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Bell Ringer. List some reasons why you think that some new businesses have almost immediate success while others fail miserably. The main idea:

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Bell ringer

Bell Ringer

  • List some reasons why you think that some new businesses have almost immediate success while others fail miserably.

The main idea:

Successful companies must be able to understand the needs and wants of customers. Marketing research provides information to help a business plan, solve problems and make decisions regarding its products and services.


Marketing information systems

Marketing Information Systems

Marketing Co-Op: Chapter 28.1


Define marketing research

Define Marketing Research

  • The process and methods used to gather information, analyze it, and report findings related to marketing goods and services


What is it used for

What is it used for?

  • Identify opportunities in marketing

  • Solve marketing problems

  • Implement marketing plans

  • Monitor marketing performance and effectiveness


Company s can use the research to

Company’s can use the research to:

  • Determine customer attitudes and preferences

  • Test product features

  • Determine market size and growth potential

  • Learn about competitors

  • Determine buying cycles

  • Understand company’s public perception


Why is market research important

Why is Market Research Important

  • If businesses don’t pay attention to marketing research they could make costly marketing mistakes about:

    • What products to produce

    • What price to sell product for

    • Who will buy the product

    • How to promote the product


Who uses marketing research

Who uses Marketing Research?

  • Individual Businesses

  • Various manufacturers

  • Wholesalers

  • Retailers

  • Local, state and federal governments

  • Non-profit organizations


Lean cuisine

Lean Cuisine

  • Marketing Research Example:

    • Stouffers:13 years doing research before starting Lean Cuisine

    • They studies consumers interest and health dieting

    • They studied panelist to determine what people liked/disliked about their healthy meals

    • When they launched the Lean Cuisine line it was a major success with $125 Million in sales in the first year


Marketing information systems1

Marketing Information Systems

  • Define: What is database marketing?

    • A process of designing, creating and managing customer lists

  • Identify: What data should be included in marketing information systems?

    • Customer profile data, company records, competitors records

  • Analyze: What are some uses for customer lists?

    • Locating, selecting and targeting customers with special programs


Databas e marketing

Database Marketing

  • Database marketing, or customer relationship management, is the process of designing creating and managing consumer lists

  • Database marketing lists are developed from the following:

    • Face-to-face sales

    • Direct mail

    • Telephone or email purchases

    • Service requests

    • Website visits


What do companies do with this information

What do companies do with this information?

  • The information collected about consumers is stored in computer databases

  • Example: American Express

    • Their database includes what customers buy, where they buy it, where they dine out and how much money they spend

    • The company uses this info to send their card members special customized offers on products, hotels, restaurants, etc


Using technology to gather information

Using Technology to Gather Information

  • Customer Loyalty Programs

    • Many businesses use loyalty programs

    • The program offers discounts and other rewards to shop at a specific retailer

    • Companies use the loyalty to cards to compile information in their databases


Types trends and limitations of marketing research

Types, Trends, and Limitations of Marketing Research

Marketing Co-Op 28.2


Quantitative vs qualitative

Quantitative vs. Qualitative

Quantitative

Qualitative

Focuses on small number of people

Answers questions as to “why” or “how”

  • Answers questions has to “how many” or “how much”

  • Relies heavily on questionnaires to obtain info


Attitude research

Attitude Research

  • Also known as opinion research -designed to obtain info on how people feel

  • For example: Best Buy Geek Squad

    • Calling after service to see how satisfied the customer was with their service


Market intelligence

Market Intelligence

  • Concerned with:

    • the location and size of a market

    • the competition

    • segmentation within the market for a particular product

  • Data is used to assemble a profile of:

    • Present and potential customers

    • Competition

    • The overall industry

  • Helps define target markets for particular products and services


Media research

Media Research

  • Also know as advertising research

  • Determines the effectiveness of various media to advertise a good or service

  • Can be conducted before or after a media campaign

  • Media Research measures:

    • Audience – number of people exposed to the media

    • Frequency – number of times a viewer is exposed to the media

    • Reach – percentage of the target audience that sees the media

    • Ratings – total number of audience impressions delivered over a set period of time


Product research

Product Research

  • Evaluates a products design, packaging and usage

  • Information is also collected about competitors products

  • Product and packaging is designed, tested, and changed if needed


Limitations of marketing research

Limitations of Marketing Research

  • The amount of information that is gathered is limited by the amount of money and time a company can afford to spend

  • Test markets may give feedback, but it doesn’t mean they will buy the product later


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