Chap 4

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Chap 4

  1. 1. 4 Conducting Marketing Research and Forecasting Demand Marketing Management, 13th ed
  2. 2. Chapter Questions • What constitutes good marketing research? • What are good metrics for measuring marketing productivity? • How can marketers assess their return on investment of marketing expenditures? • How can companies more accurately measure and forecast demand? Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-2
  3. 3. What is Marketing Research? Marketing research is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-3
  4. 4. Types of Marketing Research Firms • Syndicated service • Custom • Specialty-line Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-4
  5. 5. The Marketing Research Process • • • • • • Define the problem Develop research plan Collect information Analyze information Present findings Make decision Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-5
  6. 6. Step 1: Define the Problem • Define the problem • Specify decision alternatives • State research objectives Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-6
  7. 7. Step 2: Develop the Research Plan • • • • • Data sources Research approach Research instruments Sampling plan Contact methods Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-7
  8. 8. Research Approaches • • • • • • Observation Ethnographic Focus group Survey Behavioral data Experimentation Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-8
  9. 9. Research Instruments • Questionnaires • Qualitative Measures • Technological Devices Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-9
  10. 10. Questionnaire Do’s and Don’ts • Ensure questions are free of bias • Make questions simple • Make questions specific • Avoid jargon • Avoid sophisticated words • Avoid ambiguous words • Avoid negatives • Avoid hypotheticals • Avoid words that could be misheard • Use response bands • Use mutually exclusive categories • Allow for “other” in fixed response questions Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-10
  11. 11. Question Types - Dichotomous In arranging this trip, did you contact American Airlines?  Yes  No Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-11
  12. 12. Question Types – Multiple Choice With whom are you traveling on this trip?  No one  Spouse  Spouse and children  Children only  Business associates/friends/relatives  An organized tour group Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-12
  13. 13. Question Types – Likert Scale Indicate your level of agreement with the following statement: Small airlines generally give better service than large ones.  Strongly disagree  Disagree  Neither agree nor disagree  Agree  Strongly agree Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-13
  14. 14. Question Types – Semantic Differential American Airlines Large ………………………………...…….Small Experienced………………….….Inexperienced Modern……………………….…..Old-fashioned Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-14
  15. 15. Question Types – Importance Scale Airline food service is _____ to me.  Extremely important  Very important  Somewhat important  Not very important  Not at all important Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-15
  16. 16. Question Types – Rating Scale American Airlines’ food service is _____.  Excellent  Very good  Good  Fair  Poor Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-16
  17. 17. Question Types – Intention to Buy Scale How likely are you to purchase tickets on American Airlines if in-flight Internet access were available?  Definitely buy  Probably buy  Not sure  Probably not buy  Definitely not buy Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-17
  18. 18. Question Types – Completely Unstructured What is your opinion of American Airlines? Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-18
  19. 19. Question Types – Word Association What is the first word that comes to your mind when you hear the following? Airline ________________________ American _____________________ Travel ________________________ Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-19
  20. 20. Question Types – Sentence Completion When I choose an airline, the most important consideration in my decision is: _____________________________________ _____________________________________ _____________________________________ _____________________________________ _____________________________________ _____________________________________ __________________. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-20
  21. 21. 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. _______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________ Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-21
  22. 22. Question Types – Picture (Empty Balloons) Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-22
  23. 23. Qualitative Measures • • • • • Word association Projective techniques Visualization Brand personification Laddering Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-23
  24. 24. Technological Devices • • • • • Galvanometers Tachistoscope Eye cameras Audiometers GPS Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-24
  25. 25. Sampling Plan • Sampling unit: Who is to be surveyed? • Sample size: How many people should be surveyed? • Sampling procedure: How should the respondents be chosen? Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-25
  26. 26. Table 4.2 Types of Samples Probability Samples • Simple random • Stratified random • Cluster Nonprobability Samples • Convenience • Judgment • Quota Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-26
  27. 27. Contact Methods • • • • Mail questionnaire Telephone interview Personal interview Online interview Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-27
  28. 28. Pros and Cons of Online Research Advantages • Inexpensive • Fast • Accuracy of data, even for sensitive questions • Versatility Disadvantages • Small samples • Skewed samples • Technological problems • Inconsistencies Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-28
  29. 29. What is a Marketing Decision Support System (MDSS)? A marketing decision support system is a coordinated collection of data, systems, tools, and techniques with supporting hardware and software by which an organization gathers and interprets relevant information from business and environment and turns it into a basis for marketing action. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-29
  30. 30. Barriers Limiting the Use of Marketing Research • • • • A narrow conception of the research Uneven caliber of researchers Poor framing of the problem Late and occasionally erroneous findings • Personality and presentational differences Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-30
  31. 31. Table 4.3 Characteristics of Good Marketing Research • • • • • • • Scientific method Research creativity Multiple methods Interdependence Value and cost of information Healthy skepticism Ethical marketing Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-31
  32. 32. What are Marketing Metrics? Marketing metrics are the set of measures that helps marketers quantify, compare, and interpret marketing performance. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-32
  33. 33. Table 4.4 Marketing Metrics External Internal • • • • • • • • • • • • • • • • Awareness Market share Relative price Number of complaints Customer satisfaction Distribution Total number of customers • Loyalty Awareness of goals Commitment to goals Active support Resource adequacy Staffing levels Desire to learn Willingness to change Freedom to fail Autonomy Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-33
  34. 34. What is Marketing-Mix Modeling? 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. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-34
  35. 35. Marketing Dashboards • A customer-performance scorecard records how well the company is doing year after year on customer-based measures. • A stakeholder-performance scorecard tracks the satisfaction of various constituencies who have a critical interest in and impact on the company’s performance including employees, suppliers, banks, distributors, retailers, and stockholders. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-35
  36. 36. Table 4.5 Sample Customer-Performance Scorecard Measures • • • • • • • % of new customers to average # % of lost customers to average # % of win-back customers to average # % of customers in various levels of satisfaction % of customers who would repurchase % of target market members with brand recall % of customers who say brand is most preferred Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-36
  37. 37. Common Measurement Paths • • • • Customer metrics pathway Unit metrics pathway Cash-flow metrics pathway Brand metrics pathway Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-37
  38. 38. The Measures of Market Demand • • • • Potential market Available market Target market Penetrated market Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-38
  39. 39. Vocabulary for Demand Measurement • • • • • • Market demand Market forecast Market potential Company demand Company sales forecast Company sales potential Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-39
  40. 40. How Can We Estimate Current Demand? • Total market potential • Area market potential • Market buildup method • Multiple-factor index method Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-40
  41. 41. Estimating Future Demand • • • • • Survey of Buyers’ Intentions Composite of Sales Force Opinions Expert Opinion Past-Sales Analysis Market-Test Method Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-41

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