Marketing research


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An intro to MIS and MR for evening MBA program of BK School of Business Man

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  • Marketing research

    1. 1. Marketing Information Systems and Market Research
    2. 2. Why is information needed? <ul><li>To evaluate performance </li></ul><ul><li>To make timely decisions </li></ul><ul><li>To make future plans and strategies </li></ul>
    3. 3. What is a Marketing Information System (MIS)? <ul><li>A marketing information system consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers. </li></ul>
    4. 4. Information Needs Probes <ul><li>What decisions do you regularly make? </li></ul><ul><li>What information do you need to make these decisions? </li></ul><ul><li>What information do you regularly get? </li></ul><ul><li>What special studies do you periodically request? </li></ul><ul><li>What information would you want that you are not getting now? </li></ul>
    5. 5. Internal Records <ul><li>Order-to-payment cycle </li></ul><ul><li>Sales information system </li></ul><ul><li>Databases, warehousing, data mining </li></ul><ul><li>Development of a ‘Marketing intelligence system’ </li></ul>
    6. 6. Steps to Improve Marketing Intelligence <ul><li>Train sales force to scan for new developments </li></ul><ul><li>Motivate channel members to share intelligence </li></ul><ul><li>Networking </li></ul><ul><li>Utilize government data sources </li></ul><ul><li>Collect customer feedback online </li></ul><ul><li>Purchase information </li></ul>
    7. 7. Secondary Commercial Data Sources <ul><li>From syndicated research companies and government sources </li></ul>
    8. 8. Sources of Competitive Information <ul><li>Independent customer goods and service review forums </li></ul><ul><li>Distributor or sales agent feedback sites </li></ul><ul><li>Combination sites offering customer reviews and expert opinions </li></ul><ul><li>Customer complaint sites </li></ul><ul><li>Public blogs </li></ul><ul><li>Social networks </li></ul>
    9. 9. Environmental Forces contributing to MIS <ul><li>Demographic </li></ul><ul><li>Economic </li></ul><ul><li>Socio-cultural </li></ul><ul><li>Natural </li></ul><ul><li>Technological </li></ul><ul><li>Political-legal </li></ul>
    10. 10. Population and Demographics <ul><li>Population growth </li></ul><ul><li>Population age mix </li></ul><ul><li>Ethnic markets </li></ul><ul><li>Educational groups </li></ul><ul><li>Household patterns </li></ul><ul><li>Geographical shifts </li></ul>
    11. 11. Economic Environment <ul><li>Income Distribution </li></ul><ul><li>Savings, Debt, and Credit </li></ul>
    12. 12. Social-Cultural Environment <ul><li>Views of themselves </li></ul><ul><li>Views of others </li></ul><ul><li>Views of organizations </li></ul><ul><li>Views of society </li></ul><ul><li>Views of nature </li></ul><ul><li>Views of the universe </li></ul>
    13. 13. Natural Environment <ul><li>Shortage of raw materials </li></ul><ul><li>Increased energy costs </li></ul><ul><li>Anti-pollution pressures </li></ul><ul><li>Governmental protections </li></ul>
    14. 14. Technological Environment <ul><li>Pace of change </li></ul><ul><li>Opportunities for innovation </li></ul><ul><li>Varying R&D budgets </li></ul><ul><li>Increased regulation of change </li></ul>
    15. 15. Marketing Research
    16. 16. Why do we need to do marketing research? <ul><li>Marketers want insights to help them interpret past performance as well as plan future activities. </li></ul><ul><li>They need: timely, accurate and actionable information about consumers and competition for launch and/or growth. </li></ul>
    17. 17. Market Research is all about:
    18. 18. Definition <ul><li>Systematic design, collection, analysis and reporting of data and findings </li></ul><ul><li>relevant to a specific marketing situation facing the company </li></ul>
    19. 19. Good Market Research can result in Good Business !
    20. 21. But Marketing Research Jargon can be confusing..
