VID03_Market research, Marketing research

Market Research vs. Marketing Research

Market research and marketing research are related but distinct concepts:

• Market Research focuses on studying the market environment at both micro and macro levels:

  • Micro level: Customers, suppliers, competitors, intermediaries
  • Macro level: Social, political, economic factors, technological development, overall market environment

• Marketing Research is broader and centers on collecting and analyzing information to solve specific company problems, such as:

  • Advertising effectiveness
  • Brand elements
  • Visual identity

• Overlap: Both fields share areas like competitor analysis, pricing strategies, demand forecasting, and product elements.

Data Sources and Tools

Marketing research relies on a variety of data sources and analytical tools:

• Secondary Data Sources:

  • Trademap
  • Number
  • CIA Factbook
  • Google Keyword Planner
  • Local and international databases

• Primary Data Collection:

  • Building data warehouses from collected data

• Analytical Tools:

  • Big data analytics
  • Data science tools, including sentiment analysis on social media and product reviews

• Key Channels:

  • Online market analysis
  • Social media platforms

Marketing Research Methods

Modern marketing research emphasizes digital and online-capable methods for efficient data gathering and analysis, including:

• Observations
• Focus Groups
• Surveys
• Interviews
• Personal Interviews

Five-Step Marketing Research Process

A structured approach to marketing research typically involves five key steps:

1. Define the Question Examples include:

   • Pricing optimization
   • Reasons for high product return rates
   • Low sales performance
   • Identifying new markets
   • Product feature improvements
   • Influencer marketing strategies
   • Advertising channel effectiveness

2. Develop a Research Plan Outline the approach to answer the defined question.

3. Data Collection Gather relevant data from both primary and secondary sources.

4. Data Analysis Extract actionable insights from the collected data.

5. Compilation Present findings and recommendations clearly.

Roles and Titles in Marketing Research

Different roles correspond to specific responsibilities within the marketing research process:

• Marketing Research Analyst
• Digital Marketing Analyst
• Inbound Marketing Analyst
• Marketplace Data Analyst
• Analyst

Actionable Recommendations

• Use a structured, stepwise approach to address specific business questions through marketing research.
• Leverage both secondary and primary data sources, supported by data science and big data tools, to gain comprehensive market insights.
• Utilize online methods to increase efficiency and reach in data collection.
• Clearly define roles in the research process to ensure accountability and expertise at each phase.

Presenters/Sources

• Unnamed presenter explaining fundamentals and processes of market and marketing research.