Marketing Research Planning Process

BRIEFING PAPAER

Prepared by Marketing Department

For Senior Management

Date February 10, 2016

Subject Research Planning Process / Primary Data Collection Method

BACKGROUND INFORMATION

Kotler and Armstrong (2014) define Marketing research as the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. Marketing research helps marketers solve specific marketing problems or take advantage of certain marketing opportunities.

RESEARCH PLANNING PROCESS

The success of Marketing research is largely dependent on its planning. Kotler and Armstrong (2014) identify the elements of the research planning process as follows:

• Defining the problem and Research objectives

This is often

Since the research would have to include respondents from several countries like the US, UK and South Africa, a recommended method for primary data collection will be online surveys and online focus groups (using web conferencing tools). This is particularly beneficial to the company because it already possesses a database of Nigerians in diaspora from its activities through its other businesses in these markets.

Some advantages of this approach are that since it eliminates travel and lodging costs it is less expensive than its offline equivalent. It is also more convenient for respondents as they can participate from the comfort of their homes or office. It is faster and the reach is greatly increased. This approach doesn’t come without drawbacks however, as there is no guarantee that the participants are not involved in other activities simultaneously which may be a distraction to them and have a major impact on the research results. Moderator involvement is also limited and there is the risk of not picking up critical non-verbal

and Armstrong, G. (2014) Principles of Marketing 15th edition Boston Pearson Education, Inc.

Kotler, P. and Keller, K. (2016) Marketing Management, 15th edition Boston Pearson Education, Inc.

APPENDIX

Brief Background on the Meritrade Group

The Meritrade Group is a leading Nigerian Investment Management company with a vast and growing customer base and an excellent reputation for service delivery and innovation. The group has over 50,000 individual customers and over 500 corporate customers.

The company aims to grow its business outside the shores of Nigeria by creating innovative products/services that will be relevant to the Nigerian Investor living abroad. One of such products is the Meritrade Diaspora Trust which aims to help the Nigerian Investor living abroad invest back home in Nigeria by executing transactions/mandates (financial, construction of buildings, acquiring of properties) on their behalf, all without them having to leave their countries of residence.

Services offered by the group include:

• Investment Banking Services

• Wealth Management Services

• Registrar Services

• Trustee Services

• Stock broking