Chapter 28 & 29 Marketing

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

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