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FIVE STEP

MARKETING
RESEARCH
APPROACH

Rachel Guzman
MKT/421
August 27, 2018
Prof. Norbert Gray
AGENDA
• Introduction
• Define the Five-Step Marketing Research Approach and discuss the importance of research in
marketing.
• Describe each step of the Marketing Research Approach in detail and create a plan of attack
to explain how each stage should be implemented.
• Define the target market that you are striving to bring into this organization and describe the
methods of research that you will use to identify these groups of people.
• Define service differentiation. Provide an example that illustrates how the local nonprofit
charity in the scenario can use differentiation to help increase the target market's interest.
• Explain how differentiation will help position the charitable organization within its defined
market.
• Reference
INTRODUCTION

You are the marketing manager for a local nonprofit charity whose funding is derived from
membership fees. You have noticed a severe drop in new memberships and a decline in repeat
memberships, which is threatening your organization's ability to survive and grow. You have
decided to implement the Five-Step Marketing Research Approach to help clarify the problem
and develop strategies for implementation.
The 5-Step Marketing Approach and the
Importance of Research Marketing
STEP1

DEFINE THE
PROBLEM

• Set the research objectives


• Identify possible marketing
actions
STEP 2

DEVELOP
THE
RESEARCH
PLAN

• Specify constraints
• Identify data needed for
marketing actions
STEP 3

COLLECT
RELEVANT
INFORMATION

• Obtain secondary data


• Obtain primary data
STEP 4

DEVELOP
FINDINGS

• Analyze the data


• Present the findings
STEP 5

TAKE
MARKETING
ACTIONS

• Make action
recommendations
• Implement action
recommendations
• Evaluate results
TARGET MARKET
SERVICE DIFFERENCIATION

Service differentiation is a basic business and marketing strategy, by which a company


focuses on distinct differences in its offering to customers as the basis for establishing a
competitive advantage.
HOW
DIFFERENTIATION
HELPS
REFERENCE

Investopedia (2018) Target Market, https://www.investopedia.com/terms/t/target-


market.asp

Kokemuller, N. (2018) Chron, Small Business, Service Quality Differentiation Competitive


Strategies, https://smallbusiness.chron.com/service-quality-differentiation-competitive-
strategies-72197.html

Outsource2India (2018) Why is Market Research Important for your Business?


https://www.outsource2india.com/kpo/articles/market-research-importance.asp