Research and Strategy

Name: Research and Strategy
Author: Joseph Rice

Learn to use information from marketing research to develop a targeted marketing strategy

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Course: On-Demand

(upbeat music) Let's go over the process of getting to know and understand the consumer. We'll look at the marketing research process, the influence on buyer behavior, psychological factors affecting marketers, and how to use marketing data. According to Marketing Research Journal, marketing research can be described as the methodical collection, analysis of, and reporting of data. Research gives marketers insight into consumer motivation, behavior, and satisfaction. Research can be demographically specific, and vary by location, culture, and borders among other factors. Marketing research can help define the features products need, price, distribution and promotions. Marketing research is used to define the potential size of the market during each growth phase, and identify competitors. Lastly, marketing research is used to measure the effectiveness of the marketing mix. There are many techniques used to perform market research. All of them have pluses and minuses, and are often used in conjunction with one another. Let's explore a few of them. Surveys are the most common of all marketing research methods. The major advantage of surveys is their flexibility. Surveys can be on paper, electronic, by phone, or in-person. They can vary in length from a few questions to several pages long. Some pay participants to respond, while others rely on consumer goodwill. Another thing that makes surveys useful is they can be created quickly, and adapted as the market changes. Surveys are widely used in the initial gathering phase of marketing research. Because you can easily distribute them in many different forms, surveys can gather broad amounts of information in a short timeframe. Observational research is another widely used marketing research method. Observation can provide marketers with the broadest understanding of consumers. An example of observation would be when companies review consumers online search histories, and offer them a specific product. Observational research is often used in an exploratory sense because it's so good at investigating problems that aren't clearly defined. For example, how do consumers move through a store? What sections do they go to first? A downside is that observational research can take a lot of time and resources to conduct. Another form of market research is experimental research. From a product marketing standpoint, experimental research can be used to see how different individuals, or groups respond to different stimuli. Experimental research is often used to explain cause and effect relationships. The collection of contact methods is concerned with how information can be collected either by phone, mail, or email. Being able to contact consumers is vital for marketers. And each method of contact has its own strengths. Online research is its own market research category. Online research is relatively new to marketing and includes surveys, online focus groups, consumer tracking, or observation, experiments, and online panels for brand communities. Online research has the benefits of reaching the broadest audience, but has the weakness of being impersonal and easily disregarded. We've all seen online surveys, but how many times do you take the survey? And how many times do you just click through, or delete the request? The research plan begins with deciding on a goal and a target market. The research plan is how you reach the consumer, and collect the information needed. For instance, if you need to know more about what color of car consumers prefer, you might conduct a survey embedded on a car company website, or research what color cars are most frequently purchased. The data is then presented to those who make the decisions on what paint colors are offered on the company's cars. A research plan includes a question, a target market, a research technique, and circulation of the data.

Intermediate Provider : Joseph Rice 7 Lessons · 25m in Arabic, German, English, Spanish, French, Portuguese, Chinese

Course Description

Research gives marketers insight into customer behaviors and market trends. In this course, you’ll learn how to conduct marketing research, analyze marketing data, and react to certain factors in the market. With this knowledge, you can tailor your marketing strategy to the products and services you’re selling, as well as your target audience.

What You'll Learn

Conduct marketing research using established research process methods
Identify the four major factors that influence consumer buyer behavior, including psychological factors
Explore how demographic and economic environments impact marketing
Analyze marketing data and information to react to the market
Apply special marketing considerations when reacting to the marketing environment
Tailor a marketing strategy to your products, services, and target audience

Key Takeaways

Marketing research gives marketers insight into customer behaviors and market trends.
Consumer buyer behavior is shaped by four major factors, including psychological factors.
Demographics and economic environments impact the market and how marketing is approached.
Analyzing marketing information helps marketers react to factors in the marketing environment.
Insight from research lets marketers tailor their strategy to their products, services, and target audience.

Frequently Asked Questions

What will I learn in this course?

You'll learn how to conduct marketing research, analyze marketing data, and react to certain factors in the market, including what influences buyer behavior and how demographics and economic environments impact the market.

Who is this course for?

It is designed for marketers who want insight into customer behaviors and market trends so they can tailor their marketing strategy to the products and services they're selling and to their target audience.

What topics does the course cover?

The course covers the marketing research process, the four major factors that influence consumer buyer behavior, psychological factors, the impact of demographic and economic environments on marketing, analyzing marketing information, special marketing considerations, and reacting to the marketing environment.

How does this course help with marketing strategy?

By giving you knowledge of marketing research and data analysis, the course helps you tailor your marketing strategy to the products and services you're selling as well as your target audience.