ANALYSING MARKETING

OPPORTUNITIES
TOPIC 2
LEARNING OBJECTIVES

 2.1 Define Market Research

 2.2 Steps in Marketing Research Process

 2.3 Marketing Research Tools

 According to American
Marketing Association
(AMA), “Marketing
Research is the
systematic gathering,
recording and
analyzing of data about
problems relating to

Definition of the marketing of goods

and services.”
According to Philip

Market
Kotler, “Marketing
research is a
systematic problem

Research analysis, model

building and fact
finding for the purpose
of improved decision-
making and control in
the marketing of goods
and services
According to David Luck,
Donald Taylor and Hugh
Wales, “Marketing
Research is the
application of scientific
methods in the
solution of marketing
problems.”
What is Market Research ?
2.3 STEPS IN MARKETING
RESEARCH PROCESS
Marketing Research Process
Step 1 : Identify the problem

 The most important part of the marketing research process is defining the
problem.
 In order to do any research and collect data, marketers have to know what
they are trying to learn from the research.
 In marketing research, defining the problem to be solved will determine what
information one needs and how to obtain that information.
 This will help the organization clarify the overarching problem or opportunity,
such as how to best address the loss of market share or how to launch a new
product to a specific demographic.
Step 2 : Develop Research Plan

 Outlines sources of existing data

 Spells
out the specific research approaches, contact
methods, sampling plans, and instruments to gather
data
 CONDUCT RESEARCH : QUALITATIVE
& QUANTITATIVE

TYPE EXAMPLE ADVANTAGES DISADVANTAGES

Secondary Research Census data Saves time collecting data as they are Irrelevant data
Sales invoice readily available Not accurate
(Quantitative) Internet information Free and inexpensive (except for Not current
Books syndicated data) Not impartial
Journals
Syndicated data

Primary Research Observation Targeted Issues are addressed High Cost

Focus group Data interpretation is better Time Consuming
(Qualitative) Survey Recent Data Inaccurate Feed-backs
Experiment Proprietary Issues More number of
resources are required
Step 4: Analyze and Report Findings

 Analyzing the data obtained in a market survey involves

transforming the primary and/or secondary data into useful
information and insights that answer the research questions.

 This information is condensed into a format to be used by

managers—usually a presentation or detailed report
Step 5: Take Action

 By making the results available and accessible to managers and

their execution teams, the marketing research project can serve
as an ongoing guide and touchstone to help the organization
plan, execute, and adjust course as it works toward desired
goals and outcomes.
2.2 MARKET RESEARCH
TOOLS
TYPES OF MARKETING TOOLS

 QUALITATIVE

 QUANTITATIVE

 SWOT ANALYSIS
Types of Market Research
Model used in Market Research - Situation
analysis (SWOT analysis)

SWOT Analysis is the most renowned tool for audit and analysis of the

overall strategic position of the business and its environment. Its key purpose is to

identify the strategies that will create a firm specific business model that will best

align an organization’s resources and capabilities to the requirements of the

environment in which the firm operates.

 • What do you do well? • Where are you underperforming?
• What are the factors that you • What is limiting your ability to
control? succeed?
• What is your competitive • Where do limited resources affect
INTERNA advantage? your success?
• How are your products and
L services superior to others in the
marketplace?

Strengths Weaknesses

SWOT
Analysis

Opportunities Threats

• What are untapped markets?

EXTERN • Where is the potential for new • What are the obstacles?
business? • Which external factors
AL • Can you take advantage of any (political, technological,
market trends? economic) can cause a
problem?
STARBUCKS SWOT ANALYSIS
EXAMPLE : NETFLIX