Marketing Managememnt 13Ed. Chapter 4

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  • Marketing Managememnt 13Ed. Chapter 4

    1. 1. Conducting Marketing Research and Forecasting Demand 4 Marketing Management A South Asian Perspective, 13th ed
    2. 2. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. 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. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. ITC Used Extensive Market Research before launching the Sunfeast range of biscuits
    4. 4. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. 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.
    5. 5. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Types of Marketing Research Firms Syndicated- service Custom Specialty- line
    6. 6. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. The Marketing Research Process Define the problem Develop research plan Collect information Analyze information Present findings Make decision
    7. 7. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Step 1: Define the Problem • Define the problem • Specify decision alternatives • State research objectives
    8. 8. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Step 2: Develop the Research Plan Data Sources Contact Methods Research Instruments Sampling Plan Research Approach
    9. 9. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Research Approaches ObservationObservation Focus GroupFocus Group SurveySurvey Behavioral DataBehavioral Data ExperimentationExperimentation EthnographicEthnographic
    10. 10. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Focus Group in Session
    11. 11. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Research Instruments Questionnaires Qualitative Measures Technological Devices
    12. 12. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. 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
    13. 13. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Question Types—Dichotomous In arranging this trip, did you contact American Airlines?  Yes  No
    14. 14. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. 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
    15. 15. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. 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
    16. 16. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Question Types—Semantic Differential American Airlines Large ………………………………...…….Small Experienced………………….….Inexperienced Modern……………………….…..Old-fashioned
    17. 17. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Question Types—Importance Scale Airline food service is _____ to me.  Extremely important  Very important  Somewhat important  Not very important  Not at all important
    18. 18. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Question Types—Rating Scale American Airlines’ food service is _____.  Excellent  Very good  Good  Fair  Poor
    19. 19. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. 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
    20. 20. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Question Types—Completely Unstructured What is your opinion of American Airlines?
    21. 21. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Question Types—Word Association What is the first word that comes to your mind when you hear the following? Airline ________________________ American _____________________ Travel ________________________
    22. 22. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Question Types— Sentence Completion When I choose an airline, the most important consideration in my decision is: _____________________________________ _____________________________________ _____________________________________ _____________________________________ _____________________________________ _____________________________________ __________________.
    23. 23. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. 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. _______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________ _______________________________________
    24. 24. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Question Types—Picture (Empty Balloons)
    25. 25. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Question Types—Thematic Apperception Test Make up a story that reflects what you think is happening in this picture.
    26. 26. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Qualitative Measures Word AssociationWord Association Projective TechniquesProjective Techniques VisualizationVisualization Brand PersonificationBrand Personification LadderingLaddering
    27. 27. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Technological Devices Galvanometers Tachistoscope Eye cameras Audiometers GPS
    28. 28. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Nielsen Outdoor Leverages GPS to Track Billboard Reach
    29. 29. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. 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?
    30. 30. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Table 4.2 Types of Samples Probability Samples • Simple random • Stratified random • Cluster Nonprobability Samples • Convenience • Judgment • Quota
    31. 31. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Contact Methods Mail Questionnaire Telephone Interview Personal Interview Online Interview
    32. 32. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. 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
    33. 33. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. 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.
    34. 34. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. 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
    35. 35. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Typical Problems in Rural Research • Low literacy levels require innovations in questionnaire design scales • Wide geographical dispersion requires long travels • A large number of languages and dialects, requiring multiple translations • Non-availability of working population at normal places of residence • Poor access to women respondents • Villages layout based on caste lines, requiring innovative sampling
    36. 36. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Table 4.3 Characteristics of Good Marketing Research  Scientific method  Research creativity  Multiple methods  Interdependence  Value and cost of information  Healthy skepticism  Ethical marketing
    37. 37. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. What is Marketing Metrics? Marketing metrics is the set of measures that helps marketers quantify, compare, and interpret marketing performance.
    38. 38. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Table 4.4 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
    39. 39. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. 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.
    40. 40. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. 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.
    41. 41. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. 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
    42. 42. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Common Measurement Paths Customer Metrics Pathway Unit Metrics Pathway Cash-flow Metrics Pathway Brand Metrics Pathway
    43. 43. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Figure 4.2 Marketing Measurement Pathways
    44. 44. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Figure 4.3 Example of a Marketing Dashboard
    45. 45. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. The Measures of Market Demand Potential Market Penetrated Market Target Market Available Market
    46. 46. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Vocabulary for Demand Measurement • Market demand • Market forecast • Market potential • Company demand • Company sales forecast • Company sales potential
    47. 47. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Figure 4.4 Ninety Types of Demand Measurement
    48. 48. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Figure 4.5 Market Demand Functions
    49. 49. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Figure 4.5 Market Demand Functions
    50. 50. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Product Penetration Percentage
    51. 51. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. How Can We Estimate Current Demand? • Total market potential • Area market potential • Market buildup method • Multiple-factor index method
    52. 52. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Table 4.6 Calculating the Brand Development Index (BDI)
    53. 53. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Estimating Future Demand • Survey of Buyers’ Intentions • Composite of Sales Force Opinions • Expert Opinion • Past-Sales Analysis • Market-Test Method
    54. 54. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Marketing Debate  What is the best type of marketing research? Take a position: 1. Marketing research should be quantitative. or 2. Marketing research should be qualitative.
    55. 55. Copyright © 2009 Dorling Kindersley (India) Pvt. Ltd. Marketing Discussion  When was the last time you participated in a survey?  How helpful do you think the information you provided was?  Could the research have been done differently?

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