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Domain 1 - Marketing Research

Posted by Communications2 on Jul. 13, 2021  /  Member Resource  /  Subscribe 0

Written by Kendall Tate, JRCA Architects

Marketing Research might sound like an overwhelming and expensive endeavor, but it does not have to be, and it will benefit your firm’s goals. Marketing research is a valuable instrument to help your firm plan, prepare, and understand the firm’s direction. The information collected and analyzed will help your firm’s marketing plan. The more data your firm has about the current and future markets, users and competitors, and how your firm fairs, the better positioned it is. All of this will help you develop a targeted and strategic marketing plan.

According to the American Marketing Association (AMA), “Marketing research is the function that links the consumer, customer, and public to the marketer through information—information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the methods for collecting information, manages and implements the data collection process, analyzes, and communicates the findings and their implications.”

The basic techniques used to gather information, better understand a firm’s target market, and build a strategic plan are:

• Primary vs. Secondary: There are two main sources of data to be used when gathering information. Primary research is self-conducted and tailored to your firm. Secondary research is data and information that has already been collected.  
• Qualitative vs. Quantitative Research: These methods work in tandem—qualitative data gives you the numbers to show general points and relationships. In contrast, qualitative data gives you the details and depth to understand the research topic.
• Exploratory vs. Confirmatory Research: These are complementary to the same goal. The exploratory research method is used to uncover possible relationships between variables, and the confirmatory method tests the hypothesis.
• Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis: A SWOT evaluation framework is used to assess your firm’s competitive position and develop strategic planning from fact-based internal and external assessments.

To start these marketing research activities, you need to be clear with your objectives and form a plan based on data. For more information in marketing research, explore what resources SMPS has to offer.

Resources

Society of Marketing Professional Services (SMPS), Domain 1: Marketing Research (MARKENDIUM: SMPS Body of Knowledge.) United States of America: SMPS Publications, 2016)

“What Is Marketing? The Definition of Marketing—AMA.” American Marketing Association, May 28, 2021.

Kendall Tate, MPC, is the Marketing Manager for JRCA Architects. She has five years of marketing and communication experience and has been involved with SMPS for four years.

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