Steve Jobs is quoted as saying that “it isn’t the consumers’ job to know what they want”.
No one knows more about iPhones and iPads, and how these devices are likely to evolve, than the folks at Cupertino. Brand owners know much more about their brands and about their products than the average consumer.
So why do they research consumers when they know so much?
Besides several other reasons, it is precisely because they know too much that they must learn what ordinary people think, feel, believe and desire.
Clouded by knowledge, marketers perceive their products and brands in a light that differs markedly from how the real consumers perceive them. Moreover, susceptible to selective perception, they need to carefully interpret research findings.
Quantitative research (quant) is widely used in marketing to methodically investigate markets via theoretical models and statistical techniques. As a marketer, you will find the practical, diverse applications of quant useful for formulating strategies and refining the marketing mix of your brand. Applications such as brand image tracking, market segmentation and measurement of brand equity, discussed in earlier chapters are a few among the multitude of examples of quant in practice.
Some of its key characteristics, in comparison to qualitative research (qual), are described in the previous chapter, Qualitative Research, in the section Comparison between Qual and Quant.
This section covers the basic processes and practices in quant, including topics such as problem definition, research design, questionnaire design, information needs, sampling, data collection, online research, and the analysis process. It serves as a guide to the use of quantitative research, and imparts an understanding of how to conduct quant studies.
Note: To find content on MarketingMind type the acronym ‘MM’ followed by your query into the search bar. For example, if you enter ‘mm consumer analytics’ into Chrome’s search bar, relevant pages from MarketingMind will appear in Google’s result pages.
Marketing has changed. More so in practical terms, and marketing education is lagging.
The fundamental change lies in the application of analytics and research. Every aspect of the marketing mix can be sensed, tracked and measured.
That does not mean that marketers need to become expert statisticians. We don't need to learn to develop marketing mix models or create perceptual maps. But we should be able to understand and interpret them.
MarketingMind helps. But the real challenge lies in developing expertise in the interpretation and the application of market intelligence.
The Destiny market simulator was developed in response to this challenge. Traversing business years within days, it imparts a concentrated dose of analytics-based strategic marketing experiences.
Like fighter pilots, marketers too can be trained with combat simulators that authentically reflect market realities.
But be careful. There are plenty of toys that masquerade as simulators.
Destiny is unique. It is an authentic FMCG (CPG) market simulator that accurately imitates the way consumers shop, and replicates the reports and information that marketers use at leading consumer marketing firms.
While in a classroom setting you are pitted against others, as an independent learner, you get to play against the computer. Either way you learn to implement effective marketing strategies, develop an understanding of what drives store choice and brand choice, and become proficient in the use of market knowledge and financial data for day-to-day business decisions.