1. What are the 5 steps in marketing research approach 2. Once the data has been
ID: 449565 • Letter: 1
Question
1. What are the 5 steps in marketing research approach 2. Once the data has been collected and analyzed, it must be presented in a clear and concise form. Explain how marketing dashboard can help in the marketing process. 3. What is market segmentation, and why is it important? 4. Explain difference between mass customization and build to order. 5. Marketing information or data consist of primary and secondary data, define each of the primary and secondary marketing information, and give examples for primary and secondary data
Explanation / Answer
5 steps in marketing research approach
1. Definition of the Problem; It is the necessary at the start of any marketing research. It includes to establish the research objectives, hypothesis, questions and the scope of solution which you plan to provide.
2. Build the Research Plan; It is the methodological approach of the research, it can use surveys, focus groups, interviews, online contacts, and much more methodologies.
3. Collecting Information or Data; with the methodological perspective already clear, the challenge is to acquire valid information, to guarantee the confidence of our investigation. This information might be quantitative or qualitative both are required.
4. Analyzing and Showing; At this moment you are going to contrast data with your hipotesis and to present a scientific analysis of your findings.
5. Making Desicions; Here begin marketing campaigns, product launching, the real marketing work.
Marketing Dashboard
Marketing dashboard present graphically the data, its implications, the relation between the main variables to help marketing decision-makers allocate campaign resources. Marketing Dashboard is a tool to seek where is the real value of each marketing effort to the final objectives, for this is a great ally to help marketers correctly gauge the success of key campaigns.
Marketing Segmentation
It is the process of separating in various parts an hole market building different customer segments. The segmentation may have the purpose of differentiating prices depending on the willingness to pay of each segment, as do the airlines, but their purpose remains attend most of the market. But it can also be your goal to find the market share that brings together the most compatible clients the value that the company plans to add serve them and focus on them.
Mass customization vs Build to order
Mass customization is a process that consist in the production of customized products to users’ requests. The idea is the production of large quantities (mass), reducing manufacturing times and unitary costs. In opposition, Build-to-order (pull) approach begins with an order (usually customized), Once the order is placed, the seller starts to fulfill it, affecting the production planning and control, including the entire supply chain.
Primary and secondary marketing information
Market research serves itself of primary or secondary information. Primary research is new data, developed to answer specific topics, is convenient when the nature of the field is new or some specific perspective is required, it means particularities, and generally uses questionnaires, surveys or interviews with individuals or small groups.
Secondary information involves general subjects, things already investigated. It is available in libraries, internet, academic publications and other established sources.
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