Market Research & Process
6
Marketing Research The study of consumer needs and wants and the ways in which sellers can best meet them
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Market Research & Process
Transcript of Market Research & Process
Marketing Research
The study of consumer needs and wants and the ways in which sellers can best meet them
Market Research and the Marketing Process
10 - 10 - 22
MARKETINGMARKETINGRESEARCHRESEARCH
Controllable Marketing Variables
• Product• Pricing• Promotion• Place
Environmental Factors
• Economic• Technological• Competitive• Political & Legal• Social & Cultural
• Consumers• Employees
• Investors• Suppliers
• Local Communities
Marketing Managers• Market Segmentation• Target Market Segmentation
• Marketing Plan• Goals for Performance
Assessing Information
Needs
Providing Information
Making Decisions
Stakeholders
The Research Process Study the Current Situation
Select a Research Method
Collect Data
Analyze the Data
Prepare a Report
Secondary DataSecondary DataData readily available as a Data readily available as a result of previous researchresult of previous research
Primary DataPrimary DataData developed Data developed through new researchthrough new research
Research Methods ObservationObservation
Market research technique that involves simply watching and Market research technique that involves simply watching and recording consumer behaviorrecording consumer behavior
SurveySurvey
Market research technique using a questionnaire that is either Market research technique using a questionnaire that is either mailed to individuals or used as the basis of interviewsmailed to individuals or used as the basis of interviews
Focus GroupFocus Group
Market research technique in which a group of people is Market research technique in which a group of people is gathered, presented with an issue, and asked to discuss it in gathered, presented with an issue, and asked to discuss it in depthdepth
ExperimentationExperimentation
Market research technique that attempts to compare the Market research technique that attempts to compare the responses of the same or similar people under different responses of the same or similar people under different circumstancescircumstances
The Consumer Buying ProcessPersonal & Environmental Factors
PsychologicalPsychological PersonalPersonal SocialSocial CulturalCultural
Stages of the Consumer Buying ProcessStages of the Consumer Buying Process
Evaluation of Alternatives
Which are comfortable?
Which are affordable?
How will others react to them?
Evaluation of Alternatives
Which are comfortable?
Which are affordable?
How will others react to them?
Information Seeking
Search for stores, styles,
prices, opinions of
others
Information Seeking
Search for stores, styles,
prices, opinions of
others
Problem Recognition
Need to replace old
shoes
Problem Recognition
Need to replace old
shoes
Purchase DecisionChoose
rationally or emotionally
Purchase DecisionChoose
rationally or emotionally
Postpurchase DecisionObserve
reactions of others; test durability,
compare with older shoes
Postpurchase DecisionObserve
reactions of others; test durability,
compare with older shoes
Marketing Factors
ProductProduct PricingPricing PromotionPromotion PlacePlace
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The External Marketing Environment
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The Firm and Its Marketing Plan Plans Strategies Decisions
CompetitiveEnvironment
Political & LegalEnvironment
Social &Cultural
Environment
EconomicEnvironment
TechnologicalEnvironment
