Research and Experimental Psychology Major | South University Marketing Research Anndria King Research and Experimental Psychology Major | South University

What is Marketing Research? A set of principles that gives the action plan to strategically collect, record, analyze and interpret data for marketing goods or services. The data collected gives valuable information about consumer needs, feedback and environment (Grewal, 2017).

Stages of Marketing Research Process Defining Objectives and Research Needs Designing the Research Collecting the Data Analyzing Data and Developing Insights Developing and Implementing Action Plan

Defining Objectives and Research Needs STEP ONE Defining Objectives and Research Needs Defining the problem may be the most valuable phase in the process. Deciding what the problem is and figuring out a solution. Establishing the objectives and the questions that will help bring clarity to your problem Clearly define objectives Why do individuals need soap? What ingredients will be beneficial to an individual’s skin concerns? What ingredients will be a liability? Why would an individual be concerned with vegan based products?

Designing the Research STEP TWO Designing the Research The problem has been identified, now developing and designing a research plan is next Interview prospects and customers. Run A/B test Research online Going straight to the source for interviews Conduct survey Ensure sources are credible Situation Analysis Secondary Analysis

Collect the Data STEP THREE Collecting relevant data and information. Gather analytical, scientific and emotional data The approach will depend on the problem or objective, money and time Valid and unbiased Personal data and stories are insightful Questioning & Observing Qualitative & Quantitative Research

Analyzing Data and Developing Insights STEP FOUR Analyzing Data and Developing Insights Time to interpret data Test results are better than going with assumptions Evaluate the quality of the research Look for trends Statistics Quantitative Research

Developing and Implementing Action Plan STEP FIVE Developing and Implementing Action Plan Research is complete now time to WORK Put your research to the test This does not mean your research is over Develop Marketing Campaigns Research is NEVER over Choosing Target Market Implement Marketing Mix

Quantitative Research Using a quantitative research method allows the firm to collect data using experimental approaches, Consumer Surveys, Scanner Data and Panel Data. This approach will provide insights to pursue a calculated action plan (Grewal, 2017).

Marketing Recommendations Market research will assist the firm in evaluating consumer attitudes and opinions, product effectiveness and usability. Marketing an appealing brand to a target market that has been strategically analyzed will increase sales and profitability.

References Grewal, D., & Levy, M. (2017). Marketing. New York: McGraw Hill Education. 5 Step approach to successful Marketing Research -. (2016, September 22). Retrieved August 16, 2017, from http://viennaadvantage.com/blog/business-hacks/5-step approach-to-successful-marketing-research/