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  1. Introduction to Marketing Research Dr. Michael R. Hyman, NMSU

  2. “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

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

  4. Nature of Marketing Research Answers marketing questions by: • Linking consumers, customers, and public to markets through information used to identify and define marketing • Generating, refining, and evaluating marketing actions • Monitoring marketing performance • Helping to understand marketing as a process

  5. Marketing Research versus Marketing Information System

  6. MIS vs. Marketing Research

  7. Why Do Marketing Research? • Make better marketing decisions • Understand consumers and the marketplace • Find out what went wrong

  8. Help managers select among viable alternatives

  9. Why Not Do Marketing Research? • Lack of required resources • Poor timing in the marketplace • Decision has already been made • Managers cannot agree on needed information • Needed information already exists • Costs outweigh benefits • Lose element of surprise

  10. Determining When to Conduct Marketing Research Time Constraints Availability of Data Nature of the Decision Benefits vs. Costs Information already on hand inadequate? Does the information value exceed the research cost? Is the decision of strategic or tactical importance? Conduct Marketing Research Is sufficient time available? Yes Yes Yes Yes No No No No Do Not Conduct Marketing Research

  11. Information Reduces Uncertainty I don’t know if we should enter the Australian Market?

  12. 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

  13. Marketing Research Activities

  14. Research by Stage in Product Life Cycle

  15. Research by Type of Marketing Mix Decision

  16. Qualities of a Good Researcher

  17. Help manager to understand real problem Select among viable alternatives

  18. Structures analysis

  19. Fits technique to problem

  20. Good communication skills

  21. Avoids needless jargon

  22. Other Qualities • Careful and conscientious • Uses insider expertise • Recognizes overt and covert purposes for marketing research • Before doing research, knows • Manager’s decision rule • Decision time horizon • Impact of wrong decision

  23. Top Things Clients Want in a Research Company or Department • Maintains client confidentiality • Honesty • Punctuality • Flexibility • Delivers against projects specifications • Provides high-quality output • Responsive to client’s needs • High quality-control standards • Customer-orientated in interactions with client • Keeps client informed throughout a project

  24. Considerations for Hiring Outside Suppliers • Expertise • Urgency of the decision • Personnel resources • Economic factors • Objectivity • Confidentiality • Quality control

  25. Manager-Researcher Conflict

  26. Reasons for Manager-Research Conflict Managers Researchers 1. Decision oriented 1. Technique oriented 2. Intuitive 2. Analytical 3. Managers like to confirm 3. Researchers like to explore 4. Time orientation toward: a. Prolonging project (“later when we have time for a complete study”) b. results about past behavior (“our trend has been . . .”) 4. Time orientation toward: a. project immediacy (“I need it now.”) b. results about future behavior (“what will sales be next year?”) 5. Not cost conscious (“you get what you pay for”) 5. Frugal (“keep the cost down”) 6. Results orientation: a. managers do not like surprises--when surprised they tend to reject the results b. concern (“aren’t we number one yet?”) c. certainty (“is it or isn’t it?”) 6. Results orientation: a. researchers love surprises b. abstraction (“our exponential gain. . .”) c. probability (“may be”) 7. Proactive 7. Reactive

  27. Possible Jobs in Marketing Research