Introduction to Marketing Research

Presented by Julie Hyson

Marketing Research

• Marketing research is the systematic and objective identification, collection, analysis, dissemination, and use of information.

• For the purpose of identification and solution of problems and opportunities related to marketing and business development efforts.

Marketing research is a fundamental tool that can help you discover actionable insights!

Marketing Research vs. Market Research

These terms are often used interchangeably, but technically there is a difference.

• Market research deals specifically with gathering information about a market’s size and trends.

• Marketing research covers a wider range of activities. And, although it does involve market research, marketing research is a more general systematic process that can be applied to a variety of marketing problems.

We have the internal capabilities to provide both types of research and are already doing so for several market-based business development teams, and principals in the firm.

Marketing Research

Applied Research is undertaken to solve a specific problem.

• Example: SPC Hospitals Research; Key Healthcare Providers in Southern California.

Basic Research is undertaken for the sake of extending knowledge.

• Example: Healthcare Markets in Greater Los Angeles, and Southern California.

Marketing Research

Marketing Research Studies can be classified by the functions of management:

• Analysis/Planning: Identifying opportunities and market demand.

• Implementing: Studies conducted to implement the four Ps

• Controlling: Success of a marketing strategy.

Marketing Research: Benefits

Data Informati

on Knowled

ge Decision

Making Implementi

ng Action

Key Benefits We’ve all heard the saying, “Information is power.” Research

provides information that facilitations marketing decisions. Without research it is hard for management to make sound marketing decisions or to implement a marketing concept.

When used correctly, this information can be the key to developing a deeper understanding of your customers, innovating to meet their needs, predicting and managing calculated risks, and having a better understanding of your competition.

The Information Value Chain

Marketing Research: Process

1• Establish the Need for Research

2• Define the Problem or Question

3• Establish Research Objectives

4• Determine Research Design

5• Identify Information Types and Sources

6• Determine Methods of Accessing Data

7• Collect Data, Sources & Supporting Documentation

8• Analyze & Validate Data

9• Prepare Research Report & Present Findings

Marketing Research: Data Types and Sources

*Secondary Data: data previously collected for other. This data is accessible internally and externally through reports, articles, journals, and other published or commercially available data. Example: The government census or information in our CRM system.

• Key Benefits: easier to access• Key Challenges: difficult to verify accuracy

Primary Data: can be obtained by communication or by observation. Types of common primary data include: demographic and socio-economic characteristics, opinions, awareness and knowledge, behavior. Example: A client survey.

• Key Benefits: customized to answer a specific question or problem; information directly from customer source.

• Key Challenges: time-consuming, subject to error and bias

Marketing Research: Actions

Insight gained from the research/study allows you to:

1) identify action recommendations

2) implement action recommendations, and

3) evaluate the results (on-going)

Is there a research project that you need

help with?