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Back to School: CPSM Domain 1: Marketing Research

October 18, 2011

A couple weeks ago, we talked to you about the CPSM designation and the upcoming study groups – refresh your memory here. And don’t miss the Introductory Information Session tomorrow, Wednesday, October 19th! More information on that meeting is available here.

Marketing Research is the first domain of professional practice that you’ll study during your CPSM exam prep. Knowledge areas include:

  • Data-gathering techniques;
  • Sources of social, cultural, economic, federal, state, and local regulatory information;
  • Newspapers, magazines, and other publications related to target markets;
  • Research design;
  • Qualitative and quantitative data-analysis techniques; and
  • Methods for forecasting trends.

According to Wikipedia, Marketing research is “the function that links the consumer, customer, and public to the marketer through information — information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications.” Marketing research is the systematic gathering, recording, and analysis of data about issues relating to marketing products and services. The goal of marketing research is to identify and assess how changing elements of the marketing mix impacts customer behavior. The term is commonly interchanged with market research; however, expert practitioners may wish to draw a distinction, in that market research is concerned specifically with markets, while marketing research is concerned specifically about marketing processes.

These distinctions will become clear during CPSM instruction and the development of essential skill sets. As part of CPSM certification, you’ll be required to:

  • Establish methodologies for collecting and evaluating information, from within the firm and from external sources, on potential teaming and business opportunities;
  • Monitor social, demographic, cultural, and economic trends for broad-based marketing and business implications;
  • Monitor legislative and/or regulatory activities that could affect the need for services;
  • Monitor sources of industry-related market information;
  • Develop and maintain network of corporate, industry, government, municipal, and community contacts to keep abreast of industry, client, and competitor activity; and
  • Design, implement, and/or evaluate research studies of markets, competitors, and/or client prospects.

Throughout the CPSM study process, reading materials, application of resources, and interaction with chapter CPSMs will prepare you to delve into the finer points of marketing research. This practical approach to the industry-specific application will deepen your marketing knowledge and validate your commitment to your profession.

Please join us for the 2012 CPSM Exam Study Sessions, which kick-off with the information session on October 19th, then pick up in January. For more information, please contact jennifer@rhinopr.com.

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