27/11/2020
Recently we were asked, "If you were trying to decide whether or not to execute a multi-million dollar advertising campaign, would you rather base your decision on quantitative or qualitative research?"
It is important to understand that Qualitative research is most appropriately used to identify key marketing issues such as market segments, buyer preferences, competition assessment, industry situation, and more)… to identify what should be quantitatively researched…
The qualitative research provides you with a statistically reliable level of confidence on which you can budget and forecast.
Your budgeting and forecasting is used co-dependently to deliver corporate objectives, marketing objectives and determines your strategy, which then determines your operational approach towards:
Marketing communications (Advertising, Sales Promotion, Personal Selling & PR) media, methodology and tactical implementation of your marketing communications investment.
Distribution & Logistics (inc. channel strategy),
Perceptual positioning (coordinated with Pricing, augmented product, price positioning, product offering, (and development),
Pricing strategy,
Internal Marketing (including Employee Engagement and stakeholder alignment)
Design and supervision of exchange processes and systems
Uncontrollable factors (PESTLEED)
Clever companies with PHP30M would probably spend PHP180K asking me for advice! ;-)