Marketing Research

Marketing Research

1. Relationship of Marketing Research to Marketing Strategy

Marketing research is a valuable weapon on the organization’s side that enables it to devise proper marketing procedures and strategies and understand customers’ requirements, choices, and behavior. This is why works to close this gap by providing targeted market data to inform strategies (Leedy & Ormrod, 2001). For example, Coca-Cola uses market research to understand changes in consumers’ preferences and culture, hence enabling the company to launch new products that meet the culture. APA.

In the words of Leedy and Ormrod (2001), marketing research plays a vital role in market segmentation, targeting, and positioning or in what constitutes a good marketing strategy. also collects feedback on branding initiatives and received products, thus helping in product development and service enhancement. Lastly, marketing research relates the organization’s objectives with the buyer’s needs, lowering risk and increasing competitive advantage.

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Marketing Research

2. Define Marketing Research and Its Role in a Marketing Information System (MIS)

According to Leedy & Ormrod, 2001 means the scientific method of gathering, processing, and interpreting information that is helpful in the marketing decision-making process. It is an integral part of, or is contained in, a Marketing Information System MIS, which consists of information management and processing tools, including internal reporting, marketing intelligence, and decision-support systems. All parts of an MIS use the information elicited from the marketing research to make strategic plans.

In an MIS,  is essential in determining market trends, customer needs, and competition strategies. We have discovered that proper data collection, as well as data analysis, play a significant role when it comes to designing marketing strategies. Some core competencies of marketing research personnel include the ability to analyze and interpret data, awareness of applications of technology in the research process, and ability to think critically to arrive at logical conclusions to pass on suitable recommendations inside an MIS (Leedy & Ormrod, 2001), which encompasses tools for data management and analysis, such as internal reporting, marketing intelligence, and decision-support systems. Each component of an MIS relies on the insights from marketing research to inform strategic planning.

Marketing Research

3. Steps of the Marketing Research Process and Importance of Problem Definition

is a systematic method for solving market problems and is an essential element of the decision-making process in marketing. Some procedures include identifying the issue under study, developing the research proposal and data collection, analyzing, and presenting the results. An attempt central to any research is defining a problem because it maps the general course to be followed. Writing a clear and specific problem ensures that research goals and objectives are adequately articulated; hence, the choice of methodologies used in the research and the study’s relevance are determined (Leedy & Ormrod, 2001).

For instance, PepsiCo’s “Pepsi Challenge” actually worked because its goal was clear: to know how people prefer their soft drinks. On the other hand, the problem can be misidentified. Hence, strategies formulated to sort the problem will not work as intended; for instance, Coca-Cola introduced New Coke to the market, thinking consumers were loyal to their brand (Leedy & Ormrod, 2001). The problem must be clearly defined so that optimal marketing solutions are generated for the organization.

Marketing Research

4. Developing Effective Research Objectives and Action Standards in Marketing Research Proposals

Coherent research questions are essential in any proposal as they set out what the research wants to accomplish. Strategic research objectives are stated in the form of SMART (Specific, Measurable, Achievable, Relevant, and Time-bound), OutOfSchmidt et al.(2019), and OutOfPfeifer and Starkey (2018), giving structure to the research focus. Of equal importance is the specification of action standards or standards against which the research’s results can be judged.

The parts of a marketing research proposal are the introduction, objectives, methodology, time frame, and cost, with all aspects relating to both clear and viable. For example, an objective may be proposed to identify the right price for a product, an action standard that, if 70% of the sample prefers a certain price, will be used at the time of launching the product (Leedy & Ormrod, 2001). Such features make the research practical and directed toward the organization’s strategic objectives.

Marketing Research

5. Importance of Research Design in Marketing Research

Research design is the structured approach to conducting marketing research, and it includes three major types: Exploratory, descriptive, and causal research. Exploratory research is helpful in investigating a problem that is not clearly defined and typically results in the development of a theory, which is a hypothesis. The techniques more frequently seen in this area are focus groups or qualitative interviews. Descriptive research in surveys and observation helps answer specific questions about the market in a given context, such as “who,” “what,” and “where.”

Causal research, which aims to determine the cause and effect relationships, is usually carried out in the framework of an experimental research paradigm. This is important, for instance, in A/B testing since marketers are testing different versions of the campaign to determine effectiveness. Selecting the right research design takes into consideration the research objectives to be accomplished, as well as data that has the potential to produce results that can foster decision-making (Leedy & Ormrod, 2001). When understanding and applying each research design type, marketers can infer significant information that will help in decision-making.