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Introduction to Marketing Research. “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. Marketing Research Defined. The systematic and objective process of generating information for aid in making marketing decisions .

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Introduction to marketing research l.jpg

Introduction toMarketing Research


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“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


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Marketing Research Defined trouble. It’s the things we know that ain’t so.”

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


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The Marketing Research Process trouble. It’s the things we know that ain’t so.”

  • Define the Problem

  • Develop an Approach to the Problem

    • Type of Study? Exploratory, Descriptive, Causal?

    • Mgmt & Research Questions, Hypotheses

  • Formulate a Research Design

    • Methodology

    • Questionnaire Design

  • Fieldwork

  • Prepare & Analyze the Data

  • Prepare & Present the Report


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Marketing Research Types trouble. It’s the things we know that ain’t so.”

Basic research

Applied research


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Basic Research trouble. It’s the things we know that ain’t so.”

  • Attempts to expand the limits of knowledge

  • Not directly involved in the solution to a pragmatic problem


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Basic Research Example trouble. It’s the things we know that ain’t so.”

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


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Applied Research trouble. It’s the things we know that ain’t so.”

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


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Applied Research Example trouble. It’s the things we know that ain’t so.”

  • 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


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Scientific Method trouble. It’s the things we know that ain’t so.”

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


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Using Marketing Research trouble. It’s the things we know that ain’t so.”

  • We can use Marketing Research to:

    • Identify & Evaluate Opportunities

    • Analyze Market Segments

    • Select Target Markets

    • Plan & Implement Marketing Mixes

    • Analyze Marketing Performance

      • Performance Monitoring Research


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Identifying and Evaluating Opportunities trouble. It’s the things we know that ain’t so.”

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.


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Analyze Market Segments and Select Target Markets trouble. It’s the things we know that ain’t so.”

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."


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Plan and Implement trouble. It’s the things we know that ain’t so.”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?


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Analyze Marketing Performance trouble. It’s the things we know that ain’t so.”

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

  • Did brand image change after new advertising?


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Performance-monitoring Research trouble. It’s the things we know that ain’t so.”

  • 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”


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Determining When to Conduct Marketing Research trouble. It’s the things we know that ain’t so.”

  • Time constraints

  • Availability of data

  • Nature of the decision

  • Benefits versus costs


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Determining When to Conduct Marketing Research trouble. It’s the things we know that ain’t so.”

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


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

  • Research expenditures

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

  • Possible erroneous research results

  • Decreased uncertainty

  • Increased likelihood of correct decision

  • Improved marketing performance and resulting higher profits

Costs

Value


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ALWAYS Remember Its Estimated Costs

  • Marketing Research is a tool.

  • It assists marketing managers in their decision making.

  • IT IS NOT A REPLACEMENT FOR MANAGERIAL JUDGEMENT!!


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