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Marketing Research

Marketing Research. Introduction. What is marketing research?. Systematic & objective process designing, gathering, analyzing & reporting information used to solve a specific problem Provides information for aid in making marketing decisions Identify marketing opportunities

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Marketing Research

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  1. Marketing Research Introduction

  2. What is marketing research? • Systematic & objective process • designing, gathering, analyzing & reporting information • used to solve a specific problem • Provides information for aid in making marketing decisions • Identify marketing opportunities • Generate & refine marketing actions • Helps reduce risk inherent in decision making

  3. Defined “Function that links an organization to its market through the gathering of information. This information allows for the generation, refinement and evaluation of marketing actions. It allows for the monitoring of marketing performance and improved understanding of marketing as a business process.” (Hair, Bush & Ortinau (2003), p. 4.)

  4. Why is research important? • Provides an important link to customers • Allows implementation of the marketing concept • Enables managers • to identify & understand consumers’ wants & needs • develop appropriate strategies to meet these needs

  5. Link to Customers – CRM • Customer Relationship Management (CRM) • Process utilized to implement a relationship marketing strategy • Develop & sustain long-term relationships with customers by offering value & providing customer satisfaction • Customer satisfaction & delight lead to loyalty and improved financial performance

  6. Information Needs Critical to CRM? • Customers • Marketing Mix variables • Competition • Industry • Suppliers • Environmental factors • Social & Cultural Environment • Economic Environment • Political & Legal Environment • Technological Environment

  7. Characteristics of Research • Applied vs. Basic • Applied -- solve a specific problem • Basic -- extend knowledge • Sometimes inaccurate • Limited by budget & time constraints

  8. Marketing Research Today • On-going commitment to information gathering & use • Technological advances resulting in “real time” access to information • Challenge in using information to make decisions • Value of traditional research • Competitive Intelligence (www.scip.org)

  9. The Research Process

  10. The Four Phases of the Information Research Process Determination ofInformationResearch Problem Development ofAppropriateResearch Design Execution of theResearch Design Communication ofthe Results 2-5

  11. Phases and Task Steps in the Information Research Process PHASE I: DETERMINATION OF THE INFORMATION RESEARCH PROBLEM Task Step 1: Determine and Clarify Management’s Information Needs Task Step 2: Redefine the Decision Problem as a Research Problem Task Step 3: Establish Research Objectives and Determine the Value of the Information PHASE II: DEVELOPMENT OF THE APPROPRIATE RESEARCH DESIGN Task Step 4: Determine and Evaluate the Research Design and Data Sources Task Step 5: Determine the Sample Plan and Sample Size Task Step 6: Determine the Measurement Issues and Scales 2-7a

  12. Phases and Task Steps in the Information Research Process PHASE III: EXECUTION OF THE RESEARCH DESIGN Task Step 7: Collect and Process Data Task Step 8: Analyze Data Task Step 9: Transform Data Structures into Information PHASE IV: COMMUNICATION OF THE RESULTS Task Step 10: Prepare and Present the Final Report to Management 2-7b

  13. Defining Research Objectives • Ultimately information gaps become the basis for marketing research activity • Each objective must be precise, detailed, clear and operational

  14. Research Objectives Example Company – Food products – pre-cooked, prepared meat entrees…new product development • Understand consumer’s meal planning processes and the types of meals or food items families desire to eat • Understand how the preferences of family members influence meal planning and product/brand choice • Understand consumer decision making processes with regard to convenience meal items or food products utilized in meal preparation or replacement

  15. Example continued • Understand consumer processes in planning grocery shopping trips such as use of lists, frequency of shopping, grocery store choice (e.g. what attributes of the store are important to consumers?) • Determine how consumers learn about new products (e.g. word-of-mouth, advertising, point-of-purchase information, coupons, etc.) • Explore in-store decision processes when evaluating brands or considering alternative products for meal entrees • Identify specific target market groups of customers by demographic, psychographic or market offering interest characteristics • Identify appropriate communication message(s) and medium(s) to effectively position the brand with specific target market(s)

  16. Marketing Research Problem Formulation • Specify constructs (e.g. satisfaction, brand awareness, customer loyalty, product knowledge) • Develop operational definition • Identify relationships • Determine the hypothesized or theoretical model

  17. Operational Definition Example • Construct: Price Shopper • Theoretical Definition – Consumers who are sensitive to price and desire to save money. Will typically sacrifice price/value over brand name. • Operational Definitions (survey questions): • I often compare products by examining unit pricing (e.g. price per ounce). • I normally compare prices when shopping for main meal preparation items. • I will switch brands if I can save 10% by buying a different brand. • I typically buy the lowest-priced product when shopping for main meal preparation items.

  18. Theoretical Relationship Family and Household Characteristics Likelihood to Purchase Convenience Products Grocery Shopping Habits & Meal Planning Characteristics

  19. Request for Proposals (RFPs) • Client organizations publicize RFPs • Research firms develop research proposal to bid on the project • Proposal includes • Management problem • Research objectives • Specifies research method(s) • Identifies time frame and budget for completion

  20. Research Design

  21. 1. Exploratory Common Research Methods General Research Designs Literature reviews, case analyses, interviews with knowledgeable persons, in-depth interviews, focus groups 2. Descriptive Cross-section surveys, panel studies, product movement surveys, store audits, & interviews (telephone, mail, personal) 3. Causal Experimental designs (lab & field studies), market tests RESEARCH DESIGNS

  22. Ethical Issues & Research • Research Integrity • Withholding information • Falsifying information • Misinterpreting information to be consistent • Treating Buyers & Suppliers Fairly • Do not sell unnecessary research • Fair levels of profit • Pay on time • Ethical in asking for proposals

  23. Ethical Issues continued • Research Confidentiality • Conflicts of interest • Respecting respondent privacy • Protecting social welfare • Disclosure of research to participants • Sugging - Selling under the guise of a survey • Frugging -- Fund raising under the guise of a survey

  24. Ethical Issues continued • Incomplete Reporting • Misleading Reporting • Nonobjective Research • See also www.casro.org Council of Survey Research Organizations code of ethics

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