71343 Marketing Research Level 7 Assignment Answer
These are the assignment answers of 71343 Marketing Research Level 7 Assignment Answer NZ.
The Marketing Research course is a way for students to explore how research can help create effective marketing campaigns.
Students will learn about the relationship between three closely related components.
Specifically, they’ll study information and how it supports marketing while also learning about the methods by which marketers use both in order to market their products or services effectively.
Assignment Solutions of 71343 Marketing Research Level 7 Assignment Answer NZ
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Assignment Activity 1. Understand the role, applications, and current practice of marketing research
When you research, you try to find out things about what you don’t know.
You also look for patterns in the questions and answers. Marketing research is when people answer questions about what they want or need from a product or brand.
The primary goal of marketing research is to make decisions. This includes developing a strategy, designing a segmentation system, and planning the marketing mix.
Marketing research also helps you to determine where you want to end up.
To do this, you need to take small steps now so that you are not lost along the way as you figure out where your brand will be in several years from now.
Assignment Activity 2.Translate marketing problems into feasible research questions
Marketing problems can be solved with marketing analytics, more meaningful content, and a fruitful social media campaign.
A possible answer to this question may involve leveraging the customer journey map, statistics, and powerful data analysis tools to identify the customers of different segments.
In order to create a strong presence in each segment, one must understand which channel is best for them (social media is often used by Millennials).
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Assignment Activity 3. Formulate research objectives and design appropriate research studies to gather marketing information
The question asks about the design of the research. To design good research, you need to know what you want to get out of it.
After that, choose a good way to do the research. If the answer is not clear, you might want to ask someone for help.
If you haven’t already, please read more about how well the test measures what it is supposed to. You should think about if the measurements are reproducible.
This means that no matter who takes the test, they will get similar results.
And also if there is not too much of a difference in accuracy between different people taking the test and different tests being taken by one person.
It would also be important to state previous studies on this topic that have been conducted, how they were conducted, enough detail for someone else researching this topic to understand why the study was done in this manner.
Assignment Activity 4. Prepare a marketing research proposal to address a specific marketing problem
Apply the following three steps to present your ideas for a marketing research proposal.
1) It is important to identify the exact problem you want to solve in your marketing research proposal. It is very important that you get clear about what you want from potential customers or clients.
The more detailed, the better! A good example of a problem statement would be “What phrases should we use when advertising our product on Facebook?
” or “How can we make our website appear interesting and trustworthy?”
2)Do a search for information that is similar to what you are working on. There may be solutions out there already that you can use.
You can find this by doing an internet search or checking out old papers at your university library.
Make sure to cite your sources (to avoid plagiarism) and reflect on them. This will give you a great idea of what other people have already come up with!
3) It is hard to know which kind of report you should make, so you need to find out what the situation is.
If you want someone to give you money, then an executive summary will work. But if it’s just for a discussion with colleagues, then a full report might be enough.
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Assignment Activity 5. Undertake a marketing research study, and present a report with recommendations that will help address the specific marketing problem.
I would undertake a marketing research study to see how people feel about switching from advertising as a means of information and making it a trusted source instead.
Many people in our world don’t trust the people who provide information. We might think that they have bad intentions for something or believe they are good just because of their personality.
Marketing research is important for learning about what people do and feel. That might help us understand how to give them the information they want.
Here are some of the recommendations
1. Define the target audience and construct data that describes this group’s needs, wants, ambitions, limitations, behaviors etc
2. Identify the business goals for these customers and tie them to a specific action to help meet those goals
EXAMPLE: “Increase customer retention by 10% over the next 12 months” or “Decrease the drop off rate from trial users of our application before renewal by 50% over a 12-month period”
3. Map out what strategies can be used to best execute on this goal? Includes content created by the company or sourced externally as well as marketing campaigns designed specifically for this customer base
4. Understand tactics like emailing, providing incentives and social media activity should be
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