    21. 22. Let’s make it simpler.. <ul><li>Marketing research is the function that links , </li></ul><ul><li>the consumer, </li></ul><ul><li>customer, </li></ul><ul><li>and public to the marketer </li></ul><ul><li>Research </li></ul><ul><li>comprises defining problems, </li></ul><ul><li>Formulating hypothesis or suggested solutions </li></ul><ul><li>Collecting, organizing, and evaluating data </li></ul><ul><li>Making deductions and reaching conclusions </li></ul><ul><li>And at last carefully testing the conclusion to determine whether they fit the formulation </li></ul>
    22. 23. Sources of Information <ul><li>Secondary Data </li></ul><ul><li>Primary Data </li></ul>
    23. 24. <ul><li>Basic types of data: </li></ul><ul><li>Quantitative: Census, housing, social security as well as electoral statistics and other related databases. </li></ul><ul><li>Qualitative: Semi-structured and structured interviews, focus groups, field notes, observation records and other personal, research-related documents. </li></ul>
    24. 25. Classification of research <ul><li>Basic research </li></ul><ul><li>Applied research </li></ul><ul><li>a) Problem solving research </li></ul><ul><li>b) Problem identification research. </li></ul>
    25. 26. Problem Solving Research <ul><li>Segmentation research </li></ul><ul><li>Product research </li></ul><ul><li>Pricing research </li></ul><ul><li>Promotion research </li></ul><ul><li>Distribution research </li></ul>
    26. 27. Problem Identification Research <ul><li>Market potential research </li></ul><ul><li>Market share research </li></ul><ul><li>Image research </li></ul><ul><li>Forecasting research </li></ul><ul><li>Business trend research </li></ul>
    27. 28. Why marketing research has evolved and grown ?
    28. 29. Answer:- <ul><li>Managers are separated from their final consumers </li></ul><ul><li>Managers needs information from their final consumers </li></ul>
    29. 30. Managers are separated from their final consumers Manufacturer Retailer Services Org. Final Consumer Mkt. Manager
    30. 31. Managers needs information from their final consumers Manufacturers Retailers Suppliers Customers Needs And Wants
    31. 32. <ul><li>Customer group </li></ul><ul><ul><li>Consumer </li></ul></ul><ul><li>Employees </li></ul><ul><li>Shareholders </li></ul><ul><li>Suppliers </li></ul>MARKETING RESEARCH <ul><li>Controllable Marketing Variables _______ </li></ul><ul><ul><li>Product </li></ul></ul><ul><li>Pricing </li></ul><ul><li>Promotion </li></ul><ul><li>Distribution </li></ul><ul><li>Uncontrollable </li></ul><ul><li>Environmental Factors </li></ul><ul><ul><li>Economy </li></ul></ul><ul><li>Technology </li></ul><ul><li>Competition </li></ul><ul><li>Law and Regulations </li></ul><ul><li>Social and culture Factors </li></ul><ul><li>Political Factors </li></ul>Assessing Information Needs Providing Information Marketing Decision Making <ul><li>Marketing Managers </li></ul><ul><ul><li>Market Segmentation </li></ul></ul><ul><li>Target Market Selection </li></ul><ul><li>Marketing Programs </li></ul><ul><li>Performance and Control </li></ul>
    32. 33. <ul><li>The role of marketing research in managerial decision making is explained further using the framework of the DECIDE model: </li></ul><ul><li>_________________________________________________ </li></ul><ul><li>D — Define the marketing problem </li></ul><ul><li>E — Enumerate the controllable and uncontrollable </li></ul><ul><li>decision factors </li></ul><ul><li>C — Collect relevant information </li></ul><ul><li>I — Identify the best alternative </li></ul><ul><li>D — Develop and implement a marketing plan </li></ul><ul><li>E — Evaluate the decision and the decision process </li></ul>
    33. 34. Applications of Marketing Research <ul><li>Pricing Research </li></ul><ul><li>Product Research </li></ul><ul><li>Concept Testing </li></ul><ul><li>Positioning Research </li></ul><ul><li>Customer Satisfaction Research </li></ul><ul><li>Branding Research </li></ul><ul><li>Advertising Research </li></ul><ul><li>Market Segmentation </li></ul><ul><li>Sales Analysis </li></ul>
