Marketing Research. The process of defining a marketing problem and opportunity, systematically...
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Transcript of Marketing Research. The process of defining a marketing problem and opportunity, systematically...
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Marketing Research
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Marketing Research
The process of defining a marketing problem and opportunity, systematically
collecting and analyzing information, and recommending action.
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Uses of Marketing Research Movies
Shoeless Joe became Field of Dreams 3000 became Pretty Woman Sneak Previews help with selecting scenes
Pocahontas has scenes cut because preview audiences were confused
My Best Friend’s Wedding ending changed because preview audiences didn’t like the ending
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Marketing Research
Helps identify and define things that might be wrong with your product/service
Improves the marketing of products/services Is not foolproof Can reduce some risk in marketing decisions
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Difficulties in Marketing Research
If a researcher asks a “Yes/No” question, that’s all they’re going to get
Brand new products have nothing to be compared to
Personal questions “Actual Self” vs. “Ideal Self”
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Definitions
Decision Conscious choice from among two or more
alternatives Decision Making
Act of consciously choosing between alternatives with formal, structured approaches
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Marketing Research Approach Step #1: Define Problem Step #2: Develop the Research Plan Step #3: Collect Relevant Information Step #4: Develop Findings Step #5: Take Marketing Actions
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Marketing Research Approach
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Marketing Research ApproachStep 1: Define Problem Fisher-Price Example
NY nursery children play with toys in a room with a one-way mirror
Watch kids play with various versions of their toy
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Marketing Research ApproachStep 1: Define ProblemSet Research Objectives Marketing objectives must be specific and
measurable Examples include increase sales, increase
profits, find out consumer wants, find out why your product is selling poorly Fisher-Price objective is to decide to market new
phone or not
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Marketing Research ApproachStep 1: Define Problem
Set Research Objectives After objectives are set, you have to decide
what kind of research you will complete Kinds of Research
Exploratory Research – Can provide ideas about a relatively vague problem (Interview for new ideas) General Mills figured out first version of Hamburger
Helper wasn’t well liked by consumers. Interviewed for improvement ideas
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Marketing Research ApproachStep 1: Define ProblemSet Research Objectives Kinds of Research
Descriptive Research – The frequency that something occurs or the extent of the relationship between 2 factors How many people buy your product and how
many buy competitions product
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Marketing Research ApproachStep 1: Define ProblemSet Research Objectives Causal Research – Most advanced form of
research, looks at determining how much the change in one product changes another Changing toy design is related to changes in
amount of time kids play with that toy
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Marketing Research ApproachStep 1: Define ProblemIdentify Possible Marketing Actions Decision makers create measures of success
Criteria or standards used in evaluating proposed solutions to a problem
Findings in your research lead to different marketing actions based on measures of success
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Marketing Research ApproachStep 2: Develop Research Plan
Specify Constraints Constraints are restrictions that are placed on
potential solutions to a problem Examples are time and money used
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Marketing Research ApproachStep 2: Develop Research Plan
Identify data needed for marketing actions Only focus on information that is relevant to
solve this particular problem
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Marketing Research ApproachStep 2: Develop Research Plan
Determine How to Collect Data Concepts in marketing are ideas about
products or services In marketing research, new product concepts
are a picture or verbal description of a product or service that the firm might offer for sale Chatter Telephone with noisemaker, wheels, eyes
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Marketing Research ApproachStep 2: Develop Research Plan
Determine How to Collect Data Methods are approaches that can be used to
collect data to solve all or part of a problem Sampling Statistical Inference
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Marketing Research ApproachStep 2: Develop Research Plan
Determine How to Collect Data Sampling is selecting elements from an entire
population that are representative of that population
Probability Sampling uses exact rules to select sample so that each element has a specific known chance of being selected Sample is representative of entire population and
allows conclusions to be drawn about entire population
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Marketing Research ApproachStep 2: Develop Research Plan
Determine How to Collect Data Nonprobability Sampling uses arbitrary
judgements to select samples so that chance of selecting a particular element may be unknown. Allows bias and can be dangerous in research
outcome
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Marketing Research ApproachStep 2: Develop Research Plan
Determine How to Collect Data Statistical Inference draws conclusions about
the research population from a sample Population is entire group of people that the
researchers are wanting to find out information – MTSU students, dog owners, children between ages of 3-4
Sample is a portion of the population
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Marketing Research ApproachStep 3: Collect Relevant Info.
