Introduction to Marketing Research Yale Consultancy Sdn Bhd [email protected] 03-2021 0577...
-
Upload
sarai-mich -
Category
Documents
-
view
218 -
download
2
Transcript of Introduction to Marketing Research Yale Consultancy Sdn Bhd [email protected] 03-2021 0577...
Introduction toMarketing Research
Yale Consultancy Sdn [email protected]
03-2021 0577
Yale Consultancy Sdn Bhd 1
“It ain’t the things we don’t know that gets us in trouble. It’s the things we know that ain’t so.”
Artemus Ward2Yale Consultancy Sdn Bhd
What is Marketing?
Marketing has been defined by the AMA as an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
3
What is the Marketing Concept?
The Marketing Concept is a business philosophy that holds that the key to achieving organizational goals consists of the company’s being more effective than competitors in creating, delivering, and communicating customer value to its chosen markets.
4
What is Marketing Strategy?
A Marketing Strategy consists of selecting a segment of the market as the company’s target market and designing the proper “mix” of the product/service, price, promotion, and distribution system to meet the wants and needs of the consumers within the target market.
5
Marketing Research Defined
The systematic and objective process of generating information for aid in making marketing decisions
6Yale Consultancy Sdn Bhd
What is Marketing Research?(Burns and Bush Definition) Marketing research is the process of
designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem.
Ch 1 7
What is Marketing Research? AMA definition Marketing research: the function that links the
consumer, customer, and public to the marketer through information – information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve the understanding of marketing as a process.
Ch 1 8
Market Research vs. Marketing Research Market research: the “systematic gathering,
recording, and analyzing of data with respect to a particular market, where ‘market’ refers to a specific group in a specific geographic area.”
Ch 1 9
Case Study
Yale Consultancy Sdn Bhd 10
Learning by Doing: Let’s Apply Marketing to a Restaurant
Target market segment? Marketing strategy
Location?Menu?Prices?Type? Advertising?
Ch 1 11
Restaurant Marketing Decisions What if you owned a restaurant located in
Austin, Texas near the University of Texas? What would be your marketing strategy? How certain are you that you made the right
decisions?
Ch 1 12
Restaurant Marketing Decisions What if the restaurant was located near a
university in a foreign country like China, Thailand, Italy, Iceland, or Peru?
What would be your decisions? How certain are you that you made the right
decisions now? So, what’s going on? Class comments?
Ch 1 13
Key Point
To practice marketing; to implement the marketing concepts; to implement marketing strategy, managers must make decisions.
Many decisions require additional information and marketing research is needed in order to supply that information.
Ch 1 14
We need Marketing Research to:
Make the “right” decisions to Implement marketing Practice the marketing concept and Make the right decisions to select the right
marketing strategy
Ch 1 15
The Marketing Research Process
Define the Problem Develop an Approach to the Problem
Type of Study? Exploratory, Descriptive, Causal? Mgmt & Research Questions, Hypotheses
Formulate a Research Design Methodology Questionnaire Design
Fieldwork Prepare & Analyze the Data Prepare & Present the Report
16Yale Consultancy Sdn Bhd
What is the purpose of Marketing Research? To link the consumer to the marketer by
providing information that can be used in making marketing decisions
Ch 1 17
What are the uses of Marketing Research? Identify marketing opportunities and problems Generate, refine, and evaluate potential
marketing actions Monitor marketing performance Improve marketing as a
process
Ch 1 18
Marketing Research Types
Basic research
Applied research
19Yale Consultancy Sdn Bhd
Basic Research
Attempts to expand the limits of knowledge
Not directly involved in the solution to a pragmatic problem
20Yale Consultancy Sdn Bhd
Basic Research Example
Do consumers experience cognitive dissonance in low-involvement situations?
21Yale Consultancy Sdn Bhd
Applied Research Conducted when a decision must be
made about a specific real-life problem
Yale Consultancy Sdn Bhd 22
Applied Research Example
Should McDonalds add Italian pasta dinners to its menu?Marketing research told McDonald’s it
should not Should Procter & Gamble add a high-
priced home teeth bleaching kit to its product line?Research showed Crest Whitestrips
would sell well at a retail price of $4423Yale Consultancy Sdn Bhd
Scientific Method
The analysis and interpretation of empirical evidence (facts from observation or experimentation) to confirm or disprove prior conceptions
24Yale Consultancy Sdn Bhd
Using Marketing ResearchWe can use Marketing Research to:
Identify & Evaluate OpportunitiesAnalyze Market SegmentsSelect Target MarketsPlan & Implement Marketing MixesAnalyze Marketing Performance
Performance Monitoring Research
25Yale Consultancy Sdn Bhd
Identifying and Evaluating OpportunitiesExamples Mattel Toys investigates desires for play
experiences Home cooking is on the decline.
