Marketing Research and Planning II

Market Research and Planning

Santina Wood

M2-A2/MKT230

06/30/2015

Instructor Kehres

Abstract

Market research is essential, and the most important part of any business. Especially if we want to offer products or services that are consumer focused and well targeted. Good business decisions are based on good, solid market research and intelligence.  By researching our market meticulously, we can minimize our risk to our business, and identify new opportunities, all while helping us to communicate better with our customers. Strategies, products, and communication all rely on understanding your customers' desires and preferences.

Market Research II

Research Methods

There are a number of ways to categorize the different market research methods. The majority of which fit into one of these six categories:

1. Secondary Research- to seek out existing research and data.
2. Surveys- Surveys are the most commonly known and used techniques when in market research.
3. Focus Groups- Focus groups bring together a group of people and place them in a room. Within this group are people that fit a certain target demographic.
4. Interviews- Similar to the focus groups, individual interviews are used. This is known as a qualitative market research method.
5. Observation- Observational research can happen in a number of different ways. In this type of research there are two categories: (a) strict observation with no interaction with the subject at all, or (b) observation with small level of interaction.
6. Experiments/Field Trials- This type of research involves scientific testing, where very specific variables and theories can be tested. These tests are best done in a controlled environment or in a natural setting (field trial). This type of market research is always quantitative in nature. (Man, 2011)

Data Mining

Data mining is an investigative process that is used to explore informational data (usually large quantities of data – mostly it is business or market related) in order to find consistent patterns and relationships between variables, and then it validates it. Data Mining is widely used in both qualitative and quantitative research. In order to provide the framework for the research project, development of question(s), and to validate the study findings Secondary Research is then used.

Market Research Process

Small Business Playbook, (2012) says that there are five steps to conducting great marketing research:

1.  Define the specific issue and establish your objectives.

2.  Develop a Research Plan then design the project.

3.  Collect all pertinent information.

4.  Analyze every piece of information thoroughly

5.  Present your findings. (Small Business Playbook, 2012)

Consumer Behavior

The consumer has never been predictable, while at the same time they can be very unpredictable. In 1993 a poll was taken of people who drink bottled water. The poll found that 35 percent of those who took the poll chose bottled water mainly due to concerns of tap water quality. Another 12 percent chose bottled water due to both health concerns and a strong desire for a something to substitute other beverages. Another 35 percent was drinking bottled water as a substitute for sugary soft drinks and caffeinated beverages. The last 7 percent however chose bottled water for reasons like taste and convenience (Olson, 1999)