Chapter 28 & 29 Marketing

Marketing research
gathering, recording and analyzing information about consumer behavior and sales
MR used to
determine consumers attitudes and preferences test product features determine market size and potential learn about competitors
MR is important because it
minimizes loses and helps with decisions and problems
Marketing information systems
Marketing information systems
procedures and methods for generating analyzing and storing data about consumers sales and advertising
examples of marketing information systems
company records competition customers government market research
CRM
customer relationship management
database marketing
designing creating and managing customer lists using technology
data base
computer file of related information about a specific topic primary public concern about MR
quantitative
gathers info from large segments of people relies heavily on surveys
what does quantitative ask
how many or how much
qualitative
focuses on smaller groups relies on interviews
qualitative asks
how or why
attitude research
opinion research how consumers feel about products etc satisfaction surveys consumer panels
market research (intelligence)
research about size and location of market the competition and segmentation
market research creates
profile of customers competitors and overall industry
sales forecasting
sales potential and individual market share
economic forecasting
predicting general economic conditions (government data)
Media Research
measure effectiveness of message and media placement brand awareness radio tv
people meters
automated tracking of TV viewing
SRDS (standard rate and data service)
publishes rates and data for advertising industry
Product research
evaluates product design and packaging product acceptance and usage
test marketing
when a new product is place in select geographic areas
(adv feedback dsadv competitors)
Global market place
continuing increased international competition
TWM (total wuality management)
improves business operations by gather and using database research
Limitations of MR
resources time and test markets
5 steps in conducting market research
define the problem obtain data analyze data recommend solutions apply results
define the problem
clearly identify the problem then determine what is needed to solve it MOST DIFFICULT STEP IN MARKETING RESEARCH PROCESS
second step
obtain data
secondary data
has already been collected by someone else can be obtained from both internal and external sources
primary data
obtained for the first time original research
secondary data examples
internet government research business publications trade publications
advantages of secondary data
can be obtained quickly less expensive
disadvantages of secondary data
may not be suitable for problem or outdates
primary data
obtained by company research commercial research
method for collecting primary data
survey method observation method experimental method
survey method
data gather directly from people by using interviewS or questionnaires MOST FREQUENTLY USED METHOD
sample
part of total population assumed to represent entire population
examples of survey method
interviews telephone interviews mail/ online survey
observation method
people actions are observed and recorded in either set up or natural situations
point of sale research
combines natural observation followed by personal interviews
observation method is
fastest and often most cost effective
experimental method
researchers observe under controlled situations the results of changing one or more marketing variables USED LEASE OFTEN
step 3
analyze the data
data analysis
compiling analyzing and interpreting the results of primary and secondary data
step 4
recommending solutions
recommend solutions
conclusions drawn from research are usually presented in report form
step 5
applying the results
applying the results
MR report used by management to make decisions then monitor results for desired outcome
validity
when questions asked truly measure what was intended
reliability
when research produces nearly identical results in repeated trials
open-ended questions
asks respondent to construct their own responses
force choice questions
ask respondents to choose from list of possible answers
filter questions
yes/no guides respondent to answer only those questions that apply
multiple choice
always include other as final choice
rating scale/level of agreement
use even # of choices
guidelines for surveys/questionnaires
make questions clear no leading questions no bias pre test formatting clear directions incentives demographic at end
leading questions
ones that suggest a correct answer
bias
encouraging one outcome/answer over others
formatting
visual appeal and design of survey