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This is the complete lecture note for MKT 323 Strategic Marketing. You can read it online below, open it in the full viewer, or download the PDF for offline study. It pairs with the course's video lectures, so you can read and watch together.
LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS
LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS Series 1: Foundations of Marketing Research and Analytics 1.1 Concept and Scope of Marketing Research • 1.1.1 Definition and nature of marketing research • 1.1.2 Importance of marketing research in business decision-making • 1.1.3 Scope and boundaries of marketing research 1.2 Research Tools and Techniques in Marketing • 1.2.1 Types of business research tools • 1.2.2 Data collection methods: primary and secondary sources • 1.2.3 Analytical techniques for market opportunities identification 1.3 The Marketing Research Process • 1.3.1 Steps in the research process: problem definition, design, data gathering, analysis, reporting • 1.3.2 Challenges and limitations in applying research methods • 1.3.3 Ethical considerations in marketing research 1.4 Applications of Marketing Research in Market Analysis • 1.4.1 Identifying customer needs and preferences • 1.4.2 Market segmentation and targeting decisions • 1.4.3 Linking research findings to marketing strategy 1.5 Emerging Trends in Marketing Research • 1.5.1 Integration of digital analytics in marketing research • 1.5.2 Role of technology and big data in shaping research practices • 1.5.3 Future directions for marketing research and analytics Introduction Marketing decisions are rarely made in isolation. Imagine a company launching a new product without first investigating customer needs or market conditions. The likelihood of failure would be high because decisions would be based on assumptions rather than evidence. This Series introduces you to the foundations of marketing research and analytics, equipping you with the knowledge and skills to gather, analyse, and interpret data that supports sound marketing strategies. It sets the stage for the rest of the course by highlighting why research is the backbone of effective marketing practice.
LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS The aim of this Series is to provide you with a clear understanding of the fundamental concepts, tools, and processes of marketing research, and to enable you to apply these in analysing markets and identifying opportunities. We shall commence this Series by examining the concept and scope of marketing research. Next, we will explore the research tools and techniques that support market analysis. Following that, we will study the marketing research process, including problem definition, data gathering, and reporting. Afterwards, we will consider how research findings are applied in market analysis and segmentation. Finally, we will wrap up by discussing emerging trends such as digital analytics and big data, which are reshaping the future of marketing research. Series Learning Outcomes Upon completing this Series, you should be able to: • 2.1 define the concept and scope of marketing research, • 2.2 explain the role of business research tools in identifying market opportunities, • 2.3 describe the sequential steps in the marketing research process, • 2.4 analyse how marketing research informs market segmentation and strategic decisions, and • 2.5 evaluate emerging trends such as digital analytics and big data in marketing research. 1.1 Concept and Scope of Marketing Research 1.1.1 Definition and nature of marketing research Marketing research is the systematic process of gathering, analysing, and interpreting information about markets, customers, competitors, and the overall business environment. It provides evidence-based insights that guide marketing decisions. Unlike casual observation, marketing research follows structured methods to ensure accuracy and reliability. Marketing research is both a science and an art. It is scientific because it uses established methods of data collection and analysis, and it is artistic because it requires creativity in framing questions and interpreting results. Fill in the blank: Marketing research is both a ______ and an art because it combines structured methods with creativity.
LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS 1.1.2 Importance of marketing research in business decision-making Marketing research is important because it reduces uncertainty in decision-making. For example, when a company considers launching a new product, research helps to identify customer needs, estimate demand, and evaluate competitors. Without research, decisions would rely on guesswork, which increases the risk of failure. Decision-making in marketing refers to the process of choosing strategies and actions based on available information. Research provides the evidence that makes these choices more rational and defensible. Fill in the blank: Marketing research reduces ______ in decision-making by providing evidence-based insights.
LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS 1.1.3 Scope and boundaries of marketing research The scope of marketing research refers to the range of activities it covers. This includes studying consumer behaviour, analysing competitors, evaluating product performance, and assessing promotional strategies. It also extends to pricing, distribution, and sales analytics. However, marketing research has boundaries. It cannot predict the future with absolute certainty, nor can it replace managerial judgement. Instead, it provides information that managers interpret and apply within the context of their business environment. Fill in the blank: The scope of marketing research includes consumer behaviour, competitors, product performance, and ______ strategies.
LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS Pilot questions 1.1 1. Which term refers to the systematic process of gathering, analysing, and interpreting information about markets and customers? 2. Marketing research is both a science and an art. Fill in the blank: It is a science because it uses ______ methods of data collection and analysis. 3. Why is marketing research considered important in business decision-making? 4. Which of the following is not typically included in the scope of marketing research? a) Consumer behaviour analysis b) Competitive analysis c) Product performance evaluation d) Predicting the future with absolute certainty
LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS 5. Fill in the blank: The scope of marketing research includes consumer behaviour, competitors, product performance, and ______ strategies. 1.2 Research Tools and Techniques in Marketing 1.2.1 Types of business research tools Business research tools are instruments and methods used to collect, organise, and interpret information about markets, customers, and competitors. These tools range from surveys and interviews to statistical software and online analytics platforms. Each tool has its strengths and limitations, and the choice depends on the research objectives. For example, surveys are useful for gathering large amounts of data quickly, while interviews provide deeper insights into customer motivations. Fill in the blank: Surveys are useful for gathering large amounts of data quickly, while ______ provide deeper insights into customer motivations.
LA-NET | ONLINE LEARNING VIDEO PLATFORM FOR POST-SECONDARY & HIGHER INSTITUTION STUDENTS 1.2.2 Data collection methods: primary and secondary sources Primary data refers to information collected directly from original sources, such as customers or markets, through methods like surveys, experiments, or observations. It is specific to the research problem but can be time-consuming and costly. Secondary data refers to information that already exists, such as government reports, industry publications, or company records. It is less expensive and quicker to obtain, but may not always be tailored to the specific research question. Fill in the blank: Information collected directly from original sources is called ______ data, while information that already exists is called secondary data.
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