Basics of Marketing Research

00:05:21
https://www.youtube.com/watch?v=xdh0H0qvUNc

Resumen

TLDRIn this video, Professor Wolters addresses the essentials of marketing research amidst the bustling atmosphere of Market Day in Bruges, Belgium. He defines marketing research as a structured approach to collecting, analyzing, and interpreting data to inform business decisions. The professor emphasizes its importance for understanding customer needs, improving products, and staying competitive. Examples shared include Under Armour's marketing strategy adjustments and how companies test consumer preferences for products or media content. He concludes with encouragement to engage in research for better business outcomes.

Para llevar

  • 📊 Marketing research is vital for informed decisions.
  • ❓ It's about understanding customer needs and preferences.
  • 📈 Analyze competitors to better position your business.
  • 🔍 Use surveys and questions to gather insights.
  • 🎥 Films may alter endings based on audience testing.
  • 👗 Under Armour adjusted marketing based on female buying patterns.
  • 🍔 Fast food restaurants analyze popular items for their menus.
  • ✍️ Collect and interpret data to avoid business blindness.
  • 🛍️ The research informs product development and marketing strategies.
  • 🌍 Context matters: know when and where to conduct research.

Cronología

  • 00:00:00 - 00:05:21

    In Bruges, Belgium, Professor Wolters discusses the importance of marketing research while noting how businesses must gather and analyze data before launching products or making marketing decisions. He explains that marketing research involves systematically collecting, recording, analyzing, and interpreting data to inform decision-makers about market trends and consumer preferences. Examples include obtaining customer feedback in stores, assessing issues with products, and testing different product variations like food items or movie endings. Companies also leverage market research to identify new product opportunities and understand particular consumer demographics, highlighting Under Armour's shift in marketing based on research insights. Overall, Wolters stresses that effective marketing research is vital for business success, enabling companies to avoid assumptions and make informed decisions based on real consumer insights.

Mapa mental

Vídeo de preguntas y respuestas

  • What is marketing research?

    Marketing research is the systematic process of collecting, recording, analyzing, and interpreting data to help decision-makers improve their business strategies.

  • Why is marketing research important?

    It helps companies better understand their customers, competitors, and market needs to make informed decisions.

  • How do companies conduct marketing research?

    They often ask questions, conduct surveys, and analyze consumer behavior to gather information.

  • What are some applications of marketing research?

    Applications include product development, understanding consumer preferences, and analyzing competitors.

  • How can marketing research affect product design?

    It can lead to alterations based on customer feedback, such as changes in product features or marketing strategies.

  • What example did Professor Wolters mention regarding changing marketing strategies?

    He discussed Under Armour's marketing shift to target female consumers buying for men.

  • How can businesses avoid marketing myopia?

    By conducting regular marketing research to stay informed about customer feedback and market conditions.

  • What is an example of competitive market research?

    Analyzing competitors' offerings and pricing to inform one's own product development.

  • Can marketing research impact film endings?

    Yes, films may test different endings through marketing research to see which resonates better with audiences.

  • What does Professor Wolters hope to achieve with his video?

    He aims to educate viewers on the basics of marketing research and its significance in business success.

