MARKET

RESEARCH
INTRODUCTION
FERNANDO P. FERRER JR., MBA
 OBJECTIVES

1 2 3 4
To discuss the
Define and To discuss the To discuss an
different
explain what is purpose and introduction
information that
Market uses of Market can be gathered about the
research Research through the Market
conduct of Research
Market process
MARKETING RESEARCH
Marketing research is the systematic
gathering, recording and analyzing of data
about problems relating to the marketing of
goods and services.

MARKET RESEARCH
Market research will give you the data you
need to identify and reach your target
market at a price customers are willing to
pay.
MARKETING RESEARCH

Marketing research focuses and

organizes marketing information.
It permits entrepreneurs to:

• Spot current and upcoming problems

in the current market
• Reduce business risks
• Identify sales opportunities
• Develop plans of action
MARKET RESEARCH

• Successful marketing requires timely

and relevant market information.

• An inexpensive research program,

based on questionnaires given to
current or prospective customers, can
uncover dissatisfaction or possible
new products or services.
 MARKET RESEARCH

• Market research is not a perfect science.

It deals with people and their constantly
changing feelings and behaviors, which
are influenced by countless subjective
factors.
• To conduct market research, you must
gather facts and opinions in an orderly,
objective way to find out what people
want to buy, not just what you want to
sell them.
 MARKET RESEARCH

• Market research will identify trends that

affect sales and profitability.
-Population shifts
-Legal developments
-The local economic situation should be
monitored to quickly identify problems and
opportunities
• Keeping up with competitors' market
strategies also is important.
 MARKET RESEARCH

• Every small business owner must ask the

following questions to devise effective
marketing strategies:
-Who are my customers and potential
customers?
-What kind of people are they?
-Where do they live?
-Can and will they buy?
-Am I offering the kinds of goods
or services they want at the best place,
at the best time and in the right amounts?
 MARKET RESEARCH

-Are my prices consistent with what

buyers view as the product's value?
-Are my promotional programs working?
-What do customers think of my business?
-How does my business compare with my
competitors?
 WHAT IS THE SYSTEMATIC GATHERING, RECORDING AND
ANALYZING OF DATA ABOUT PROBLEMS RELATING TO THE
MARKETING OF GOODS AND SERVICES?

A B C D
A.MARKET B. MARKET C. MARKET D. MARKET
STRATEGY RESEARCH APPROACH PLAN
WHY DO MARKET RESEARCH?

• People will not buy products or services

they do not want.
• Learning what customers want and how
to present it drives the need for marketing
research.
• Small business has an edge over larger
businesses in this regard.
• Small business owners have a sense of
their customers' needs from years of
experience, but this informal information
may not be timely or relevant to the
current market.
WHY DO MARKET RESEARCH?

• Analyze returned items.

• Ask former customers why they've
switched.
• Look at competitors’ prices.
• Formal marketing research simply
makes this familiar process orderly. It
provides a framework to organize
market information.
 MARKET RESEARCH CAN BE...

SIMPLE COMPLEX

Example: Questionnaire in your Example: Hiring a professional

customer bills to gather market research firm to conduct
demographic information about primary research to aid in
your customers developing a marketing strategy to
launch a new product
INFORMATION THAT CAN BE OBTAINED THROUGH
MARKET RESEARCH
INFORMATION THAT CAN BE OBTAINED THROUGH
MARKET RESEARCH
INFORMATION THAT CAN BE OBTAINED THROUGH
MARKET RESEARCH
 TYPES OF MARKET
RESEARCH
PRIMARY MARKET
RESEARCH
Primary research involves collecting data
based on a research problem or question
that is specific and unique to the business.
Primary market research can be carried out
by the company itself or an external
organisation, but the data collected will be
brand new. It often involves gathering data
on the business's existing customers.
Primary data are collected through surveys,
focus groups, interviews, and
questionnaires.
SECONDARY MARKET
RESEARCH
Secondary data has been collected before
for purposes other than the research
question or problem at hand. Secondary
data can be collected both internally and
externally. This could include things like
sales and inventory records of the
company (internal), internet research
(external), market reports (external), or
information from the Census (external).
 TYPES OF MARKET
RESEARCH
QUALITATIVE MARKET
RESEARCH
Qualitative data is usually collected from
smaller sample sizes. The goal of this type
of research is to question and observe what
people say, do, and how they react to
certain situations or ideas. Questions are
usually open-ended, and it is up to the
respondent how they answer each question
(no predetermined answers).
QUANTITATIVE
MARKET RESEARCH
Quantitative research usually involves
structured questions, where responses to
those questions are predetermined, and
respondents choose between one of the
predetermined answers. Sample sizes are
generally larger (more people surveyed).
1. DEFINE THE RESEARCH
PROBLEM AND OBJECTIVES
During this step, the researcher needs to define the
problem they are trying to solve with their research. It
is vital to make sure that the problem the researcher
decides to focus on is not too broad. The researcher
then has to define their objectives and decide on the
type of research they will conduct:
• Descriptive - describe a situation, event, market, or
customer group.
• Exploratory - collecting preliminary information to
understand the problem and develop hypotheses.
• Causal - exploring cause and effect
2. DEVELOP THE
RESEARCH PLAN
The researcher then has to develop the research plan.
During this step, they decide whether they will be
collecting primary or secondary data and the type of
research method they will use (surveys, focus groups,
etc.). This step also involves coming up with a
sampling plan. Sampling could either be:
• Random - all people in the sample group have an
equal chance of being selected.
• Convenience - choosing the people that volunteer
to take part in the research.
• Judgement - deliberately choosing certain people
to sample.
3. COLLECT THE DATA

During this step, the researcher conducts the research.

Example: If their research method is an online survey,

this is when they would send participants the survey
and ask them to complete it.
4. DATA ANALYSIS

During this step, the researcher uses various

statistical
tools if they are conducting quantitative research
or analyses different interviews if they are
conducting qualitative research.
5. PRESENT FINDINGS
During this step, the researcher will format their
analysis and data into detailed insights - translate
data into valuable recommendations for
managers.

For example, imagine a researcher exploring

customer satisfaction in a restaurant. Instead of
mentioning that a unit increase in staff friendliness
will significantly increase perceived service quality,
the researcher would advise the restaurant
manager to carefully train their customer-facing
staff as this could improve customer satisfaction.
6. ????
6. MAKE A DECISION

This is where the organisation would decide how to

tackle the problem they were researching with the
researcher's findings. For example, this step could
involve a decision on whether to launch a new
product or not.
MARKET RESEARCH
- KEY TAKEAWAYS

• Market research involves collecting and

analysing information about markets,
consumers, and their behaviour.
• Primary research involves collecting and
interpreting primary data. This is entirely
new data.
• Secondary market research involves
interpreting secondary data. Someone else
collected this type of data before the
researcher began their investigation.
• Qualitative research focuses on gathering
and analysing data that is not numerical.
MARKET RESEARCH
- KEY TAKEAWAYS

• Quantitative research collects numerical

data, which the researcher can later
analyse through different statistical
measures.
• Marketing research involves defining the
research problem and objectives,
developing the research plan, collecting
data, analysing data, presenting the
findings, and making a decision.
REFERENCES

• Novartis. (February 2, 2022). Novartis AG's expenditure

on research and development from 2004 to 2021 (in
billion U.S. dollars) [Graph]. In Statista. Retrieved
August 30, 2022, from
https://www.statista.com/statistics/266134/novartis-
expenditure-on-research-and-development-since-
2004/
CONTACT ME

0935-9633-741
fernando.ferrer@clsu2.edu.ph

Fher Pusta Ferrer

SERDAC LUZON