Question

Section B: Knowledge Activity (Q & A) Objective: To provide you with an opportunity to show you have the required knowledge for this unit. The answers to the following questions will enable you to demonstrate your knowledge of: Outline legal and ethical requirements affecting market research Identify and explain organisational policy and procedures for conducting market research > Identify and explain key provisions of relevant legislation, codes of practice and national standards affecting business operations → Determine ethical principles relevant to advertising ► Outline requirements for time, cost and scope as determined in advertising brief ► Explain range of available market research and data analysis techniques > Identify statistical and research methods and techniques.

Business course// BSBADV503
Coordinate advertising research
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Please answer separately for this tree question. as you can.

Answer 1

ADVERTISING EFFECTIVENESS IN A MARKET RESEARCH

The scope of marketing research stretches from the identification of consumer wants and needs to the evaluation of consumer satisfaction. It comprises of research relating to consumers, products, sales, distribution, advertising, pricing and sales forecasting.The marketing research problem is information oriented. It wants to determine what information is needed to make the best decision.It involves determining what information is needed and how that information can be obtained effectively and efficiently.There are lots of different ways we could conduct market research and collect customer data, but we don't have to limit ourself to just one research method. Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.

Market research shows that people respond to different types of advertising at different points in the consumer journey.Two primary objectives drive ad effectiveness studies: 1) Understanding how consumers react to an ad immediately following its release, and 2) understanding the trajectory of ad influence over time.Advertising effectiveness pertains to how well a company's advertising accomplishes the intended. Small companies use many different statistics or metrics to measure their advertising effectiveness. A company's advertising effectiveness usually increases over time with many messages or exposures.

We can realise the effectiveness of advertising through -Campaign Impact. Most importantly, an ad needs to get noticed. -Campaign Resonance. It is vital that an ad resonates with the target audience on the three Cs: It needs to be clear, credible, and compelling.-Brand Fit. An ad campaign must align with the identity of the brand.-Brand Favorability.There are different mode of advertising such as -Newspaper. Newspaper advertising can promote your business to a wide range of customers.-Magazine. Advertising in a specialist magazine can reach your target market quickly and easily.-Radio.-Television.-Directories.-Outdoor and transit.-Direct mail, catalogues and leaflets. -Online etc..

Accordingly, ad effectiveness research is conducted in two phases. Phase One – Advertising is a costly endeavor so considerable attention is given to the period of time immediately following the release of an advertisement. .Phase Two – The litmus test of an advertisement is how well it is remembered over the long term.Advertising research and advertising tracking in order to improve a company's advertising effectiveness. ... rather the cumulative effects of many different commercials over a long period of time.

Adding to the cost and complexity for marketers in developing their advertising is the ever-increasing range of media choices, ways to run. Market research tells us how consumers make purchase decisions and informs digital marketers on how to improve a website's usefulness to gain sales. It includes a structured plan to gather information about specific markets or customer groups. It is a very important component of business strategy.The average small business using Google advertising spends between $9,000 and $10,000 per month on their online advertising campaigns. That's $100,000 to $120,000 per year. The average cost per click of an online Facebook ad is $1.72.So cost is one of the most determinant facor of advertising effectivenes in a market research of an organisation.

Advertising research increases the knowledge about the market, which helps in building a brand campaign. Analyzes changing market: Knowing our customer is very important for any business. Public feedback: Advertising research records the feedback of our audience.The scope of marketing research stretches from the identification of consumer wants and needs to the evaluation of consumer satisfaction. It comprises of research relating to consumers, products, sales, distribution, advertising, pricing and sales forecasting.Scope of advertising.The scope of advertising is to communicate a message to current customers or potentially target new customers. It helps a company get a message or a piece of information across to their customer base regarding a new product or special deal.

RANGE OF AVAILABLE MARKET RESEARCH AND DATA ANALYSIS TECHNIQUES

While there are many ways to perform market research, most businesses use one or more of five basic methods: surveys, focus groups, personal interviews, observation, and field trials. The type of data you need and how much money you're willing to spend will determine which techniques you choose for your business.Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.Market survey is the survey research and analysis of the market for a particular product/service which includes the investigation into customer inclinations.Market surveys are tools to directly collect feedback from the target audience to understand their characteristics, expectations, and requirements.Interviews are a form of primary research, where you are going directly to customers to learn about their needs and opinions. ... Use interviews when: You are developing or bringing out a new product. You are entering a new market segment. Your data about customers is old.A focus group is a market research method that brings together 6-10 people in a room to provide feedback regarding a product, service, concept, or marketing campaign.Focus group participants are recruited based on their purchase history, demographics, psychographics, or behavior and typically do not know each otherObservation is a market research technique in which highly trained researchers generally watch how people or consumers behave and interact in the market under natural conditions. It is designed to give precisely detailed and actual information on what consumers do as they interact in a given market niche.

Data analysis in a market research project is the stage when qualitative data, quantitative data, or a mixture of both, is brought together and scrutinized in order.Data analysis has two prominent methods: qualitative research and quantitative research. Each method has their own techniques. Interviews and observations are forms of qualitative research, while experiments and surveys are quantitative research.Here's a quick look at the four types of data analysis techniques that market researchers use to make real meaning from their data stores:1)Descriptive Data Analysis Techniques.2) Diagnostic Data Analysis Techniques. 3) Predictive Data Analysis Techniques.4) Prescriptive Data Analysis Techniques.

