V49rioabrenica Chapter 4

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Conducting Marketing Research and Forecasting Demand

Conducting Marketing Research and Forecasting Demand

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  • 1. CONDUCTING MARKETING RESEARCH AND FORECASTING DEMAND
    RIO B. ABRENICA, DMD, MD, FPSO-HNS
    MBAH Batch 8
    May 7, 2010
    rioabrenica@blogspot.com
  • 2. OUTLINE
    10 CONCEPTS
    Marketing
    Research
    Defining
    1
    2
    Marketing
    Research
    Characteristics of
    3
    Marketing
    Research
    Process
    rioabrenica@blogspot.com
  • 3. OUTLINE
    10 CONCEPTS
    Research
    Barriers
    4
    Marketing
    5
    Measuring
    Marketing
    6
    Types of
    Market
    rioabrenica@blogspot.com
  • 4. OUTLINE
    10 CONCEPTS
    7
    Market
    Demand
    8
    Company
    Demand
    9
    Estimating
    Current
    Demand
    10
    Future
    Demand
    Estimating
    rioabrenica@blogspot.com
  • 5. 1. DEFINING MARKETING RESEARCH
    Marketing Research is the
    Systematic design, Collection, Analysis,
    and
    Reporting of data and findings
    relevant to a specific marketing situation
    facing a company.
    rioabrenica@blogspot.com
  • 6. 1. DEFINING MARKETING RESEARCH
    Marketing Research produces insight of
    customer’s attitudes and buying behavior
    HOW?
    WHY?
    rioabrenica@blogspot.com
  • 7. 2. CHARACTERISTICS OF MARKETING RESEARCH
    The Seven Characteristics of
    Good Marketing Research.
    Creative,
    Healthily skeptic,
    Interdependent models and data
    Multiple in methodology,
    Ethical,
    Clear in Value and Cost of Information,
    Scientific
    rioabrenica@blogspot.com
  • 8. 3. MARKETING RESEARCH PROCESS
    Effective Marketing Research follows 6 steps.
    4
    1
    5
    Analyze
    the
    Information
    Present the Findings
    2
    6
    3
    Make the Decision
    Collect the Information
    rioabrenica@blogspot.com
  • 9. 3. MARKETING RESEARCH PROCESS
    The Marketing Problem and Objective should Not be too BROAD, or too NARROW.
    1
    KOTLER:
    “Find out everything about first class air travelers’ needs.”
    rioabrenica@blogspot.com
  • 10. 3. MARKETING RESEARCH PROCESS
    The Marketing Problem and Objective should Not be too BROAD, or too NARROW.
    1
    KOTLER:
    “Find out if enough passengers
    aboard a B747 flying direct between
    Chicago and Tokyo would be willing to
    Pay $25 for an internet connection
    for AA to break even in one
    year on the cost of offering
    the service.”
    rioabrenica@blogspot.com
  • 11. 3. MARKETING RESEARCH PROCESS
    The Marketing Problem and Objective should Not be too BROAD, or too NARROW.
    1
    KOTLER:
    “Will offering an in-flight internet service
    create enough incremental preference
    and enough profit for AA to justify
    its cost against other possible
    investments AA might make?”
    rioabrenica@blogspot.com
  • 12. 3. MARKETING RESEARCH PROCESS
    The Marketing Problem and Objective should Not be too BROAD, or too NARROW.
    1
    Medical:
    “To find out everything about patients going to the hospital.”
    rioabrenica@blogspot.com
  • 13. 3. MARKETING RESEARCH PROCESS
    The Marketing Problem and Objective should Not be too BROAD, or too NARROW.
    1
    Medical:
    “To find out if patients going to
    the hospital are willing to pay extra
    P100.00 for an air-conditioned
    waiting area.”
    rioabrenica@blogspot.com
  • 14. 3. MARKETING RESEARCH PROCESS
    The Marketing Problem and Objective should Not be too BROAD, or too NARROW.
    1
    Medical:
    “Will making the waiting area air- conditioned bring more patients to the hospital to justify its cost?”
    rioabrenica@blogspot.com
  • 15. 3. MARKETING RESEARCH PROCESS
    Choose the Most Efficient way of Gathering the needed Information.
