Chapter 28 Overheads

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Chapter 28 Overheads

  1. 1. MARKETING RESEARCH CHAPTER 28
  2. 2. DEFINING MARKETING RESEARCH <ul><li>Marketing research involves the marketing function that links the consumer, customer, and public to the marketer through information. </li></ul><ul><li>Marketing information is used to identify marketing opportunities, solve marketing problems, implement marketing plans, and monitor marketing performance. </li></ul><ul><li>The primary emphasis of marketing research is to obtain information about the preferences, opinions, habits, trends, and plans of current and potential consumers. </li></ul>
  3. 3. WHY IS MARKETING RESEARCH IMPORTANT? <ul><li>Marketing research answers questions such as: </li></ul><ul><ul><li>what products to produce </li></ul></ul><ul><ul><li>where the products should be sold </li></ul></ul><ul><ul><li>how the products will be promoted </li></ul></ul><ul><ul><li>what price to sell the products for </li></ul></ul><ul><li>Marketing research saves companies millions of dollars by anticipating which products will be successful before they are introduced. </li></ul><ul><li>Research is also needed to remain up-to-date with the competition. </li></ul>
  4. 4. WHO USES MARKETING RESEARCH? <ul><li>Marketing Research is valuable for companies of all sizes. </li></ul><ul><li>Research can be formalized for larger companies, creating research departments or hiring research companies. </li></ul><ul><li>AC Nielsen is a good example of a company that specializes in marketing research. </li></ul>
  5. 5. MARKETING INFORMATION SYSTEMS <ul><li>This is a set of procedures and methods that regularly generates, stores, analyzes, and distributes marketing information for use in marketing decisions. </li></ul><ul><li>Most systems rely heavily on internal data, such as sales reports and inventory figures. </li></ul><ul><li>Outside sources include trade reports, and marketing research studies. </li></ul>
  6. 6. WHAT IS IN A MARKETING INFORMATION SYSTEM? <ul><li>Company Records-- (sales results, expenses) </li></ul><ul><li>Competitor Records-- (prices, locations) </li></ul><ul><li>Customer Profile-- (buying behavior, demographics, psychographics) </li></ul><ul><li>Government Data-- (price trends, regulations, laws, economic forecasts) </li></ul><ul><li>Marketing Research Report from outside agencies </li></ul>
  7. 7. TYPES OF MARKETING RESEARCH <ul><li>ATTITUDE RESEARCH </li></ul><ul><li>MARKET RESEARCH </li></ul><ul><li>MEDIA RESEARCH </li></ul><ul><li>PRODUCT RESEARCH </li></ul>
  8. 8. ATTITUDE RESEARCH <ul><li>Also known as opinion research. </li></ul><ul><li>This is info obtained on how people feel about certain products, ideas, or companies. </li></ul><ul><li>The Gallup organization is the leader in conducting these types of reports. </li></ul>
  9. 9. MARKET RESEARCH <ul><li>This involves the systematic gathering , recording, analyzing, and presentation of information related to marketing goods and services. </li></ul><ul><li>Market research is concerned with the size, location, and makeup of a particular market for a product. </li></ul><ul><li>Market research is needed before and throughout a product’s life cycle. </li></ul><ul><li>Sales and economic forecasting is conducted to help anticipate a product’s success and market share. </li></ul>
  10. 10. MEDIA RESEARCH <ul><li>Media research focuses on issues of media selection and frequency. </li></ul><ul><li>It measures the effectiveness of the advertising message and media placement. </li></ul><ul><li>Media research is done primarily on print, broadcast, and online media. </li></ul><ul><li>Customer recall rates, message effectiveness, size reached, and price are studied. </li></ul>
  11. 11. PRODUCT RESEARCH <ul><li>This centers on evaluating product design, product usage, and consumer acceptance of new and existing products. </li></ul><ul><li>Product tests, such as in a focus group, are conducted to generate consumer feedback before a product is introduced. </li></ul><ul><li>Test Marketing takes place when a new product is placed in one or more selected geographic areas to see how it does before mass production. </li></ul>

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