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Marketing Research. Ch. 28 ME. Section 28.1. Marketing Information Systems. Defining Marketing Research. Marketing Research – involves the process and methods used to gather information, analyze it, and report findings related to marketing goods and services Is often used by companies to:

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Marketing Research

Ch. 28 ME


Section 28.1

Marketing Information Systems


Defining Marketing Research

  • Marketing Research – involves the process and methods used to gather information, analyze it, and report findings related to marketing goods and services

  • Is often used by companies to:

    • Determine customers’ attitudes and preferences

    • Test product features

    • Determine market size and growth potential

    • Learn about competitive products

    • Determine buying cycles

    • Understand how the company is perceived by the public


Why is Marketing Research Important?

  • Helps businesses increase sales and profits

  • Answers questions about:

    • What products to produce

    • At what price to sell the products

    • How the products will be promoted

  • Solve market problems and gauge the potential of new ideas

  • Helps a company keep track of what is happening with its current markets


Marketing Information Systems

  • Marketing Information Systems – is a set of procedures and methods that regularly generates, stores, analyzes, and distributes information for the use in making marketing and other business decisions

    • Rely heavily on:

      • Data about current customers

      • Overall product sales reports

      • Inventory levels


Database Marketing

  • Database Marketing (CRM) – is a process of designing, creating, and managing customer lists

    • Developed from customer touch points such as face to face sales, direct-mail responses, telephone or e-mail purchases, service requests, or Web site visits


Section 28.2

Types, Trends, and Limitations of Marketing Research


Types of Marketing Research

  • Quantitative Research – answers questions that start with “How many” or “how much”

    • Gathers information from large numbers of people

    • Relies heavily on the surveys or questionnaires to obtain information

  • Qualitative Research – focuses on smaller numbers of people (usually fewer than 100) and tries to answer questions about “why” or “how”

    • Relies heavily on in-depth interviews


Types of Marketing Research

Attitude Research – is designed to obtain information on how people feel about certain products, services, companies, or ideas

Market Intelligence – is concerned with the size and location of a market, the competition, and the segmentation with the market for a particular product or service


Forecasting

Sales Forecasting – is an attempt to estimate the future slaes of an existing product

Economic Forecasting– is an attempt to predict the future economic conditions of a city, a region, a country, or other part of the world


Media Research

  • Media Research – focuses on issues of media effectiveness, selection, frequency, and ratings

  • Media Advertising Measurers

    • Audience – is the number of homes or people exposed to a particular advertising medium

    • Frequency – is the number of times a viewer in the audience sees or hears an ad

    • Reach – is the percentage of the target audience that will see or hear an ad at least once


Product Research

  • Product Research – centers on evaluating product design, package design, product usage, and consumer acceptance of new and exiting products

    • Also conducted to collect information on competitive products

    • Concept testing is used in the early stages of product development


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