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Process of defining a marketing product and opportunity, collecting and analyzing information and recommending actions

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Marketing research

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1. define the problem 2. develop the research plan 3. collect the relevant information 4. develop findings 5. take marketing actions

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Steps Marketing Research

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Set research objectives; identify possible marketing actions

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Define the problem

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Gather preliminary information that will help define problems and suggest hypotheses, it also provides initial information when the problem lacks any clear definition.

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Exploratory research

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Generally involves trying to find the frequency that something occurs or the extent of a relationship between two factors.

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Descriptive research

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The most sophisticated, tries to determine the extent to which the change in one factor changes another one.

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Causal research

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criteria or standards used in evaluating proposed solutions to the problem

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Measures of success

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Jiwon is thinking of developing a candy specifically for college students. Before she begins manufacturing, she has decided to conduct some research to determine whether or not she should include caffeine in the candy. If the results show students prefer caffeine, she will market it as a caffeine product. If the results show students don't care about caffeine, she will market it as an energy product. Jiwon is probably in the __________ stage of the market research process?

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Define the problem

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Specify Constraints, Identify data needed for marketing actions, determine how to collect data

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Develop the research plan

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Nick is thinking of conducting some market research to help him determine the best colors to use for the cover of his new hip-hop CD to be released in February. He decides that he can invest up to $500 in this research, but he needs to get it done in the next three weeks. Nick is probably in the _______________ stage of the market research process?

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Develop the research plan

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restrictions placed on potential solutions to a problem

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Constraints

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Process of drawing conclusions about the population from a sample to help decide on marketing actions

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Statistical inference

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marketing inputs and marketing outcomes

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Secondary data: Internal

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Relate to the effort expended to make sales. These range from sales and advertising budgets and expenditures to salespeople's call reports

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marketing input data

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Relate to the results of the marketing efforts;billing records on shipments from the accounting dept. and included sales and repeat sales and communication from customers (emails, phone calls, letters)

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marketing outcome data

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Published data from outside the organization. Examples include, US Census, Trade Association studies, business periodicals, and internet-based reports

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Secondary data: External

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Facts and figures obtained by watching, either mechanically or in person, how people behave, can be collected by mechanical, including electronic,personal, or neuromarketing methods.

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Observational data

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Trained observers seek to discover subtle behavioral and emotional reactions as consumers encounter products in their "natural use environment," such as in their home or car.

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Ethnographic research

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use of brain scanning to analyze buying processes, mixing the study of the brain with marketing

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Neuromarketing methods

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

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Questionnaire data

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individual interview, depth interviews, focus groups, trend hunting

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Idea generation methods

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seeks to anticipate and track the evolution of cool, it is identifying emerging shifts in social behavior which are driven by changes in pop culture that can lead to new products

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Trend hunting

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The process by which the marketing researcher tries to test the ideas discovered earlier to help marketing manager recommend marketing actions.

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Idea evaluation methods

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Allows respondents to express opinions, ideas, or behaviors in their own words without being forced to choose among alternatives that have been predetermined by a marketing researcher.

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open-ended questions

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The simplest form of a fixed alternative question that allows only a "yes" or "no" response.

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Dichotomous question

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A five-point scale in which the opposite ends have one- or-two-word adjectives with opposite meanings.

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Semantic differential scale

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Respondents indicate their own attitudes by checking how strongly they agree or disagree with statements

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Likert Scale

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A question phrased in such a way as to suggest the desired answer. E.g. Why do you like Wendy's fresh meat hamburgers better than those of competitors?

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Leading question

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A question containing a concept that is not defined clearly. Sample question: Do you eat at fast-food restaurants regularly? __yes ___no

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Ambiguous question

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Question that doesn't give all possible answers; e.g.: where do you live, at home or in a dorm? (what if you live in apartment?)

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Nonexhaustive question

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E.g.: What is your age? Under 20, 20-40, or 40 and over? (which does a 40 year old check?)

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Nonmutually exclusive answers

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1) social media - i.e. Face book, Twitter 2) Panels and experiments 3) Information technology 4) data mining

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Primary data: other sources

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

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Panel

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A research method in which an investigator manipulates one or more factors under tightly controlled conditions to observe the effect

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Experiment

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Involves operating computer networks that can store and process data.

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Information technology

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A method of extracting previously unknown relationships among individual data points in a database.

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Data mining

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Lands End is a successful mail order catalog company. In order to expand their business, they decided to open retail outlets where customers could visit and actually see the merchandise. By analyzing the zip codes from past mail order shipments, they were able to locate the new stores in areas where many of their customers already lived. This is an example of?

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Data mining

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Analyze the data; present the findings

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Develop findings

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Make action recommendations, Implement action recommendations, Evaluate Results(the decision itself and the decision process used)

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Take marketing actions

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consists of 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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Sales forecast

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1. Judgments of the decision maker (99%) 2. surveys of knowladgeable groups 3. Statistical methods

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Sales forecasting techniques

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involves estimating the value to be forecast without any intervening steps

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Direct forecast

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involves starting with 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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lost-horse forecast

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

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Trend extrapolation

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