    2
    Develop
    the Research
    Plan
    rioabrenica@blogspot.com
  • 16. 3. MARKETING RESEARCH PROCESS
    Source of data can be
    Primary or Secondary.
    2
    Develop
    the Research
    Plan
    Data freshly gathered
    for the specific research.
    Data previously gathered
    for another purpose.
    rioabrenica@blogspot.com
  • 17. 3. MARKETING RESEARCH PROCESS
    Source of data can be
    Primary or Secondary.
    2
    Develop
    the Research
    Plan
    Kotler:Auto advertisers buying “Online Media Study”
    Local: Local resort owners looking at data collected by local hotels on its customers
    Medical: Hospital Marketing Group looking into the DOH’s top causes of morbidities and mortalities in their area.
    rioabrenica@blogspot.com
  • 18. 3. MARKETING RESEARCH PROCESS
    Research approaches can be varied.
    2
    Develop
    the Research
    Plan
    rioabrenica@blogspot.com
  • 19. 3. MARKETING RESEARCH PROCESS
    Choose appropriate Research Instrument.
    2
    Develop
    the Research
    Plan
    rioabrenica@blogspot.com
  • 20. 3. MARKETING RESEARCH PROCESS
    2
    Formulate a Sampling Plan.
    Develop
    the Research
    Plan
    Who is to be surveyed?
    How many people should be surveyed?
    How should the respondents be chosen?
    rioabrenica@blogspot.com
  • 21. 3. MARKETING RESEARCH PROCESS
    There are various methods of contacting respondents.
    2
    Develop
    the Research
    Plan
    rioabrenica@blogspot.com
  • 22. 3. MARKETING RESEARCH PROCESS
    Collection of data is limited by cost and the quality of selected respondents.
    3
    Collect
    the
    Information
    PRONE to ERRORS
    BIASED ANSWERS
    TOO EXPENSIVE
    UNCOOPERATIVE RESPONDENTS
    rioabrenica@blogspot.com
  • 23. 2. MARKETING RESEARCH PROCESS
    ANALYZE DATA BY STATISTICS and CENTRAL TENDENCIES.
    4
    Analyze
    the
    Information
    rioabrenica@blogspot.com
  • 24. 3. MARKETING RESEARCH PROCESS
    5
    PRESENT THE RELEVANT DATA ONLY.
    Present
    the
    Findings
    rioabrenica@blogspot.com
  • 25. 3. MARKETING RESEARCH PROCESS
    MAKE A DECISION BY WEIGHING the EVIDENCE and your CONFIDENCE in the FINDINGS.
    6
    Make
    The
    Decision
    PROFITABILITY
    SOCIAL IMPACT
    COST
    FEASIBILITY
    rioabrenica@blogspot.com
  • 26. 4. MARKETING RESEARCH BARRIERS
    Reasons for Marketing Research Failure.
    LATE
    And
    ERRONEOUS
    FINDINGS
    PERSONALITY
    And
    PRESENTATIONAL
    DIFFERENCES
    NARROW
    RESEARCH
    CONCEPT
    POOR
    RESEARCH
    PERSONNEL
    POOR
    PROBLEM
    DEFINITION
    rioabrenica@blogspot.com
  • 27. 5. MEASURING MARKETING PRODUCTIVITY
    Assess the efficiency and effectiveness of Marketing Research.
    Customer- Performance scorecard
    Stakeholder- Performance scorecard
    Marketing
    Dashboard
    rioabrenica@blogspot.com
  • 28. 5. MEASURING MARKETING PRODUCTIVITY
    Marketing Metrics quantifies, compare and interpret marketing performance.
    PROFIT or LOSS?
    Marketing
    Metrics
    Short Term Results
    Brand Equity
    rioabrenica@blogspot.com
  • 29. 5. MEASURING MARKETING PRODUCTIVITY
    Marketing-Mix Modellinganalyzes data from sources to understand effects of marketing performance.
    rioabrenica@blogspot.com
  • 30. 5. MEASURING MARKETING PRODUCTIVITY
    Marketing Dashboard synthesizes the metrics for interpretation.
