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

2. 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).

3. 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

4. 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?

5. 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

6. 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

7. 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

8. 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

9. 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).

10. 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.

11. 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 approach-to-successful-marketing-research/