According to American Marketing Association, “Marketing Research is the function that links the consumer, customer and public to the marketer through information-information used to identify and define marketing opportunities and problems, generate, refine and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.” Show
Marketing Research is systematic problem analysis, model building and fact finding for the purpose of important decision making and control in the marketing of goods and services. Marketing Research is a well-planned, systematic process which implies that it needs planning at all the stages. It uses scientific method. It is an objective process as it attempts to provide accurate authentic information.  Marketing Research is sometimes defined as the application of scientific method in the solution of marketing problems. Marketing Research plays a very significant role in identifying the needs of customers and meeting them in best possible way. The main task of Marketing Research is systematic gathering and analysis of information. Before we proceed further, it is essential to clarify the relationship and difference between Marketing Research and Marketing Information System (MIS). Whatever information are generated by Marketing Research from internal sources, external sources, marketing intelligence agencies-consist the part of MIS. MIS is a set of formalized procedures for generating, analyzing, storing and distributing information to marketing decision makers on an ongoing basis.
Marketing Research is essential for strategic market planning and decision making. It helps a firm in identifying what are the market opportunities and constraints, in developing and implementing market strategies, and in evaluating the effectiveness of marketing plans. Marketing Research is a growing and widely used business activity as the sellers need to know more about their final consumers but are generally widely separated from those consumers. Marketing Research is a necessary link between marketing decision makers and the markets in which they operate. Marketing Research includes various important principles for generating information which is useful to managers. These principles relate to the timeliness and importance of data, the significance of defining objectives cautiously and clearly, and the need to avoid conducting research to support decisions already made. Marketing Research is of use to the following:-
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Staring at the analytics section of an application wondering “What do I do with this?” can be anxiety-inducing. Leaders and teammates often want to know “What does the data tell us so we can make informed decisions?” But it’s not always that simple. So let’s take a step back and explore how to gain actionable insights from your data. Since it seems every marketing solution includes an analytics tool (ours is called Insights), it’s tempting to just jump right into data analysis. But without a formal strategy for reviewing and interpreting data, the information you bring back to your team will lack insight and accuracy. The scientific method is one proven approach to acquiring and understanding new knowledge. The main steps include: asking a question, making a hypothesis, and then testing that hypothesis. In this article, we’ll walk through these steps and how to use them in data analysis. Form a question to focus your effortsAlthough developing a plan for data analysis can feel like overkill, it will save you time in the long run by providing focus and direction. Before you even open the analytics app, write down the questions you’d like the data to answer. Ensure that each question aligns with team or organizational goals. Ask yourself, “Will this answer help inform change?” Or, “Will my team thank me for this information?” Don’t be afraid to get specific with your questions. This will help eliminate time spent simply clicking around in the analytics tool, wondering what to look at first. For example… As a content team, we’re interested in understanding how our marketing resources perform. So the questions we seek to answer are ones that will help us achieve our content marketing goals. Some questions to ask could include:
Creating content is time-intensive. It requires coordination between writers and designers, along with alignment across promotions and campaigns. Because our marketing team wants to create resources that are valuable, questions like these will help provide insight into which content types and topics produce the engagement and results we set out to achieve. Make a hypothesis to determine successA hypothesis is a testable theory or idea that is not yet proven. The key here is that a hypothesis can either be proven or disproven. Using an “If _____, then ______” statement could be a helpful place to start. Using desired project goals or key results to inform your hypothesis can help you identify factors that impacted your final numbers, and make your results more repeatable in the future. Including a hypothesis in your approach to data analysis will help get you better answers. For example… Any successful customer experience is the composite of numerous cohesive and memorable brand interactions. Let’s try to prove or disprove the impact of some of the details in these experiences by articulating some hypotheses:
Knowing which actions make the biggest impact with our specific audience will help inform the direction of our copy while also aligning with company objectives. Test your hypothesis to validate resultsNow it’s time to set up the experiment and put your hypothesis to the test. To achieve the most accurate results, you’ll want to focus on only changing one element, or control variable, at a time. The control variable is held constant throughout an experiment to assess the relationship between multiple variables. You’ll also want to allow plenty of time to conduct the experiment, to ensure you have enough data to achieve statistical significance. For example… Any piece of content can be influenced by numerous variables. Not every piece of content is the same form. Not every piece is created for the same audience or is being promoted equally. By identifying some key criteria for our data, we’re able to get more specific answers. Taking one of the sample hypotheses from above, let’s look at how this could be tested. Hypothesis Control Test Duration Once the test has run for enough time, it’s time for analysis. Analyze the dataTake a look at what happened in your experiment. Does the data support your hypothesis? Spend some time looking at the data with a critical eye. Look for patterns or unexpected results. It’s okay if you disprove your hypothesis. This new information can be used to refine, alter, or expand your hypothesis, or even form a completely new hypothesis. For example… With the button colors different but everything else on the landing page the same, the CTR for each page was about the same. Since this test ran for enough time to give our data statistical significance, we can conclude that the green and blue buttons perform similarly. Communicate your findingsNot everyone will be as close to the data as you are. Determining a way to effectively share your findings with others is a crucial part of the experiment. The final product for your share out also depends on the amount of time and effort that was put into the experiment. Visual representations of data are typically the easiest way to quickly convey results, but these representations can range from great works of art to simple charts and graphs. Understanding your audience and project expectations will help guide your communication. And remember, even if your hypothesis was disproved, there’s still valuable information to share. For example… Our experiment was relatively small and only for the marketing team. Since our audience understands these tests, it didn’t require a large presentation or formal charts. Instead, we presented the engagement numbers and CTRs for each version of the landing page during the experiment time frame and used that as a jumping-off point for our next hypothesis. Tips for successBe transparent with your data Save
dashboards for future reference You can’t measure and evaluate everything Starting your own experimentAdmittedly, a lot of what we do cannot be measured. And in marketing, we’re also up against time constraints. So we need to find the right balance. Just because software offers tools to measure something, might not mean those metrics are important to you and your objectives. Monitoring your digital asset
management (DAM) system data can help inform marketing decisions or save thousands of dollars. We want to help you refine your approach to data analysis, so you successfully evaluate what you can and keep moving forward. If you
want to check out our DAM solution and analytics app, Insights,
Who said that marketing research is the application of scientific methods in the solution of marketing problems?Luck Wales and Taylor: “Marketing research may be defined as the application of scientific method to the solution of marketing problems.”
What is market research by Philip Kotler?Definitions of Marketing Research
According to Philip Kotler, "Marketing research is systematic problem analysis, model building and fact-finding for the purpose of improved decision-king and control in the marketing of goods and services."
Is a scientific method used by marketing research?Applying the scientific method to your marketing efforts can help provide data-driven, objective results. When you approach marketing as an experiment, you can make more accurate predictions about what could work, as well as learn why your efforts do work.
What is marketing research According to Kotler and Keller 2000?Kotler and Keller define marketing research as 'the systematic design, collection, analysis, and reporting of data and findings relevant to a specific market situation facing the company'.
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