Chapter 4 Conducting Marketing Reseach And Forecast Demand


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Chapter 4 Conducting Marketing Reseach And Forecast Demand

  1. 1. Part 2 : Capturing Marketing Insight Chapter 4 - Conducting Marketing Research And Forecast Demand
  2. 2. The Marketing Research System <ul><li>Marketing Research as the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company </li></ul><ul><li>Marketing Research can be conducted by: </li></ul><ul><li>Outside companies-Marketing Research Firm: </li></ul><ul><li>Syndicated service research firms: the firms collect information both customers and trade periodically, and then they sell the results to the clients with some charges, ex AC Nielsen </li></ul><ul><li>Custom marketing research firms: the research firms is hired to undertake the special research project. They participate in its designing, studying and reporting which belong to the client </li></ul><ul><li>Specialty line marketing research firms: the research firms offer the specific area of research to the client, ex. “field service” research firm with the skills of interviewing the target market </li></ul>
  3. 3. The Marketing Research System <ul><li>b. Inside companies-Creative and Affordable ways: </li></ul><ul><li>Design and carry out project: the company involve the research and development, </li></ul><ul><li>Using the internet: the company can undertake B2B (business to business with business partners) and B2C (business to commercial with customers) </li></ul><ul><li>Checking out rivals: by observing the 4 P competitor’s strategy, ex competitor store visit </li></ul>
  4. 4. The Marketing Research Process <ul><li>Step 1 : Define the Problem, the Decision Alternatives, and the Research Objectives </li></ul><ul><li>Step 2 : Develop the Research Plan. The critical decision on: </li></ul><ul><li>The Data Sources (primary and secondary data) </li></ul><ul><li>The Research Approaches (observational research, focus group research, survey research and behavioral data and experimental research) </li></ul>
  5. 5. The Marketing Research Process <ul><li>Research Instruments (questionnaires, qualitative measure, mechanical devices) </li></ul><ul><li>Sampling Plan (sampling unit, sample size, and sampling procedure) </li></ul><ul><li>Contact Methods (mail questionnaire, telephone interview, personal interview, on line interview) </li></ul><ul><li>Step 3 : Collect the Information (the most expensive and the most prone to error) </li></ul><ul><li>Step 4 : Analyze the Information </li></ul><ul><li>Step 5 : Present the Findings </li></ul><ul><li>Step 6 : Make the Decision by Marketing Decision Support System (MDSS) </li></ul>
  6. 6. Measuring Marketing Productivity <ul><li>Marketers are accountable for the return on their marketing investments. Two approaches : </li></ul><ul><li>Marketing metrics is the set of measures that helps firms to quantify, compare, and interpret their marketing performance. They can use: </li></ul><ul><li>sales variance analysis: annual plan for selling $ 4000 widgets at $1 per widget, for total revenue $ 4000. At quarter’s end, only 3000 widgets were sold at $0,80 per widget, for total revenue of $ 2400. How much of the sales performance is due to price decline and volume decline? </li></ul><ul><li>market share analysis, and financial analysis (Return on Investment and other financial ratios) </li></ul><ul><li>b. Marketing mix modeling : to understand the effects of specific marketing mix activities. Thus, such statistics as Multivariate Analyses are conducted. </li></ul>
  7. 7. Forecasting and Demand Measurement <ul><li>One major reason for undertaking marketing research is to identify market opportunities. Once the research is complete, the company must measure and forecast the size, growth, and profit potential of each market opportunity </li></ul><ul><li>Based on these estimates of market demand, the company can prepare sales forecast </li></ul><ul><li>There are two types of demand: </li></ul><ul><li>To estimate current demand, companies attempt to determine industry sales and market share. This means identifying competitors and estimating their sales. The industry trade association will often collect and publish total industry sales. With this information, each company can evaluate its performance against the whole industry </li></ul><ul><li>To estimate future demand, companies survey buyers’ intentions, solicit their sales force’s input, gather expert opinions, or engage in market testing </li></ul>