Assignment 1 chapter 4 conducting marketing research

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CONDUCTING MARKETING

RESEARCH

Chapter 4…

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Marketing Research System

Marketing Research Process

7 Characteristics of Good Marketing

Research

Measuring Market Productivity

Marketing Metrics

Marketing Mix Modeling

Marketing Dashboard

OUTLINE




Concept 1


• Researchers need to produce

insights to customers attitudes and

buying behaviour

– Findings relevant to a specific marketing situation

facing the company.

• Marketing insights provide

diagnostic information (How and why

we observe certain effects in the

marketplace, and what that means

to marketers)

– Good marketing insight form the basis of

successful marketing programs




Concept 1


• Everyone carries out marketing

research—including the customers.

– Small companies can also hire the services of a

marketing research firm or conduct research in

creative and affordable ways




Concept 1


Types of Marketing Research Firms

• Syndicated-service research firms

• Custom marketing research firms

• Specialty-line marketing research

firms




Concept 2

Marketing Researching

Process




Concept 2


Process

• Step 1: Define the Problem, the Decision Alternatives,

and the Research Objectives

– Should not be too narrow or too broadd

– Some research is exploratory—its goal is to shed

light on the real nature of the problem and to

suggest possible solutions or new ideas.

– Some research is descriptive—it seeks to quantify

demand




Concept 2


Process

Step 2: Develop Research Plan

- Create the most efficient plan for gathering data,

and create a budget for it

- Sources, research approaches, research

instruments, sampling plan, and contact methods




Concept 2


Process


– Data sources

– Research approaches

• Observational

• Behavioral

• Experimental

– Research instruments

• Questionnaire

• Qualitative Measures

• Technological Devices




Concept 2


Process


– Sampling plan

• Who

• How Many

• How will we conduct the survey?

– Contact methods

• Mail

• Telephone

• Person

• Online.




Concept 2


Process

Step 3: Collect Information

– Most difficult and most prone to error

– Through surveys, or interviews

• Researcher bias, inaccessible target population

• Difficulty finding international consistency




Concept 2


Process

• Step 4: Analyze the Information

– Extract findings by tabulating the data and

developing summary measures.

– Compute averages and measures of

dispersion for the major variables and apply

some advanced statistical techniques and

decision models in the hope of discovering

additional findings

– Test different hypotheses and theories, applying

sensitivity analysis to test assumptions and the

strength of the conclusions




Concept 2


Process

• Step 5: Present the Findings

– Presents findings relevant to the major marketing

decisions facing management.

– Researchers increasingly play a more proactive

consulting role in translating data and information

– They consider ways to present research findings

in as understandable and compelling a fashion as

possible.




Concept 2


Process

• Step 6: Make the Decision

– Organizations use marketing decision support

systems to help their marketing managers make

better decisions




Concept 3




Concept 4

Measuring Market Productivity

• Approaches to measuring marketing

productivity are:

1. Marketing metrics to assess marketing effects

and

2. Marketing-mix modeling to estimate causal

relationships and measure how marketing activity

affects outcomes.




Concept 5

Marketing Metrics

• Set of measures that helps them

quantify, compare, and interpret

their marketing performance.

• Many different marketing measures;

marketers choose one or more based

on the particular issue they face or

the problem they must solve




Concept 6

Marketing Metrics

• Set of measures that help quantify,

compare, and interpret marketing

performance

• Measures are chosen based on

particular issues




Concept 6

Marketing Metrics

• Ask five questions

1. Do you routinely research consumer behaviour,

and why they behave that way

2. Do you routinely report the results of this

research to the board in a format integrated in

the business financial marketing metrics

3. In those reports do you compare the results with

the levels previously forecasted?

4. Do you compare them with the levels achieved

by key competitors using the same indicators

5. Do you adjust short-term performance according

to the changes in marketing based assets?




Concept 6

Marketing Metrics




Concept 7

Marketing Mix Modelling

• Analyzes data from different

sources:

– retailer scanner data, company shipment data,

pricing, media, and promotion, spending data,

• To understand the effects of

marketing activities

• Incremental growth instead of

baseline sales or long-term effects.




Concept 7

Marketing Mix Modelling

• Integration of important metrics is

limited.

– such as customer satisfaction, awareness, and

brand equity into marketing-mix modelling

• Does not incorporate metrics related

to competitors, industry or the sales

force




Concept 8

Marketing Dashboard

• Summary set of relevant internal and

external measures

– Structured way to disseminate the insights

gleaned from these two approaches within the

organization.




Concept 8

Marketing Dashboard

• Input

– include two key market-based scorecards that

reflect performance and provide possible early

warning signals

– Customer performance score card, stakeholder-

performance score card

• Output




• Marketing insights are key to the

success of a company

• Marketing research Provides these

insights

SUMMARY



Assignment 1 chapter 4 conducting marketing research

Marketing

Transcript of Assignment 1 chapter 4 conducting marketing research