Purchase of precooked home replacement meals is on the rise.
Number of investors trading stock on the Internet is growing.
26Yale Consultancy Sdn Bhd
Analyze Market Segments and Select Target MarketsExamples Cadillac investigates buyers’ demographic
characteristics MTV, monitoring demographic trends, learns
the Hispanic audience is growing rapidly Sears learns women, age 25-54 with average
household income of $38,000, are core customers. Targets this market with "The Good Life at a Great Price. Guaranteed. Sears."
27Yale Consultancy Sdn Bhd
Plan and Implement a Marketing Mix
Price: Safeway does a competitive pricing analysis
Distribution: Caterpillar Tractor Co. investigates dealer service program.
Product: Oreo conducts taste test, Oreo cookie vs. Chips Ahoy
Promotion: How many consumers recall the “Life Tastes Good. Coca Cola!” slogan?
28Yale Consultancy Sdn Bhd
Analyze Marketing Performance
This year’s market share is compared to last year’s.
Did brand image change after new advertising?
29Yale Consultancy Sdn Bhd
Performance-monitoring ResearchResearch that regularly provides
feedback for evaluation and control Indicates things are or are not going
as plannedResearch may be required to
explain why something “went wrong”
30Yale Consultancy Sdn Bhd
Determining When to Conduct Marketing Research
Time constraintsAvailability of dataNature of the decisionBenefits versus costs
31Yale Consultancy Sdn Bhd
Is sufficient time
available?
Information already on
handinadequate?
Is the decision of
strategicor tactical
importance?
Does theinformation
valueexceed the
research cost?
ConductMarketingResearch
Do Not Conduct Marketing Research
Time Constraints Availability of Data Nature of the Decision Benefits vs. Costs
Yes YesYesYes
No No No No
Determining When to Conduct Marketing Research
32Yale Consultancy Sdn Bhd
Value
Decreased uncertaintyIncreased likelihood of
correct decisionImproved marketing
performance and resulting higher profits
Costs
Research expendituresDelay of marketing
decision and possible disclosure of information to rivals
Possible erroneous research results
Potential Value of a Marketing Research Effort Should Exceed Its Estimated Costs
33Yale Consultancy Sdn Bhd
ALWAYS Remember
Marketing Research is a tool.It assists marketing managers in
their decision making.IT IS NOT A REPLACEMENT FOR MANAGERIAL JUDGEMENT!! 34Yale Consultancy Sdn Bhd
Hot Topics in Marketing Research Online Marketing Research Growing Consumer/Respondent Resentment Globalization
Ch 1 35
Hot Topics – Online Marketing Research Online research: the use of computer
networks, including the Internet, to assist in any phase of the marketing research process including development of the problem, research design, data gathering, analysis, and report writing and distribution.
Ch 1 36
Hot Topics – Online Marketing Research Web-based research: research that is
conducted on web applications; may use traditional methods as well as on-line research methods in conducting research on web-based applications… Usability studies
On-line survey research: collection of data using computer networks… Ordering samples online via Survey Sampling, Inc.
Ch 1 37
Hot Topics – Online Marketing Research On-line survey research: collection of data
using computer networks… Ordering samples online via Survey Sampling, Inc.
Ch 1 38
Hot Topics – Growing Consumer/ Respondent Resentment
Marketing research is invasive. Telemarketers and direct marketers have
abused “marketing research.” The government through FTC has instituted a
“Do not call” list. The marketing research industry is so far
excluded from the ban of the “do not call” regulations.
Ch 1 39
Hot Topics – Globalization
As marketing firms spread globally, so did marketing research firms.
According to Jack Honomichl, 48% of U.S. marketing research firms’ revenues were generated outside of U.S.
The top 25 marketing research firms in the world earn 67% of their revenues outside their own country.
Ch 1 40
Thank You
Yale Consultancy Sdn Bhd 41