MKT 421T Wk 2 – Practice: Market Research Process Video Case

iSeeit! Video Case: Market Research Process

Market research is a detailed process by which marketers can improve the decision-making process by using more formal, structured approaches and information. By asking the right questions of the right people, marketers can gain insights into customers’ wants and needs and take the necessary actions to grow their business. This holds true for Martha at the Coffee Collective. She is already successful within her local market but she wants to continually improve her offerings by hosting an open mic night for local musicians, storytellers, and activities. She decides to have Gabby and Marco collect survey data as part of their marketing class assignment to see if her customers would want this new feature. While Gabby and Marco both use a formalized process to design, collect, and analyze information from potential customers, they find mixed results form their surveys. After looking at the results, Martha decides not to offer this new feature at the Coffee Collective and instead focuses on providing the products, service, and coffee-drinking experience that her customers have come to expect.

Marketing research is the process of defining a marketing problem and opportunities, and systematically collecting and analyzing information in order to recommend actions. This five-step process includes (1) defining the marketing problem, (2) developing the research plan, (3) collecting relevant information, (4) developing findings, and (5) taking marketing action to increase the effectiveness of marketing activities.