Thu Ta - Assignment 3

Tạ Thị Anh Thư MBAIU23037
ASSIGNMENT 3
CHAPTER 4
Question 1: What steps are involved in conducting good marketing research?
The marketing research process consists of defining

the problem, decision alternatives, and research
objectives; developing the research plan; collecting
the information; analyzing the information;
presenting the findings to management; and making
the decision.
1. Defining the Research Problem:
 Clearly identify the specific question or issue
you want to address.
 Determine the objectives of the research and
what you hope to achieve.
2. Developing a Research Design:
 Choose the appropriate research methodology
(e.g., surveys, interviews, focus groups,
observation).
 Determine the data collection methods and
sampling techniques.
 Create a research questionnaire or interview
guide.
3. Collecting Data:
 Gather data using the chosen methods.
 Ensure data accuracy and reliability.
4. Analyzing Data:
 Organize and analyze the collected data using statistical techniques or
qualitative analysis.
 Look for patterns, trends, and insights.
5. Interpreting Findings:
 Draw conclusions based on the data analysis.
 Relate the findings to the research objectives.
6. Preparing the Research Report:
 Organize the findings into a clear and concise report.
 Include recommendations based on the research results.
By following these steps, businesses can conduct marketing research that yields
valuable insights and drives informed decision-making.
Question 2: What are the best metrics for measuring marketing productivity?
Marketers employ a wide variety of measures to assess marketing effects.
Marketing metrics is the set of measures that helps marketers quantify, compare,
and interpret their performance. Two complementary approaches to measuring
marketing productivity are: (1) marketing metrics to assess marketing effects and
(2) marketing-mix modeling to estimate causal relationships and measure how
marketing activity affects outcomes. Here are some key metrics to consider:
Overall Performance Metrics
 Return on Marketing Investment (ROMI): This is a comprehensive metri

c that measures the net profit generated from marketing activities relative to
the marketing expenses.
 Market Share: The percentage of a market that a company controls.
 Customer Acquisition Cost (CAC): The average cost of acquiring a new c
ustomer.
 Customer Lifetime Value (CLTV): The estimated total revenue a customer
will generate over their lifetime.
Brand Awareness and Engagement Metrics
 Brand Recognition: The percentage of people who recognize and recall a br

and.
 Brand Awareness: The level of familiarity and understanding of a brand.
 Brand Loyalty: The extent to which customers are committed to a brand an
d prefer it over competitors.
 Social Media Engagement: Metrics like likes, shares, comments, and follo
wers on social media platforms.
 Website Traffic: The number of visitors to a company's website and their e
ngagement on the site.
Campaign-Specific Metrics
 Click-Through Rate (CTR): The percentage of people who click on an ad

or link.
 Conversion Rate: The percentage of website visitors who take a desired acti
on (e.g., making a purchase, signing up for a newsletter).
 Cost Per Acquisition (CPA): The cost of acquiring a new customer through
a specific marketing channel.
 Return on Ad Spend (ROAS): The revenue generated from advertising exp
enses.
Customer Satisfaction Metrics
 Customer Satisfaction Surveys: Gather feedback on customer experiences

and satisfaction levels.
 Net Promoter Score (NPS): Measure customer loyalty and willingness to re
commend a brand.
 Customer Churn Rate: The percentage of customers who stop doing busin
ess with a company.
Additional Considerations
 Industry Benchmarks: Compare your metrics to industry benchmarks to as

sess performance.
 Data Quality: Ensure that data is accurate, consistent, and reliable.
 Attribution Modeling: Determine how to attribute conversions to different
marketing channels.
 Long-Term Perspective: Consider both short-term and long-term impacts o
f marketing efforts.
By tracking and analyzing these metrics, businesses can gain valuable insights into
the effectiveness of their marketing strategies and make data-driven decisions to
improve performance.

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Tạ Thị Anh Thư MBAIU23037

Question 1: What steps are involved in conducting good marketing research?

The marketing research process consists of defining

Overall Performance Metrics

 Return on Marketing Investment (ROMI): This is a comprehensive metri

Brand Awareness and Engagement Metrics

 Brand Recognition: The percentage of people who recognize and recall a br

 Click-Through Rate (CTR): The percentage of people who click on an ad

 Customer Satisfaction Surveys: Gather feedback on customer experiences

 Industry Benchmarks: Compare your metrics to industry benchmarks to as

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