    34. 35. Types Of Research <ul><li>Descriptive vs. Analytical </li></ul><ul><li>Applied vs. Fundamental </li></ul><ul><li>Quantitative vs. Qualitative </li></ul><ul><li>Conceptual vs. Empirical </li></ul>
    35. 36. <ul><li>Descriptive :- </li></ul><ul><li>Also known Statistical Research </li></ul><ul><li>Includes survey & facts </li></ul><ul><li>What age group buying a particular brand </li></ul><ul><li>Analytical :- </li></ul><ul><li>Use facts or information already available to analyze the cause of problem </li></ul>
    36. 37. Applied Research <ul><li>Designed to solve practical problem of the modern world </li></ul>
    37. 38. Fundamental Research <ul><li>Driven by a scientists in a scientific question </li></ul><ul><li>The main motivation is to expand Man’s knowledge, not to create or invent something </li></ul>
    38. 39. <ul><li>Quantitative:- </li></ul><ul><li>Used to measure how many people feel, think or act in a particular way </li></ul><ul><li>Qualitative :- </li></ul><ul><li>Used to help us understand how people feel and why they feel as they do </li></ul>
    39. 40. <ul><li>Conceptual :- </li></ul><ul><li>Related to some abstract ideas or theory </li></ul><ul><li>It is generally used by philosopher and thinkers to develop new concepts or to reinterpret existing ones </li></ul><ul><li>Empirical :- </li></ul><ul><li>Relies on experience or observation alone, often without due regard for system & theory </li></ul>
    40. 41. Characteristics of a good marketing research: <ul><li>Use of more scientific methods </li></ul><ul><li>Cost and benefits </li></ul><ul><li>Use of the Statistical method </li></ul><ul><li>Alternative course of action </li></ul>
    41. 42. Research Instruments <ul><li>Questionnaires </li></ul><ul><li>Qualitative Measures </li></ul><ul><li>Technological Devices </li></ul>
    42. 43. Questionnaire Do’s and Don’ts <ul><li>Ensure questions are free of bias </li></ul><ul><li>Make questions simple </li></ul><ul><li>Make questions specific </li></ul><ul><li>Avoid jargon </li></ul><ul><li>Avoid sophisticated words </li></ul><ul><li>Avoid ambiguous words </li></ul><ul><li>Avoid negatives </li></ul><ul><li>Avoid words that could be misheard </li></ul><ul><li>Use response bands </li></ul><ul><li>Use mutually exclusive categories </li></ul><ul><li>Allow for “other” in fixed response questions </li></ul>
    43. 44. Question Types - Dichotomous In arranging this trip, did you contact American Airlines?  Yes  No
    44. 45. Question Types – Multiple Choice <ul><li>With whom are you traveling on this trip? </li></ul><ul><li> No one </li></ul><ul><li>Spouse </li></ul><ul><li>Spouse and children </li></ul><ul><li>Children only </li></ul><ul><li>Business associates/friends/relatives </li></ul><ul><li>An organized tour group </li></ul>
    45. 46. Question Types – Likert Scale <ul><li>Indicate your level of agreement with the following statement: Small airlines generally give better service than large ones. </li></ul><ul><li> Strongly disagree </li></ul><ul><li>Disagree </li></ul><ul><li>Neither agree nor disagree </li></ul><ul><li>Agree </li></ul><ul><li>Strongly agree </li></ul>
    46. 47. Question Types – Semantic Differential American Airlines Large ………………………………...…….Small Experienced………………….….Inexperienced Modern……………………….…..Old-fashioned
    47. 48. Question Types – Importance Scale <ul><li>Airline food service is _____ to me. </li></ul><ul><li> Extremely important </li></ul><ul><li>Very important </li></ul><ul><li>Somewhat important </li></ul><ul><li>Not very important </li></ul><ul><li>Not at all important </li></ul>
    48. 49. Question Types – Rating Scale <ul><li>American Airlines’ food service is _____. </li></ul><ul><li> Excellent </li></ul><ul><li>Very good </li></ul><ul><li>Good </li></ul><ul><li>Fair </li></ul><ul><li>Poor </li></ul>
    49. 50. Question Types – Intention to Buy Scale <ul><li>How likely are you to purchase tickets on American Airlines if in-flight Internet access were available? </li></ul><ul><li> Definitely buy </li></ul><ul><li>Probably buy </li></ul><ul><li>Not sure </li></ul><ul><li>Probably not buy </li></ul><ul><li>Definitely not buy </li></ul>
    50. 51. Question Types – Completely Unstructured What is your opinion of American Airlines?
