The blog for the Fundamentals of Marketing & Advertising course

Marketing Research Overview

Posted in General resources & presentations, Research by Jennifer McDowell on February 21, 2010

Why do marketing research?

To be successful, products and marketing programs must meet the wants and needs of potential customers. So marketing research reduces risk by providing the vital information to help marketing managers understand those wants and needs and translate them into actions (the marketing program).

What are the four steps of the marketing research process?

  1. Step 1 – Define the problem.
  2. Step 2 РDeveloping the research plan. This involves identifying data needed and determining how to collect the data.
  3. Step 3 – Collect the relevant information. This includes considering pertinent secondary and primary data.
  4. Step 4 – Analyze the data and make recommendations.

What are the five common types of problems on questionnaires?

Leading questions, ambiguous question, unanswerable question, two questions in one, non-mutually exclusive answers.

Describe three approaches to developing a sales forecast for a company.

One approach uses subjective judgments of the decision maker, such as direct or lost-horse forecasts. Surveys of knowledgeable groups is a second method. It involves obtaining information such as the intentions of potential buyers or estimates of the salesforce. Statistical methods involving extending a pattern observed in past data into the future is a third example. The best-known statistical method is linear trend extrapolation.

Consumer Trends resource

Posted in Research, SWOT by Jennifer McDowell on January 28, 2010

Trendwatching.com is an independent and opinionated trend firm, scanning the globe for the most promising consumer trends, insights and related hands-on business ideas.

The site offers free monthly newsletters describing consumer trends. This may by useful information for your SWOT analysis.

Entertainment Business Megatrends 2010

Posted in Research, SWOT by Jennifer McDowell on January 28, 2010

This market trends whitepaper offers useful prediction for external factors that may affect your business.

AEI – a resource for economic and public policy information

Posted in Research, SWOT by Jennifer McDowell on January 28, 2010

The American Enterprise Institute for Public Policy Research is a private, nonpartisan, not-for-profit institution dedicated to research and education on issues of government, politics, economics, and social welfare.

This kind of resource is useful to marketers. We begin to see how different government policies can affect economic conditions, which can affect our companies, brands, customers and other stakeholders.