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Chapter 3 Conducting Marketing Research

Conducting Marketing Research
What is Marketing Research?
Types of Marketing Research Firms
The Marketing Research Process
Marketing Research Process
Characteristics of Good Marketing Research
What is Marketing-Mix Modeling?
Marketing Dashboards

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Chapter 3 Conducting Marketing Research

  1. 1. Conducting Marketing Research Prepared By, Mr. Nishant Agrawal
  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?
  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.
  4. 4. Types of Marketing Research Firms 1. Syndicated service • These firms gather consumer and trade information which sell for a fee. 1. Custom • These firm are hired to carry out specific project. 1. Specialty-line • These firms provide specialized research services.
  5. 5. The Marketing Research Process 1. Define the problem 2. Develop research plan 3. Collect information 4. Analyze information 5. Present findings 6. Make decision
  6. 6. Step 1: Define the Problem • Define the problem • Specify decision alternatives • State research objectives
  7. 7. Step 2: Develop the Research Plan • Data sources • Research approach • Research instruments • Sampling plan • Contact methods
  8. 8. Research Approaches • Observation • Ethnographic (approach that uses concept and tools) • Focus group research ( 10 people invited to spend few hours with skilled moderator ) • Survey • Behavioral data • Experimentation
  9. 9. Research Instruments • Questionnaires • Qualitative Measures • Visualization • Word association and projective association • Technological Devices
  10. 10. Questionnaire Do’s and Don’ts • Ensure questions are free of bias • Make questions simple • Make questions specific • Avoid jargon • Avoid unclear words • Avoid negatives • Avoid words that could be misheard • Use response bands • Use mutually exclusive categories • Allow for “other” in fixed response questions
  11. 11. Question Types - Dichotomous In arranging this trip, did you contact American Airlines?  Yes  No
  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
  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
  14. 14. Question Types – Semantic Differential American Airlines Large ………………………………...…….Small Experienced………………….….Inexperienced Modern……………………….…..Old-fashioned
  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
  16. 16. Question Types – Rating Scale American Airlines’ food service is _____.  Excellent  Very good  Good  Fair  Poor
  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
  18. 18. Question Types – Completely Unstructured What is your opinion of American Airlines?
  19. 19. Question Types – Word Association What is the first word that comes to your mind when you hear the following? Airline ________________________ American _____________________ Travel ________________________
  20. 20. Question Types – Sentence Completion When I choose an airline, the most important consideration in my decision is: _____________________________________ _____________________________________ _____________________________________ _____________________________________ _____________________________________ _____________________________________ __________________.
  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. _______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________
  22. 22. Question Types – Picture (Empty Balloons)
  23. 23. Qualitative Measures • Word association • Projective techniques • Visualization • Brand personification • Laddering
  24. 24. Technological Devices • Galvanometers (measure interest and emotions) • Eye cameras (study eye moment) • Audiometers • GPS
  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?
  26. 26. Table 4.2 Types of Samples Probability Samples • Simple random • Stratified random • Cluster Nonprobability Samples • Convenience • Judgment • Quota
  27. 27. Contact Methods • Mail questionnaire • Telephone interview • Personal interview • Online interview
  28. 28. Pros and Cons of Online Research Advantages • Inexpensive • Fast • Accuracy of data, even for sensitive questions • Versatility / flexibility Disadvantages • Small samples • Skewed samples • Technological problems • Inconsistencies
  29. 29. Marketing Research Process Step 4 : Analyze information Step 5 : Present findings Step 6 : Make decision
  30. 30. 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.
  31. 31. Characteristics of Good Marketing Research • Scientific method • Research creativity • Multiple methods • Interdependence • Value and cost of information • Ethical marketing
  32. 32. Measuring Marketing Productivity What are Marketing Metrics? Marketing metrics are the set of measures that helps marketers quantify, compare, and interpret marketing performance.
  33. 33. Sample Marketing Metrics External • Awareness • Market share • Relative price • Number of complaints • Customer satisfaction • Distribution • Total number of customers • Loyalty Internal • Awareness of goals • Commitment to goals • Active support • Resource adequacy • Staffing levels • Desire to learn • Willingness to change • Freedom to fail • Autonomy
  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.
  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.
  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
  37. 37. Common Measurement Paths (Page no 99) • Customer metrics pathway • Unit metrics pathway • Cash-flow metrics pathway • Brand metrics pathway

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