Principles of market research.edited

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Principles of market research 1

Contents Understand the basis on which market research is commissioned .................................................. 3 01.01 Describe how to identify the need for market research and the sources of evidence to support this ................................................................................................................................... 3 01.02 Describe the basis for scoping the research and identifying linkages, interdependencies, and the possible impact of one element on others ....................................................................... 3 01.03 Explain how to set research parameters, aims, and evaluation criteria ............................. 3 01.04 Explain the importance of involving stakeholders in the definition of research to be carried out .................................................................................................................................... 3 01.05 Explain how to evaluate different options for conducting the research ............................ 3 Understand how to design market research projects ....................................................................... 4 02.01 Explain how to set research objectives, timescales, budget and resource requirements, and success criteria ...................................................................................................................... 4 02.02 Explain how to specify the characteristics and size of the sample to be researched in accordance with the research aims and objectives ...................................................................... 4 02.03 Describe the factors to be taken into account when selecting research instruments that are fit for purpose ......................................................................................................................... 4 02.04 Explain how to ensure the suitability of methods chosen to conduct research ................. 4 02.05 Explain the strengths and limitations of quantitative and qualitative research ................. 4 02.06 Explain how risks inherent in market research may be addressed .................................... 4 02.07 Explain how to ensure that research data collected is valid and reliable ........................... 5 02.08 Describe the uses of the research outputs .......................................................................... 5 02.09 Explain how to obtain approval to the proposed research ................................................. 5 Understand the principles of marketing data collection .................................................................. 5 03.01 Explain the difference between primary and secondary research and how this affects data collection methods and interpretation .................................................................................. 5 2

03.02 Describe the importance of using research instruments correctly ..................................... 5 03.03 Explain the role of data collection in a market research project ........................................ 6 03.04 Explain how to address problems arising in data collection (eg, insufficiency of a representative sample, unreliable or invalid data) ....................................................................... 6 03.05 Explain the importance of accurate data collection and recording .................................... 6 03.06 Explain marketing data storage, security and access requirements ................................... 6 Understand the principles of marketing data interpretation and evaluation .................................... 6 04.01 Explain the volume of data needed to ensure statistical confidence ................................. 6 04.02 Explain how to evaluate the quality, reliability, and validity of market research data ...... 7 04.03 Describe the use(s) of market research .............................................................................. 7 04.04 Explain the application, strengths and weaknesses of different data analysis methods .... 7 04.05 Explain the use of statistical tools to identify trends, causes, and correlations in marketing data ............................................................................................................................. 7 04.06 Explain the strengths and weaknesses of different data evaluation methods .................... 7 04.07 Explain the basis on which to reach conclusions as to the usefulness of the research ...... 7 References ........................................................................................................................................ 8 3

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Understand the basis on which market research is commissioned. 01.01 Describe how to identify the need for market research and the sources of evidence to support this Analyzing sales patterns, reading industry publications, and keeping an eye on consumer feedback are all necessary steps in determining the necessity of market research (Palamalai, 2022). Gather information to support the need for research by consulting sources, including competition analysis, social media analytics, and consumer surveys. 01.02 Describe the basis for scoping the research and identifying linkages, interdependencies, and the possible impact of one element on others Consider the larger company context when you scope the study and look for connections and interdependencies among various components. Examine how modifications in one area could affect others, ensuring you thoroughly grasp all the possible outcomes. 01.03 Explain how to set research parameters, aims, and evaluation criteria Define the research parameters by describing its goals, scope, and success criteria. Clearly state the objectives of the research and provide assessment standards to gauge how well the study addresses the requirements that have been identified. 01.04 Explain the importance of involving stakeholders in the definition of research to be carried out Acknowledge how crucial it is to include stakeholders in guiding the study. Involve important stakeholders to establish alignment with company objectives and obtain various viewpoints (Moisander et al., 2020). This partnership increases the research's relevance and promotes a sense of ownership. 01.05 Explain how to evaluate different options for conducting the research Consider cost, time, and data quality while analyzing research possibilities. Weigh the benefits and drawbacks of several approaches, such as surveys, focus groups, or market analysis tools. Select the strategy that best fits the goals of the research and the available resources. 4

Understand how to design market research projects. 02.01 Explain how to set research objectives, timescales, budget and resource requirements, and success criteria Determine reasonable deadlines, spending limits, and resource requirements. Success criteria must be quantifiable and connected to accomplishing the predetermined goals. 02.02 Explain how to specify the characteristics and size of the sample to be researched in accordance with the research aims and objectives Match the sample size and composition to the study's goals. Make sure the sample is representative of the target population by considering demographic considerations. An adequate sample size ensures statistical significance. 02.03 Describe the factors to be taken into account when selecting research instruments that are fit for purpose When choosing research instruments, consider variables, including the type of data used, the required level of detail, and respondent preferences (Viglia et al ., 2021). Ensure they offer accurate data and are suitable for the study's goals. 02.04 Explain how to ensure the suitability of methods chosen to conduct research Select research methodologies appropriate for the context and aligned with the study's goals. Enhance the efficacy of the selected approaches by considering variables such as participant involvement, ethical issues, and data-gathering settings. 02.05 Explain the strengths and limitations of quantitative and qualitative research Qualitative research yields an in-depth understanding, whereas quantitative analysis delivers statistical precision and generalization (Toyon, 2023). Acknowledge that every person has advantages and disadvantages. Integrating the two methods might result in a more thorough comprehension. 02.06 Explain how risks inherent in market research may be addressed Determine any potential hazards, such as sampling bias or mistakes in data collection. Thorough planning, pilot studies, and continuous observation can reduce bets. 5