    51. 52. Question Types – Word Association What is the first word that comes to your mind when you hear the following? Airline ________________________ American _____________________ Travel ________________________
    52. 53. Question Types – Sentence Completion When I choose an airline, the most important consideration in my decision is: ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________.
    53. 54. Question Types – Story Completion “ I flew American a few days ago. I noticed that the exterior and interior of the plane had very bright colors. This aroused in me the following thoughts and feelings.” Now complete the story. __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
    54. 55. Question Types – Picture (Empty Balloons)
    55. 56. Qualitative Measures <ul><li>Word association </li></ul><ul><li>In-depth interviews </li></ul><ul><li>Brand personification </li></ul><ul><li>Story completion </li></ul><ul><li>Thematic Apperception Test (TAT) </li></ul>
    56. 57. Sampling Plan <ul><li>Sampling unit: Who is to be surveyed? </li></ul><ul><li>Sample size: How many people should be surveyed? </li></ul><ul><li>Sampling procedure: How should the respondents be chosen? </li></ul>
    57. 58. Contact Methods <ul><li>Mail questionnaire </li></ul><ul><li>Telephone interview </li></ul><ul><li>Personal interview </li></ul><ul><li>Online interview </li></ul>
    58. 59. Pros and Cons of Online Research <ul><li>Advantages </li></ul><ul><li>Inexpensive </li></ul><ul><li>Fast </li></ul><ul><li>Accuracy of data, even for sensitive questions </li></ul><ul><li>Disadvantages </li></ul><ul><li>Low response rate </li></ul><ul><li>Technological problems </li></ul><ul><li>Inconsistencies </li></ul>
    59. 60. Barriers Limiting the Use of Marketing Research <ul><li>A narrow conception of the research </li></ul><ul><li>Poor framing of the problem </li></ul><ul><li>Late and occasionally erroneous findings </li></ul><ul><li>Personality differences </li></ul>
    60. 61. What are Marketing Metrics? <ul><li>Marketing metrics are the set of measures that helps marketers quantify, compare, and interpret marketing performance. </li></ul>
    61. 62. Marketing Metrics <ul><li>External </li></ul><ul><li>Awareness </li></ul><ul><li>Market share </li></ul><ul><li>Relative price </li></ul><ul><li>Number of complaints </li></ul><ul><li>Customer satisfaction </li></ul><ul><li>Distribution </li></ul><ul><li>Total number of customers </li></ul><ul><li>Loyalty </li></ul><ul><li>Internal </li></ul><ul><li>Awareness of goals </li></ul><ul><li>Commitment to goals </li></ul><ul><li>Active support </li></ul><ul><li>Resource adequacy </li></ul><ul><li>Staffing levels </li></ul><ul><li>Desire to learn </li></ul><ul><li>Willingness to change </li></ul><ul><li>Freedom to fail </li></ul><ul><li>Autonomy </li></ul>
    62. 63. What is Marketing-Mix Modeling? <ul><li>Marketing-mix models analyze data from a variety of sources, such as retailer scanner data, company shipment data, pricing, media, and promotion spending data, to understand more precisely the effects of specific marketing activities. </li></ul>
    63. 64. The Measures of Market Demand <ul><li>Potential market </li></ul><ul><li>Available market </li></ul><ul><li>Target market </li></ul><ul><li>Penetrated market </li></ul>
    64. 65. Estimating Future Demand <ul><li>Survey of Buyers’ Intentions </li></ul><ul><li>Composite of Sales Force Opinions </li></ul><ul><li>Expert Opinion </li></ul><ul><li>Past-Sales Analysis </li></ul><ul><li>Market-Test Method </li></ul><ul><li>Mail to: </li></ul><ul><li>[email_address] , [email_address] </li></ul>