Your SlideShare is downloading. ×
Summary of Marketing Management, 11Ed. Chapter 4
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Saving this for later?

Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime - even offline.

Text the download link to your phone

Standard text messaging rates apply

Summary of Marketing Management, 11Ed. Chapter 4

110
views

Published on

Philip Kotler, Kevin Lane Keller and Abraham Koshy

Philip Kotler, Kevin Lane Keller and Abraham Koshy

Published in: Education

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
110
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. logo copy.tif What is Marketing Research? Systematic Design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company. Why Marketing Research? Successful Marketing Managers need timely, accurate and actionable information about consumers, competition and their brands to assess past performance, plan future activities and take strategic decisions leading to successful product launch or increase growth of a brand. Conducting Marketing Research and Forecasting Demand Chapter 4 What are the major steps of Marketing Research Process? Marketing Management By Philip, Kevin Lane Keller, Abraham Koshy, Mithileshwar Jha SUMMARY by Step 6 : Make the decision Step 5 : Present the findings Step 4 : Analyze the information Step 3 : Collect the information Step 2 : Develop the research plan Step 1 : Define the problem, the decision alternative and the research objective
  • 2. Secondary Data: Already existing somewhere which was collected for some other purpose Primary Data: Freshly gathered data for research only. Expensive to collect. Step 1: Achieve clarity on the content, the scope of market research and what all decisions to be made on the basis of research. Step 2: Primary Data c Chapter 4 - Conducting Marketing Research and Forecasting Step 3: Data collection is one of the most expensive, time market research as it entirely depends on availability, honesty and consistency of respondents. However technology has eased the problem to a great extent. Step 4: This is the process to extract findings by tabulating the data and developing frequency distributions in hope of discovering additional findings. Step 5: The researcher presents finding relevant to the major marketing decisions facing management Research Methods •Observational Research: Observing consumers, informal interviews, using tools from anthropology to provide deeper understanding of consumers. •Focus Group Research: A meeting of a group of people who represent potential customers or important actors for research discussing issues relevant to research •Survey Research: Companies undertake descriptive research to learn about people’s beliefs, preferences and satisfaction. •Behavioral Data: Customer’s actual purchases do not match their statements made in surveys always hence certain techniques help in exposing these discrepancies •Experimental Research: This captures cause and effect relationship in observed findings. Achieve clarity on the content, the scope of market research and what all decisions to be made on the basis of research. Primary Data can be collected through following: Conducting Marketing Research and Forecasting Data collection is one of the most expensive, time-taking and most error prone phase of market research as it entirely depends on availability, honesty and consistency of respondents. However technology has eased the problem to a great extent. This is the process to extract findings by tabulating the data and developing frequency stributions in hope of discovering additional findings. The researcher presents finding relevant to the major marketing decisions facing management. Research Methods Observational Research: Observing consumers, informal interviews, using tools from anthropology to provide deeper understanding of consumers. Focus Group Research: A meeting of a group of people who represent potential customers or important actors for research discussing issues relevant to Survey Research: Companies undertake descriptive research to learn about people’s beliefs, preferences and satisfaction. Behavioral Data: Customer’s actual purchases do not match their statements made in surveys always hence certain techniques help in exposing these discrepancies Experimental Research: This captures cause and effect relationship in observed findings. •Questionnaires: A set of questions soliciting responses that is of relevance to market situation. They can be either open-ended or closed •Qualitative Measures: Relatively unstructured measurement approach for exploring consumer’s responses •Technological Devices: devices like skin sensors brain wave scanners to capture consumer’s response. •Sampling Plan: A plan addressing questions like whom all to survey, how many people to survey, how should we select people for survey. •Contact Methods: Mail Questionnaire, Telephone Interview, Personal Interview, Online Interview. Achieve clarity on the content, the scope of market research and what all decisions are Conducting Marketing Research and Forecasting taking and most error prone phase of market research as it entirely depends on availability, honesty and consistency of respondents. However technology has eased the problem to a great extent. This is the process to extract findings by tabulating the data and developing frequency The researcher presents finding relevant to the major marketing decisions facing Research Tools Questionnaires: A set of questions soliciting responses that is of relevance to market situation. They can be either ended or closed-ended. Qualitative Measures: Relatively unstructured measurement approach for exploring consumer’s responses Technological Devices: devices like skin sensors brain wave scanners to capture consumer’s response. Sampling Plan: A plan addressing questions like whom all to survey, how many people to survey, how should we select people for survey. Contact Methods: Mail Questionnaire, Telephone Interview, Personal Interview, Online Interview.
  • 3. Step 6: Market research is just a tool to provide insight to the managers. Depending on their confidence in the findings, managers decide to use it Barriers to Marketing Research • Narrow approach to Marketing Research • Uneven Caliber of researchers • Poor framing of problem • Late and occasionally erroneous findings • Personality & presentational differences Measuring Marketing Productivity To assess the efficiency and effectiveness of marketing of marketing activities there are • Marketing metrics to assess marketing effects • Marketing mix modeling to estimate casual relationships and measure how marketing activity affect outcomes • Marketing Dashboard are a structured way to disseminate the insights gleaned from these two approaches within the organizations Types of Demand Market Demand • It is the total volume that would be bought by a defined customer group in a defined geographical area in a defined time period in a defined marketing environment under a defined marketing program Company Demand • It is the company’s estimated share of the market demand at alternative levels of company marketing effort in a given time period Current Demand • It is the demand that companies attempt to determine by measuring total market potential, area market potential industry sales and market share Future Demand • It is the demand that companies determine by surveying buyer’s intentions, solicit their sales force’s input, gather expert opinions, analze past sales or engage in market testing mathematical models, advanced statistical techniques and computerized data collection procedures To estimate current demand companies attempt to determine total market potential, area market potential industry sales and market share To estimate future demand companies’ survey buyer’s intentions solicit their sales force’s input, gather expert opinions, analyze past sales or engage in market testing mathematical models, advanced statistical techniques and computerized data collection procedures are essential to all types of demand and sales forecasting. Types of Market Potential market Set of consumers who profess a sufficient level of interest in a market offer. Available market Set of consumers who have interest income and access to a particular offer. Target market The part of the qualified available market the company decides to pursue. Penetrated market Set of consumers who are buying the company's product. Chapter 4 - Conducting Marketing Research and Forecasting