02.07 Explain how to ensure that research data collected is valid and reliable Put policies in place to guarantee data dependability (consistency) and validity (accuracy). To improve study quality, use standardized instruments, evaluate survey instruments, and keep data gathering procedures consistent. 02.08 Describe the uses of the research outputs Decision-making, strategy formulation, and organizational learning are all aided by research results (Albrecht, 2023). Examples of works that might impact different company operations include competition analysis, consumer preferences, and market insights. 02.09 Explain how to obtain approval to the proposed research Send a thorough research proposal to the appropriate parties. Clearly state the goals, procedures, and anticipated results. Get clearance by proving that the study serves stakeholders and aligns with organizational objectives. Understand the principles of marketing data collection. 03.01 Explain the difference between primary and secondary research and how this affects data collection methods and interpretation Primary research entails the systematic gathering of fresh data that is customized to meet particular study goals. Secondary research uses data sources that already exist. Surveys and interviews are examples of primary research techniques, whereas secondary research uses data that is already accessible. 03.02 Describe the importance of using research instruments correctly Proper use of research instruments guarantees the relevance and accuracy of the data. Data validity increases when surveys, interviews, or observation techniques are conducted correctly. This results in dependable insights for analysis and decision-making. 6

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03.03 Explain the role of data collection in a market research project Gathering data is essential in market research as it forms the basis for insights and analysis. It entails methodically obtaining data to meet research goals, directing strategic decision-making, and fostering organizational success (Malhotra et al ., 2020). 03.04 Explain how to address problems arising in data collection (eg, insufficiency of a representative sample, unreliable or invalid data) Proactive remedies are needed for issues like an inadequately representative sample or untrustworthy data. To reduce difficulties and ensure the robustness of obtained data, one way to ensure data quality is to adjust sampling procedures, conduct pilot studies, and put quality control systems in place. 03.05 Explain the importance of accurate data collection and recording Reliable insights necessitate precise data gathering. It serves as the cornerstone for reliable analysis and well-informed choices. Errors are avoided by careful recording, guaranteeing that the data appropriately represents the desired information. 03.06 Explain marketing data storage, security and access requirements Marketing data must be stored securely to safeguard sensitive data. Restricting access and encrypting data are two effective security techniques that protect against unauthorized usage (Quach et al., 2022). Following the guidelines for data access guarantees that the information is only accessible to authorized people, safeguarding its integrity and confidentiality. Understand the principles of marketing data interpretation and evaluation. 04.01 Explain the volume of data needed to ensure statistical confidence To guarantee statistical confidence, there must be a significant amount of data. Greater validity of study findings is enhanced by larger datasets, which lower error margins and improve the dependability of conclusions made from analysis. 7

04.02 Explain how to evaluate the quality, reliability, and validity of market research data Take accuracy, consistency, and completeness into account when assessing data quality. Consistency in outcomes and data relevance to study goals define reliability and validity. Complete assessment guarantees reliable findings. 04.03 Describe the use(s) of market research Market research has several uses, such as creating marketing strategies, determining market trends, and assisting in creating products by understanding client wants (Moisander et al ., 2020). Throughout a variety of company functions, its insights inform decision-making. 04.04 Explain the application, strengths and weaknesses of different data analysis methods There are many uses for distinct data analysis techniques, including predictive, inferential, and descriptive analysis. While predictive analysis predicts patterns, inferential analysis makes inferences, and descriptive analysis summarises data. 04.05 Explain the use of statistical tools to identify trends, causes, and correlations in marketing data Trends, causes, and correlations in marketing data are found using statistical techniques. Relationships may be found using regression analysis and correlation coefficients, which offer evidence-based insights supporting strategic decision-making. 04.06 Explain the strengths and weaknesses of different data evaluation methods Every data evaluation technique, including quantitative and qualitative ones, has advantages and disadvantages. Quantitative techniques yield statistical precision, but qualitative approaches offer comprehensive insights. The evaluation process is improved overall when both are combined. 04.07 Explain the basis on which to reach conclusions as to the usefulness of the research The agreement of research findings with goals, the accuracy of data, and the use of the results for decision-making serve as the foundation for these conclusions. Valid conclusions consider the insights' applicability and influence on organizational objectives. 8

References Albrecht, D.M.G., 2023. Principles of Marketing . OpenStax College. Malhotra, N.K., Nunan, D. and Birks, D.F., 2020. Marketing Research . Pearson UK. Moisander, J., Närvänen, E. and Valtonen, A., 2020. Interpretive marketing research: Using ethnography in strategic market development. Moisander, J., Närvänen, E. and Valtonen, A., 2020. Interpretive marketing research: Using ethnography in strategic market development. Palamalai, S., 2022. Marketing Research: From Theory to Practice. Message from the Editor-in- Chief . Quach, S., Thaichon, P., Martin, K.D., Weaven, S. and Palmatier, R.W., 2022. Digital technologies: tensions in privacy and data. Journal of the Academy of Marketing Science , 50 (6), pp.1299-1323. Toyon, M.A.S., 2023. Introduction to research: Mastering the basics. Viglia, G., Zaefarian, G. and Ulqinaku, A., 2021. How to design good experiments in marketing: Types, examples, and methods. Industrial Marketing Management , 98 , pp.193-206. 9

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