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Desplazamiento automático:
  • 00:00:01
    Hey there, fellow marketers, Professor Wolters here.
  • 00:00:03
    And today we're here in Bruges, Belgium on Market Day,
  • 00:00:06
    so you have all the trucks going by, you have all these things going by.
  • 00:00:09
    And today I'm doing a little bit of marketing research.
  • 00:00:11
    I'm trying to figure out, what do I need to know about Belgium
  • 00:00:14
    before I make a video about it, right?
  • 00:00:16
    And the thing is, companies have to do that as well.
  • 00:00:18
    They have to do marketing research.
  • 00:00:20
    They have to figure out what's going on.
  • 00:00:22
    What's a good day to film and a bad day to film?
  • 00:00:24
    Hey, in Bruges, Tuesday mornings are a bad day to film because
  • 00:00:27
    they're getting ready for Market Day, okay?
  • 00:00:30
    And so what we're going to talk about today is just basically,
  • 00:00:32
    what is marketing research, okay?
  • 00:00:34
    And we think of marketing research, I mean, technically speaking,
  • 00:00:37
    we all know the technical definition. [clears throat]
  • 00:00:40
    I will- I will get my notes and read it off to you.
  • 00:00:42
    "Marketing research is the set of techniques that are used to
  • 00:00:44
    systematically, one, collect data, number two, record data,
  • 00:00:50
    number three, analyze data, and number four, interpret data."
  • 00:00:55
    And we do that in order to help decision makers make better
  • 00:00:58
    decisions for whatever they want to do, whether it is trying to
  • 00:01:01
    decide what new products we should launch or if we're trying
  • 00:01:04
    to figure out is how are people seeing our competition?
  • 00:01:07
    We're going to do market research to figure out those things.
  • 00:01:09
    We're going to ask people questions.
  • 00:01:10
    We're going to do our research and stuff like that.
  • 00:01:12
    That's what marketing research is.
  • 00:01:14
    It's gathering all this information, figuring out what
  • 00:01:16
    it's telling us, so some of the times you might see market research
  • 00:01:19
    in your own life is when companies are trying to
  • 00:01:22
    figure out what the wants and needs of their customers are.
  • 00:01:25
    That's why when you go to stores, the market research
  • 00:01:27
    could be just, hey, what are you looking for?
  • 00:01:29
    What kind of products do you want to have?
  • 00:01:31
    Is there anything missing from your time here?
  • 00:01:33
    When you buy a car, you know, after a couple of weeks,
  • 00:01:35
    they ask you, have you enjoyed your car so far?
  • 00:01:37
    Are there any problems?
  • 00:01:38
    If there anything we can do?
  • 00:01:40
    They're doing marketing research to see is what are the most
  • 00:01:42
    common mistakes that happened with the cars in the first few weeks.
  • 00:01:45
    What's a few biggest issues they have?
  • 00:01:47
    So we can learn that, so we can change it.
  • 00:01:49
    If we see something consistently happens wrong, hey, market research
  • 00:01:52
    telling us this has happened a lot of times, let's change that.
  • 00:01:55
    Let's warn people about it beforehand, to try to cut it off, okay?
  • 00:01:59
    Another thing you'll see is sometimes we'll use market research
  • 00:02:01
    is to figure out is, are there any like little alterations
  • 00:02:04
    alterations we should make like, with our burger, what we might
  • 00:02:06
    want to is ketchup on top or is ketchup on the bottom?
  • 00:02:09
    Is the cheese on top, or is the cheese on the bottom?
  • 00:02:11
    Maybe in a movie, they might have different endings, and
  • 00:02:14
    they'll do test marketing to see, hey, which one of these
  • 00:02:17
    endings works better for you?
  • 00:02:19
    Which one makes you happier at the end?
  • 00:02:21
    And that's why you'll see actually, when you get your DVD
  • 00:02:24
    cuts and stuff like that, they'll actually have, you know,
  • 00:02:26
    alternate endings, because they're trying to figure out
  • 00:02:28
    what works, what doesn't work, and the end, they did their
  • 00:02:30
    marketing research and found that the guy and the girl
  • 00:02:33
    getting together at the end was the way to go versus them not
  • 00:02:36
    being together, so you do have that.
  • 00:02:38
    So you might also use marketing research in order to determine
  • 00:02:41
    what are some new products that you should make?