    Stakeholder- Performance scorecard
    Customer- Performance scorecard
    Marketing
    Dashboard
    rioabrenica@blogspot.com
  • 31. 5. MEASURING MARKETING PRODUCTIVITY
    Assess the efficiency and effectiveness of Marketing Research.
    Customer- Performance scorecard
    Stakeholder- Performance scorecard
    Marketing
    Dashboard
    rioabrenica@blogspot.com
  • 32. 6. TYPES OF MARKET
    Breaking down market types.
    rioabrenica@blogspot.com
  • 33. 6. TYPES OF MARKET
    POTENTIAL MARKET –Consumers who profess a sufficient level of interest in a market offer.
    rioabrenica@blogspot.com
  • 34. 6. TYPES OF MARKET
    AVAILABLE MARKET –Consumers who have interest, income, and access to a particular offer.
    rioabrenica@blogspot.com
  • 35. 6. TYPES OF MARKET
    TARGET MARKET – Part of the qualified available market the company decides to pursue.
    rioabrenica@blogspot.com
  • 36. 6. TYPES OF MARKET
    PENETRATED MARKET –Consumers who are buying the company’s product.
    rioabrenica@blogspot.com
  • 37. 7. MARKET DEMAND
    MARKET DEMAND - Total volume that would be
    bought by a defined customer group, in
    a defined area, in a defined time,
    in a defined marketing environment, under a
    defined marketing program.
    Marketi
    Potential
    Market
    Demand
    Market
    Minimum
    Marketing Expenditure
    rioabrenica@blogspot.com
  • 38. 8. COMPANY DEMAND
    COMPANY DEMAND is the company’s estimated share of the market demand in a given time period.
    TMC
    SLMC
    MMC
    AHMC
    Company Sales Forecast
    SALES POTENTIAL
    QUOTA
    SALES BUDGET
    rioabrenica@blogspot.com
  • 39. 9. ESTIMATING CURRENT DEMAND
    Defining Total Market Potential.
    TOTAL MARKET POTENTIAL – Maximum amount of sales that might be available to all the
    firms in the industry during a given
    period, under a given level of marketing
    effort and environmental conditions.
    Potential Number of Buyers
    X
    Average quantity/buyer
    X
    Price
    rioabrenica@blogspot.com
  • 40. 9. ESTIMATING CURRENT DEMAND
    Defining Area Market Potential.
    AREA MARKET POTENTIAL – Market potential of different geographical clusters. (cities, regions, province)
    Multiple-Factor Index
    “factors and weights”
    Market-Build Up
    “potential buyers”
    rioabrenica@blogspot.com
  • 41. 10. ESTIMATING FUTURE DEMAND
    What is Forecasting?
    Forecasting is the art of anticipating what
    buyers are likely to under a given
    set of conditions.
    What do people say?
    What people do?
    What people have done?
    rioabrenica@blogspot.com
  • 42. 10. ESTIMATING FUTURE DEMAND
    The 4 Information Bases for Forecasting.
    rioabrenica@blogspot.com
  • 43. SUMMARY
    10 CONCEPTS
    1
    Marketing
    Research
    as “SCAR”
    2
    Marketing
    Research
    “CHIMECS” of
    3
    Marketing
    Research
    Process
    rioabrenica@blogspot.com
  • 44. SUMMARY
    10 CONCEPTS
    Research
    Barriers
    4
    Marketing
    5
    Measuring
    Marketing
    6
    Types of
    Market
    rioabrenica@blogspot.com
  • 45. SUMMARY
    10 CONCEPTS
    7
    Market
    Demand
    8
    Company
    Demand
    9
    Estimating
    Current
    Demand
    10
    Future
    Demand
    Estimating
    rioabrenica@blogspot.com
  • 46. CONDUCTING MARKETING RESEARCH AND FORECASTING DEMAND
    RIO B. ABRENICA, DMD, MD, FPSO-HNS
    MBAH Batch 8
    May 7, 2010
    rioabrenica@blogspot.com