Marketing Research
Principles of Marketing
Accountancy, Business, and Management
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Do you enjoy watching
detective movies? This genre
of entertainment appeals to
those who like to analyze
traces, find patterns, and
uncover mysteries.
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Quick Look
Understanding Each Other
You may know your classmates by name. You may recall a few pieces of
information about them. But how well do you know their likes and
dislikes, hobbies and dreams? This short classroom activity will help you
get to know more about one of your classmates.
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Quick Look
Understanding Each Other
1. Choose a partner among your classmates.
2. On a piece of paper, list down ten questions that you want to ask
about your classmate. You can ask about their likes, dislikes,
favorites, hobbies, and dreams.
3. Ask these questions to your classmates and learn more about them
through their answers. Prepare to answer their questions in return.
4. Answer the following guide questions.
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Quick Look
Questions to Ponder
1. How did you find the activity? Did you learn something new about your
classmate?
2. Suppose you are already a marketing professional, how do you think
this information can help you with your objectives?
3. Why do you think it is important for companies to gather market
information?
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Learning Competency
Define marketing research, its importance to a business
enterprise and identify the steps in marketing research
(ABM_PM11-le-i-11).
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Learning Objectives
At the end of this lesson, you should be able to do the following:
● Define marketing research.
● Demonstrate the steps in the marketing research process.
● Explain the importance of marketing research to the
company.
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Why do companies invest a lot in
marketing research?
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Marketing Research
▪
▪
knowledge on consumers and
the market is vital in building
profitable
customer
relationships
the
systematic
planning,
gathering,
analysis,
and
reporting
of
data
on
consumers, customers, and
the market
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Marketing Research
Generally, market research is being used if businesses want:
1. to know who their target market should be
2. to identify customer needs and wants
3. to formulate marketing strategies to effectively
implement marketing programs and activities
4. to determine the feedback of customers on the products
and services for possible improvements
5. to examine the consumers’ level of awareness of the
products and services they offer
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Marketing Insights
actionable
pieces
of
information gathered from a
deep analysis on various
factors
concerning
consumers, customers, and
competitors
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Importance of Marketing Research
Helps to Understand the Target
Market
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Importance of Marketing Research
Facilitates Informed Decision
Making
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Importance of Marketing Research
Minimizes Risks and
Uncertainty
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Importance of Marketing Research
Helps to Stay Competitive
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The Marketing Research Process
Implementation
and data
collection
Research
problem and
objectives
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1
Research plan
and methods
Interpretation,
analysis, and
reporting of
results
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The Marketing Research Process
Research Problems and
Objectives
must clarify the intended use for
the information and knowledge
that the study seeks to develop
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The Marketing Research Process
Developing a Research
Plan
● elaborates the methods by
which information will be
gathered
● efficient and effective data
gathering
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The Marketing Research Process
Implementing the
Research Plan
● involves collecting,
processing, and analyzing
market information
● the process that is considered
the most expensive and most
prone to error
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The Marketing Research Process
Interpreting and
Reporting the Findings
researchers interpret the results,
draw conclusions, and report
them to the management; then
the
management
makes
decisions
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Keep in Mind
● Marketing research is the systematic planning, gathering, analysis, and
reporting of data and results pertinent to a company's particular
marketing situation. It seeks to gain market insights to understand
consumers, customers, and the market deeper.
● Marketing insights help businesses make decisions on their product
offerings and target market, and formulate effective marketing
strategies.
● To effectively implement and conduct marketing research, the steps in
the marketing research process should be followed.
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Try This
True or False. Write true if the statement is correct. Otherwise, write false.
1. Once objectives have been defined, the next step is to develop a
sampling plan.
2. In marketing, collecting data to perform accurate marketing
analysis is called marketing research.
3. Implementing the research plan involves collecting, processing,
and analyzing market information.
4. All companies hire outside research specialists or buy data
collected by third-party firms to aid their decision-making.
5. Marketing research is the systematic design, collection, analysis,
and reporting of data and findings relevant to the company's
specific marketing situation.
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Practice Your Skills
Answer the following questions. Write your answers in the space
provided.
1. EFG Packaging Corporation conducted a marketing
research to know the perception of consumers towards
brands that use eco-friendly packaging materials. The
cdorporation hired research professionals to create the
research plan and methods, handle data gathering and
collection, and the analysis, interpretation, and reporting of
results. Did EFG Packaging Corporation miss any of the
important steps? Explain your answer.
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Practice Your Skills
Answer the following questions. Write your answers in the space
provided.
2. Andrew is the owner of a food and beverage company. He
commissioned a marketing research study with the following
problem: “Do consumers think that vegan food products are
better?” Do you find any problem with Andrew’s marketing
research problem? Explain your answer.
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Challenge Yourself
Answer the following questions.
1. What do you think will happen if the marketing research
process is not implemented properly?
2. Research is creating new knowledge. Do you think this
statement is applicable to marketing research? Explain your
answer.
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