Descriptive techniques often include constructing tables of means and quantiles, measures of dispersion such as variance or standard deviation, and cross-tabulations or "crosstabs" that can be used to examine many disparate hypotheses.While ,Diagnostic Data Analysis Techniques by comparing and contrasting data sets, researchers can often determine correlation and/or causal relationships. Conjoint and regression analyses and probability measures are examples of diagnostic data analysis techniques.When businesses want to forecast possible outcomes, they use predictive data analysis techniques that build upon descriptive and diagnostic figures. Market researchers create complex statistical models based on existing data to help them predict the probability of certain events happening in the future.Predictive analytics statistical techniques include data modeling, machine learning, deep learning algorithms and data mining. Often the unknown event of interest is in the future, but predictive analytics can be applied to any type of unknown whether it be in the past, present or future.Prescriptive analytics is a type of data analytics—the use of technology to help businesses make better decisions through the analysis of raw data.It can be used to make decisions on any time horizon, from immediate to long term.Advancements in the speed of computing and the development of complex mathematical algorithms applied to the data sets have made prescriptive analysis possible. Specific techniques used in prescriptive analytics include optimization, simulation, game theory and decision-analysis methods.

STATISTICAL AND RESEARCH METHODS IN MARKET RESEARCH

Statistics plays a vital role in this market research as statistics give the businesses information around which the market research will revolve. Because market research is based on the implementation of results in statistics, market research is impossible without proper, well acquired statistics.Statistical knowledge helps you use the proper methods to collect the data, employ the correct analyses, and effectively present the results. Statistics is a crucial process behind how we make discoveries in science, make decisions based on data, and make predictions.There are different Types of Statistical Analysis such as -Descriptive Type of Statistical Analysis.-Inferential Type of Statistical Analysis.-Prescriptive Analysis.-Predictive Analysis.-Casual Analysis.-Exploratory Data Analysis.-Mechanistic Analysis etc...Statistical methods involved in carrying out a study include planning, designing, collecting data, analysing, drawing meaningful interpretation and reporting of the research findings. The statistical analysis gives meaning to the meaningless numbers, thereby breathing life into a lifeless data.

Descriptive statistics are used to describe the basic features of the data in a study. They provide simple summaries about the sample and the measures. Together with simple graphics analysis, they form the basis of virtually every quantitative analysis of data. ... In a research study we may have lots of measures.There are four major types of descriptive statistics:

• Measures of Frequency: * Count, Percent, Frequency. ...
• Measures of Central Tendency. * Mean, Median, and Mode. ...
• Measures of Dispersion or Variation. * Range, Variance, Standard Deviation. ...
• Measures of Position. * Percentile Ranks, Quartile Ranks.

Inferential statistics are the set of statistical tests researchers use to make inferences about data. These statistical tests allow researchers to make inferences because they can show whether an observed pattern is due to intervention or chance. There is a wide range of statistical tests.The most common methodologies in inferential statistics are hypothesis tests, confidence intervals, and regression analysis. Interestingly, these inferential methods can produce similar summary values as descriptive statistics, such as the mean and standard deviation.

Prescriptive analytics focuses on finding the best course of action in a scenario, given the available data. ... Prescriptive analytics gathers data from a variety of both descriptive and predictive sources for its models and applies them to the process of decision-making.Prescriptive analytics goes beyond simply predicting options in the predictive model and actually suggests a range of prescribed actions and the potential outcomes of each action. Google's self-driving car, Waymo, is an example of prescriptive analytics in action.

Predictive analytics is the branch of the advanced analytics which is used to make predictions about unknown future events. Predictive analytics uses many techniques from data mining, statistics, modeling, machine learning, and artificial intelligence to analyze current data to make predictions about future.Predictive analytics encompasses a variety of statistical techniques from data mining, predictive modelling, and machine learning, that analyze current and historical facts to make predictions about future or otherwise unknown events.

In marketing research, exploratory data analysis is an approach to analyzing data sets to summarize their main characteristics, often with visual methods. A statistical model can be used or not, but primarily EDA is for seeing what the data can tell us beyond the formal modeling or hypothesis testing task.Exploratory Data Analysis is majorly performed using the following methods:

1. Univariate visualization — provides summary statistics for each field in the raw data set.
2. Bivariate visualization — is performed to find the relationship between each variable in the dataset and the target variable of interest.

Mechanistic Analysis implies a static mechanism. It implies no complexification, emergence, or growth. Mechanistic Analysis can form the basis of a simulation. But a simulation with emergence is based on Analysis of emergent phenomena. Its another level of difficulty, higher than mechanistic.Time series analysis using mechanistic models involves determining whether the model provides an adequate description of the system, and if so, identifying plausible values for unknown parameters .Simply put, mechanistic models are based on the application of a well know the physical, chemical, or biological law describing the behavior of constituting parts of the modeled system. One of the very well known examples of such types of models is the application of Newton laws to the movement of physical bodies.