like bar charts, histograms, and frequency distributions to analyze market research data.

💡Primary Research

Primary Research refers to the collection of data directly from sources for the specific purpose of the study. The video script differentiates between primary and secondary market research, with primary research being exploratory or specific and involving methods like surveys and interviews.

💡Secondary Research

Secondary Research involves using existing information to gain insights. The script explains that secondary market research relies on available data rather than collecting new data, making it an investigative approach to understanding the market.

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

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download the pdf go through the link in

the description

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