Exploring marketing research william g zikmund
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Exploring Marketing Research William G. Zikmund. Chapter 1: The Nature of Marketing Research. The Nature of Marketing Research. Marketing research is one of the principal tools for answering questions because it:

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Exploring marketing research william g zikmund

Exploring Marketing ResearchWilliam G. Zikmund

Chapter 1:

The Nature of

Marketing Research


The nature of marketing research

The Nature of Marketing Research

  • Marketing research is one of the principal tools for answering questions because it:

    • Links the consumer, customer, and public to the market through information used to identify and define marketing

    • Generates, refines, and evaluates marketing actions

    • Monitors marketing performance

    • Underlines the understanding of marketing as a process


Marketing research defined

Marketing Research Defined

The systematic and objective process of generating information for aid in making marketing decisions


The marketing research process

The Marketing Research Process

  • This process includes:

  • specifying what information is required;

  • designing the method for collecting information;

  • managing and implementing the collection of data;

  • analyzing the results; and

  • communicating the findings and their implications.


Exploring marketing research william g zikmund

Information

Reduces

Uncertainty

I don’t know

if we should

enter the

Australian

Market?


It ain t the things we don t know that gets us in trouble it s the things we know that ain t so

“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 Ward


Exploring marketing research william g zikmund

Marketing Research Types

Basic research

Applied research


Basic research

Basic Research

  • Attempts to expand the limits of knowledge

  • Not directly involved in the solution to a pragmatic problem


Basic research example

Basic Research Example

  • Do consumers experience cognitive dissonance in low-involvement situations?


Applied research

Applied Research

  • Conducted when a decision must be made about a specific real-life problem


Applied research example

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 $44


Scientific method

ScientificMethod

  • The analysis and interpretation of empirical evidence (facts from observation or experimentation) to confirm or disprove prior conceptions


Marketing concept

Marketing Concept

  • Central idea in marketing

  • Evolved over time

  • Not production-oriented

  • Marketing-oriented


Marketing concept1

Marketing Concept

Consumer

Oriented

Long Run

Profitability

  • Cross-Functional

  • Effort


Keeping customers and building relationships

Keeping Customers and Building Relationships

  • RELATIONSHIP MARKETING - the idea that a major goal of marketing is to build long-term relationships with the parties who contribute to the company’s success.

  • Marketers want customers for life.

  • Managing the relationships that will bring about additional exchanges


Total quality management

Total Quality Management

  • Much in common with marketing concept

  • Focus on integrating customer-driven quality throughout the organization.

  • Stresses continuous improvement


Stages in developing and implementing a marketing strategy

Stages in Developing and Implementing a Marketing Strategy

  • Identifying and evaluating opportunities

  • Analyzing market segments and selecting target markets

  • Planning and implementing a marketing mix

  • Analyzing market performance


Identifying and evaluating opportunities

Identifying and Evaluating Opportunities

  • Examples

  • 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.


Analyze market segments and select target markets examples

Analyze Market Segments and Select Target Markets-Examples

  • 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."


Plan and implement a marketing mix

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?


Analyze marketing performance

Analyze Marketing Performance

  • This year’s market share is compared to last year’s.

  • Did brand image change after new advertising?


Performance monitoring research

Performance-monitoring Research

  • Research that regularly provides feedback For evaluation And control

  • Indicates things are Or are not going as planned

  • Research may be required To explain why something “went wrong”


Determining when to conduct marketing research

Determining When to Conduct Marketing Research

  • Time constraints

  • Availability of data

  • Nature of the decision

  • Benefits versus costs


Determining when to conduct marketing research1

Determining When to Conduct Marketing Research

Time Constraints

Availability of Data

Nature of the Decision

Benefits vs. Costs

Is sufficient

time

available?

Information

already on

hand

inadequate?

Is the

decision of

strategic

or tactical

importance?

Does the

information

value

exceed the

research cost?

Conduct

Marketing

Research

Yes

Yes

Yes

Yes

No

No

No

No

Do Not Conduct Marketing Research


Value versus costs

Value versus Costs

  • Potential Value of a Marketing Research Effort Should Exceed Its Estimated Costs


Value should exceed estimated costs

Value Should Exceed Estimated Costs

Costs

Value

  • Research expenditures

  • Delay of marketing decision and possible disclosure of information to rivals

  • Possible erroneous research results

  • Decreased certainty

  • Increased likelihood of a correct decision

  • Improved marketing performance and resulting higher profits


Marketing research in the 21st century

Marketing Research in the 21st Century

  • Increased globalization

  • Growth of the Internet and other information technologies


Global research

Global Research

  • Business Research is increasingly global

  • Market knowledge is essential

  • A.C. Nielsen - more that 67% international business


Global marketing research

Global Marketing Research

  • General information about country - economic conditions and political climate

  • Cultural and consumer factors

  • Market and competitive conditions - demand estimation


The internet is transforming society

The Internet is Transforming Society

  • Time is collapsing.

  • Distance is no longer an obstacle.

  • Crossing oceans is only a mouse click away.

  • People are connected 24 hours a day, seven days a week.

  • "Instantaneous" has a new meaning.


Internet research

Internet Research

  • Seeking facts and figures about an issue

  • Surveys on Web sites


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