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Marketing Information Management. Meeting Customer Needs and Wants. Which people need my product?. Product – Price – Place - Promotion. The Need for Market Research. You want to start a new community theater in Roseville.

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Presentation Transcript
meeting customer needs and wants
Meeting Customer Needs and Wants

Which people need my product?

Product – Price – Place - Promotion

the need for market research
The Need for Market Research
  • You want to start a new community theater in Roseville.
  • How do you know if you’ll be successful? What information will you need in order to figure this out?
some interesting questions
Some Interesting Questions…
  • Where do people go now for theater?
  • Do people go to live theater if they have other entertainment options?
  • How much are people willing to pay for tickets?
  • How many volunteer musicians can we find?
  • What type of shows to people enjoy best (comedies, musicals, or dramas)?
more questions
More Questions…
  • How many people live in Roseville?
  • What is the unemployment rate in Roseville?
  • How much does it cost to rent rehearsal space?
  • What are the most popular shows?
sources of data
Sources of Data
  • Primary Data – Data obtained for the first time and used specifically for the particular problem under study.
  • Secondary Data – Data that have already been collected by someone else for general purposes.
sources of secondary data
Sources of Secondary Data
  • Government Sources
    • Bureau of Labor Statistics
    • U. S. Census
    • CIA World Factbook
    • Occupational Outlook Handbook
sources of secondary data1
Sources of Secondary Data
  • Business and Trade Publications
    • BusinessWeek
    • Forbes
    • Wall Street Journal
    • Industry specific publications
sources of secondary data2
Sources of Secondary Data
  • Consumer Publications
    • Local newspapers
    • Consumer magazines
sources of secondary data3
Sources of Secondary Data
  • Books
  • Academic Journals
    • EBSCO Host
    • Academic Search Premier
    • Google Scholar
sources of primary data
Sources of Primary Data
  • Interviews
    • Personal interview
    • Mall intercept interview
    • Focus group
    • Telephone interview
sources of primary data1
Sources of Primary Data
  • Surveys
    • Mail survey
    • Internet survey
sources of primary data2
Sources of Primary Data
  • Observation
    • Participant-observer
    • Traffic count
    • Mystery shopping
sources of primary data4
Sources of Primary Data
  • Experiment
    • Requires a test group and a control group
    • A research observes the results of changing one or more marketing variables while keeping certain other variables constant under controlled conditions.
    • Example…
    • Why are experiments so powerful?