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Marketing Research

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The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions to improve an organization's marketing activities.

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Marketing Information Systems

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Computerized systems that collect and organize marketing data on a timely basis to provide information for decision making.

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Provide management with actionable information that will allow managers to make better decisions and ultimately reduce risk.

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Goal of Marketing Research?

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Defining the Problem Develop the Research Plan Collect Relevant Information Develop Findings Take Marketing Actions

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Five Steps in Doing Marketing Research

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Setting the Research Objective & Identifying Possible Marketing Actions

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Two Keys Elements of Defining a Problem

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Hypothesis

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A conjecture about the relationship between 2 or more factors.

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Measure of Success

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Criteria of Standards used in evaluating proposed solutions to the problem.

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Exploratory Research

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Gathers preliminary information that will help define the problem.

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Descriptive Research

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Describes such things as market potential for a product or attitudes and demographics of consumers who buy the product.

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Causal Research

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Test hypotheses about cause and effect relationships.

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Specify Constraints Identify Data Needed for Marketing Actions Determine How To Collect Data

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3 Steps in Developing the Research Plan

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Concepts

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Ideas about products or services.

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Methods

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The approaches that can be used to collect data to solve all or part of a problem.

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Constraints

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The restrictions placed on potential solutions to a problem.

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Sampling

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Selecting a group of distributors, customers, or prospects, and asking them questions, and treating their answers as typical of all those in whom they are interested.

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Data

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Facts and figures related to the problem.

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Primary Data

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Facts and figures that are newly collected for the project.

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Secondary Data

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Facts and figures that have already been recorded prior to the project at hand.

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Internal Data

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Data from inside of a company that generally offer the most easily accessible marketing information.

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Marketing Input Data

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Efforts spent to make sales.

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Marketing Outcome Data

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Results of the marketing efforts.

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External Data

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Published data outside of the organization.

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Syndicated Panels

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Provide a standard set of data on a regular basis.

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Time Saving & Inexpensive

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2 Advantages of Secondary Data

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Out of Data & Not Specific Enough for the Project & Definition not right

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3 Disadvantage of Secondary Data

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Observing People & Asking People Questions

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Two ways to collect Primary Data

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Data is more specific to the problem.

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Advantages of Collecting Primary Data

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Expensive and Time Consuming

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Disadvantages of Collecting Primary Data

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Observational Data

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Facts and figures obtained by watching, either mechanically or in person, how people actually behave.

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Mystery Shopper

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Job that consist of checking on the quality and pricing of their product and the integrity of and customer service provided by their employee.

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Ethnographic Research

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A specialized observational approach in which trained observers seek to discover subtle behavioral and emotional reactions as consumers encounter products in their natural use environment.

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Questionnaire Data

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Facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors.

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Idea Generation Methods

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Coming up with Ideas

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Individual Interviews

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Involves a single researcher asking questions of one respondent.

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Depth Interview

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Researchers ask lengthy, free flowing kinds of questions to probe for underlying ideas and feelings.

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Focus Groups

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Informal sessions of 6 to 10 past, present, or prospective customers in which a discussion leader asks their opinions about the firm's and its competitors' products, how they use these products, and special needs they have that these products don't address.

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Trend Hunting

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The practice of identifying emerging shifts in social behaviors, which are driven by changes in pop culture that can lead to new products.

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Individual Interview Surveys Telephone Surveys Mail Surveys Online Surveys Mall Intercept Interview Surveys

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What are 4 Idea Evaluation Methods?

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Cost is low and Turnaround time is quick

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Advantages of Online Survey

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Junk/Spam; Pop up Blocker; Multiple completion of survey.

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Disadvantages of Online Survey

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Closed End or Fixed Alternative Questions

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Requires Respondents to select one or more response options from a set of predetermined choices.

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Dichotomous Questions

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Simplest forms of a fixed alternative question that allows only a yes or no response.

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Scale

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A fixed alternative questions with three or more choices.

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Semantic Differential Scale

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A five point scale in which the opposite ends have one or two word adjectives that have opposite meaning.

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Likert Scale

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Respondent indicates the extent to which he or she agrees or disagrees with a statement.

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Mail Intercept Interviews

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Personal interviews of consumers visiting shopping centers.

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Panel

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A sample of consumers or stores from which researchers take a series of measurements.

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Experiments

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Obtaining data by manipulating factors under tightly controlled conditions to test cause and effect.

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Drivers

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The independent variables of interest are often one or more of the marketing mix elements, such as a product's features, price, or promotion. The factors that influence the buying decisions of a household or organization.

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Test Markets

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Offer a product for sale in a small geographic area to help evaluate potential marketing actions.

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Make Action Recommendations Implement the Actions Recommendations Evaluate the Results

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3 Steps in Taking Marketing Actions

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Big Data

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A collection of data sets so large and complex that it becomes difficult to process using database management tools or traditional data processing applications.

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Data Mining

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Sophisticated analysis techniques used by firms to take advantages of the massive amount of transaction information now available.

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Analyze data & Present the Findings

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Steps in Developing Findings

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Data Mining

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Looking for Patterns

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Forecasting

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Estimating actual size of market.

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Sales Forecast

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The total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts.

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Help to schedule production Establish service delivery levels

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Why are good sales forecasts needed?

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Judgement of the Decision Maker Survey of Knowledgeable Groups Statistical Method

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3 Sales Forecasting Technique

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Direct Forecast

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Involves estimating the value to be forecast without any intervening steps.

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Lost Horse Forecasting

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Start at the last known value of the item being forecast, listing the factors that could affect the forecast, assessing whether they have a positive or negative impact, and making the final forecast.

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Survey of Buyers' Intentions Forecast

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Involves asking prospective customers if they are likely to buy the product during some future time period.

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Sales force Survey Forecast

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Involves asking the firm's salespeople to estimate sales during a coming period.

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Trend Extrapolation

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Involves extending a pattern observed in past data into the future.

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Linear Trend Extrapolation

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When the pattern is described with a straight line.

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