Data are the facts and figures related to a problem Primary data are new facts and figures just
collected for problems Secondary data are facts and figures that you
already had before working on problem
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Marketing Research ApproachStep 3: Collect Relevant Info.
Secondary Data Secondary data has two components –
Internal and External Internal data is what’s already been collected
and is stored inside the company Product sales data, customer service logs
External data is published outside company Information from U.S. Census Bureau, Nielsen
Media Research
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Marketing Research ApproachStep 3: Collect Relevant Info.
Secondary Data Advantages
Time saving Low cost More detail than primary data
Disadvantages Out of date Categories may not be specific to your project May not be specific enough for your project
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Primary Data Also has two components
Observing people Asking people questions
Marketing Research ApproachStep 3: Collect Relevant Info.
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Primary Data Observational data is facts and figures
obtained by watching how people behave Best Western hotels found women decide when to
stop on road trips and where to stay – target more messages to women
Marketing Research ApproachStep 3: Collect Relevant Info.
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Primary Data Questionnaire data are facts and figures
obtained by asking people about attitudes, awareness, intentions, and behaviors
Try to focus on project at hand
Marketing Research ApproachStep 3: Collect Relevant Info.
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Primary Data Questionnaire data
Individual Interviews (research by asking one person a question
Focus Groups (groups of 6-10 past, present, or prospective customers) Use moderator to lead discussion Usually recorded One way mirrors Get ideas and concerns because of group
discussion, not just answer to question
Marketing Research ApproachStep 3: Collect Relevant Info.
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Primary Data Questionnaire data
Unique ways to collect data Results in very basic actions/questions Identify upcoming trends Example is Teenage Research Unlimited. They
collect data from 2,000 teens twice a year. They ask what they like, wear, listen to, watch, read. Identifies lifestyles, attitudes, trends, behavior. Directly asks what the teens think are “cool” products.
Marketing Research ApproachStep 3: Collect Relevant Info.
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Marketing Research ApproachStep 3: Collect Relevant Info.
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Primary Data Questionnaire data
Sample includes past, present, and prospective customers
Large sample size
Marketing Research ApproachStep 3: Collect Relevant Info.
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Primary Data Questionnaire Data – Types
Personal Interviews Mall Intercept Surveys Mail Surveys Telephone Interviews Email, Fax, Internet Surveys
Marketing Research ApproachStep 3: Collect Relevant Info.
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Primary Data
Marketing Research ApproachStep 3: Collect Relevant Info.
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Primary Data A panel is a sample of consumers that researchers
take a series of measurements over time Asks panel participants many questions about many
various products Conducted by research firm Company can look at this and see how consumers
change over time Disadvantage – research firms must replace participants
that quit
Marketing Research ApproachStep 3: Collect Relevant Info.
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Primary Data Experiments obtain data by manipulating factors
under tightly controlled conditions to test cause and effect Want to see if changing an independent variable
(cause) changes the dependent variable that is being studied (the result)
Independent variables usually are the marketing mix elements (Ads, coupons)
Dependant variable is usually purchase behavior
Marketing Research ApproachStep 3: Collect Relevant Info.
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Primary Data Experiments
Test markets offer product in a limited area for a limited time to help decide effectiveness of marketing actions. Wal-Mart opened 3 stand-alone supercenters in
1988 to test market, now has over 1,000 Disadvantage is outside factors
Marketing Research ApproachStep 3: Collect Relevant Info.
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Primary Data Advantages
More specific than secondary data Disadvantages
More expensive than secondary data More time consuming that secondary data
Marketing Research ApproachStep 3: Collect Relevant Info.
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Data mining Taking “hidden” information from large databases Finds links that may suggest marketing actions Example is Fingerhut magazine
People that move are 3 times as likely to buy more “home” products
Created special magazine for people that recently moved
Marketing Research ApproachStep 3: Collect Relevant Info.
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“Collecting data is like collecting garbage. You’ve got to know what you’re going to do
with the stuff before you collect it.” Mark Twain
Marketing Research ApproachStep 4: Develop Findings
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Analyze data collected to see if answers research objectives set in Step #1
Present findings Clear and easily understood Concise
Marketing Research ApproachStep 4: Develop Findings
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Make action recommendations based on research findings
Implement the action(s) recommended Evaluate results
Determine if the recommended action needs to continue to be effective in the long run
Determine if the market research and analysis was effective
Always look for improvement
Marketing Research ApproachStep 5: Take Marketing Actions