MRK455 Learning Outcomes – recap Week TWO
1. Evaluate the role of Marketing research in the marketing management decision process and market analysis--—we discussed more real-world examples + you did secondary research ‘analysis’!
2. Design a full and formal marketing research project to aid in the marketing management decision making process--- you recommended and did background research on a topic; we discussed the process and what makes good and unsatisfactory RO’s and Hypotheses.
3. Propose appropriate methodologies to help solve marketing issues – you recommended your research topic and we discussed what belongs in a proper Research Brief
4. Construct appropriate measurement instruments that effectively address marketing problems – a survey is, in fact, a measurement instrument- we will continue to review real-world examples so you are better prepared to create your own in upcoming weeks
5Formulate evidence based conclusions and recommendations to help management better interpret and act upon marketing research results. You have started to do this with Secondary Research; after Break you will be doing this intensively with your own survey data
6. Demonstrate effective interpersonal and communication skills--- thanks for the groups for continuing to contribute to Discussion Board and for presenting your findings in class.
NOTES FROM THIS WEEK: we covered Chapter 2 and 3 & supplementary material
The Research Process, according to Burns, has 11 Stepsimo Fig 2.1 omits a keystep – to Create Hypotheses (should be done alongside Step 3: Research Objectives). Creating specific relevant Research Objectives is often underestimated; INVEST TIME & CARE! Be sure the customer/consumer insights you extract are capable of solving the problem that’s defined (eg consumer research doesn't itself ‘make a company more profitable’ though it could provide insight into whether current consumers might buy Product X more often, use it for more situations, etc).
Creating Hypotheses (hunches, or statements of EXPECTED outcomes, in advance of doing the research) is best done by arranging casual discussions with the head of Sales, Account Manager, CRM manager, etc. Hypotheses are also fueled by doing extensive Secondary Research- what does Secondary reveal about egconsumer habits, market segments or productfeatures in similar categories? From research in the same category in a DIFFERENT REGION OR NATION?It’s wise to check a LEAD MARKET to see how a category evolves (ie where it’s more mature-
- Korea is a lead market for most tech;
- Finland for cellphones;
- California for e-vehicles and e-commerce
- Europe for Diesel vehicles;
- Germany or Japan for hi-tech storage solutions and automated materials handling;
- Japan, Italy or Vancouver Island for services for the elderly.
Step 4 (determine Research Design) & Step 5 (Identify Info & Sources) may be very short steps; because the FIRST stage of research is to do Secondary Research. PLEASE check the secondary data source for it’s credibility, recency, Units of measure, Motive, Method, Sample Size and be sure to get Multiple Sources. CITE AS YOU WRITE so that, in any meeting, if questioned, you can IMMEDIATELY say that the source of data is X.
The MRIA is THE site for research standards ie ethical professional conduct. Bookmark it; familiarize yourself with the 10-point code; and visit it for updates.
There are several essential elements of a Research Brief. Constructing a proper Brief requires great care and legal risk; we will cover NDA’s in more detail in Week 3.
Types of Research covered so far
- Primary and Secondary
- EXploratory, CAusal and DEscriptive (‘EXCADE’)
- Qualitative and Quantitative
In Week 3 we will cover these types in more detail ie what types of needs, tend to call for which type of research.
FOR NEXT WEEK (Week 3)-Read Chapters 4, 5 and 6. Bring a nametag, a wifi-enabled laptop or tablet. At 9pm the evening BEFORE CLASS, each student must submit on SafeAssignmini-assignment #2.