  • 00:02:43
    I mean, that's why companies ask, "What do you like?"
  • 00:02:45
    "What do you not like?"
  • 00:02:46
    So they can develop a product that's better for their clients.
  • 00:02:49
    For example, I could ask you right now, and I am asking you
  • 00:02:52
    right now, what are some business or marketing topics you
  • 00:02:55
    would like videos on?
  • 00:02:56
    Is there topics that you don't understand, or they're kind of hard to grasp?
  • 00:02:59
    Let me know in the comment section below so I can make a new video for that.
  • 00:03:02
    See, I'm doing my marketing research here to find out what you want,
  • 00:03:06
    what the clients want, so I can make new products
  • 00:03:08
    that they're more likely to watch.
  • 00:03:09
    New videos they're more likely to watch, and so companies may do that.
  • 00:03:12
    Also, we might do marketing research to better understand
  • 00:03:15
    our industry, or our competitors, or our consumers.
  • 00:03:18
    I mean, just doing marketing research to understand
  • 00:03:20
    who our consumer is can actually change things.
  • 00:03:23
    Under Armour, back in the day, realized that our sales, we were
  • 00:03:26
    selling mostly men's clothes, but we were selling it to women.
  • 00:03:29
    By doing that marketing research, they realized, wait.
  • 00:03:32
    We should change our marketing approach.
  • 00:03:34
    What we should do is make our ads, gifting situations.
  • 00:03:38
    So Father's Day, birthdays, holidays, we show the, the wife
  • 00:03:42
    or the daughter or the mom giving Under Armour gifts to
  • 00:03:46
    their sons, to their dads, to their husbands, and stuff like that,
  • 00:03:48
    and they learned that from market research.
  • 00:03:51
    And also when you do that marketing research, you might be doing it
  • 00:03:53
    a competitive marketing research.
  • 00:03:55
    Seeing what your competitors are doing, what- how are they
  • 00:03:57
    pricing things, what kind of products do they have on offer
  • 00:04:00
    that might be important?
  • 00:04:01
    Because that's just it.
  • 00:04:02
    You might see that oh, man, Burger King is really selling
  • 00:04:05
    a lot of those quadruple burgers, maybe we should have our own
  • 00:04:08
    quadruple burger as well.
  • 00:04:09
    Let's do some research and see what worked and what didn't work.
  • 00:04:12
    How can we make it our own quadruple burger versus Burger King's?
  • 00:04:15
    And the thing is, there's tons and tons of different reasons
  • 00:04:18
    why companies do marketing research, and the key thing
  • 00:04:20
    though, is you need to do marketing research.
  • 00:04:22
    You need to collect that information and interpret that
  • 00:04:24
    information to figure out what's going on so you can make the
  • 00:04:27
    best decision possible for your business, whether it is dealing
  • 00:04:30
    with your competitors, coming up with new products, figuring out
  • 00:04:33
    what you're doing right and wrong, because a lot of
  • 00:04:35
    companies we talk about this in marketing myopia, a lot of
  • 00:04:37
    companies thinks everything's great.
  • 00:04:39
    We've done a perfect job, but in reality, they haven't.
  • 00:04:41
    So you want to do that marketing research to ask your customers,
  • 00:04:44
    to figure out what's going on.
  • 00:04:46
    Because really, marketing research is vital to success in business,
  • 00:04:49
    but you don't want to go in blind not knowing what's going on.
  • 00:04:52
    You want to ask those questions out there, so you can collect,
  • 00:04:55
    record, analyze, and interpret all that data to make the best decision possible, okay?
  • 00:05:00
    Anyway, I wish you all the best.
  • 00:05:02
    Have a great time here in Bruges.
  • 00:05:03
    Sorry for all the noise.
  • 00:05:04
    It is Market Day here, as you might be able to see.
  • 00:05:07
    It's starting out here so it's a little bit busy, but I wish you all the best.
  • 00:05:10
    Have a great time wherever you are.
  • 00:05:11
    If you're studying for an exam, I hope this helped.
  • 00:05:13
    If you're just trying to figure out what the basics of marketing research are,
  • 00:05:16
    I hope this helps as well.
  • 00:05:17
    Anyway, I wish all the best and bye from Belgium.
Etiquetas
  • marketing research
  • business strategy
  • consumer insights
  • competitive analysis
  • product development
  • Market Day
  • Bruges
  • data analysis
  • marketing strategy
  • decision making