Marketing Research

Marketing research is the systematic gathering, recording, and analysing of data about problems relating to the marketing of goods and services

key points
Systematic : research is a scientific process that must follow strict procedures
Gathering : data has to be collected
Recording : care must be taken to accurately record the data that is collected
Analysing : skilful analysis depends on mathematical ability, flair, and experience
Data : is collected, the agency will present it clearly. it is for the manager to decide how to use the information it contains

The better the research is planned the less data is needed to obtain the information. so good planning makes research more cost-effective.

There are four constraints within which researchers must work ( CATS ) :
Cost
The cost of conducting the research must be less than the value of the information it

Accuracy
If the research process is not scientifically accurate the end result will have no value

Time
The research must be completed before the decision must be taken. if it is late it has no value

Security
All research briefs should start with a statement of the level of security needed.
note that the higher the security the more the cost os likely to be, and - possibly - the less reliable the information.

Types of research

Marketing research describes the range of research that is used in by marketing managers
Market research is the systematic analysis of single market ( one form of marketing research )

Market research

Data of market research include :
- Estimated size of the total market
- Estimates of the location and size of potential new markets
- Market trends and changes expected
- Identification of specific market characteristics
- Sales forecast for each market segment
- Names, age, location by area, gender, and social classification of known and potential customers.

Competitor research

it is important to identify exactly who are the key competitors. then to determine where, when, whom and why each will compete in the marketplace
key competitor information will include :
- Strengths and weaknesses of competitors product offer
- Pricing strategies for new and existing product offer
- Distribution strategies
- Promotional strategies
- Strengths and weaknesses of competitor resources
- Strengths and weaknesses of competitor key personnel
- Competitors ability to maintain relationship with suppliers
- The speed, timing, and reliability of their delivery service

Promotional Research

Promotion covers four tools is public relations, advertising, sales promotion, and the sales forces.
To be effective promotion has to :
- Be targeted at correct audience(s)
- Reach the intended targets
- Achieve the desired result
Promotional research is therefore used to :
- Target audience identification
- How to get a message across to the target audience(s)
- The number of times to repeat the message
- Media cost and effectiveness
- The result achieved
- Competitive activity

Retail audit

are so called dealer audit. there are continuous research that measures sales through retail outlets
A retail audit measures the sales of each product, by size, type, special offer, etc.
The original biggest, and best-known specialist in this area is A.C Nielsen.
The typical Nielsen report shows:
Sales 
- by retail selling price
- by package, or weight, etc
Retailer purchase
- by package, or weight, etc
Retailer stock
- to show how much stock is held in the channel of distribution
Average stocks
- per shop, and average monthly sales per shop
Prices paid by customers
- average of all items, based on prices in self-service stores
Distribution
- proportion of shops handling the product offer
Display
- proportion of shop using display  material, analyzed by the brands of competing product offers

Other forms of marketing research

Distribution research

Locating channels of distribution, and evaluating the most cost - effective, long - term solution to distribution issues

Pricing Research

Discovering whats customers and consumers feel is good value. ( special discount, free stock offer, etc. )

Product research

Evaluation of own and competitors product offer

Sales research

Locating potential new customers. discovering key information on buying behaviour and decision - making process

Concept and product testing

Discovering potential customer and consumer reactions to possible new product offer before they go into production.

Researchers decide how to carry out the research. which research tools to use.
The marketing proffesional specifies the questions that need to be answered.
The research proffesional plans and carries out the research to provide the answer.


sources : The official LCCI Examinations board guide