What do “Module Eight” has in for us?
This module will discuss the role and implications of market research in the marketing process. It will cover the advantages and disadvantages of collecting and analyzing both primary and secondary data. This module will illustrate how all the components of marketing work together, including market research, to increase the chances of product success in the marketplace.
How can you be successful this week?
Simple! Read/watch all the links to the resources (articles, website, videos, etc.) posted for this module. Don’t forget to click on the Module Overview Link and read it. Then complete the following activities:
Read the Textbook:
Marketing: An Introduction
, Chapter 4
Read the Marketing Concept Glossary VIII
Watch the Video: Brand Meaning and Identification
Participate in the Module Eight Discussion: Making Connections
Video Activity: Market Research
MyMarketingLab Simulation Activity: Market Research
For each activity you have to complete, make sure that you first review the Rubric that I will use to grade it. In this way, you will be able to hit each requirement, and your road to success will be guaranteed.
The Discussion
This discussion will allow you to put all the learning together. This is the discussion board where you will have to showcase all your new “Marketing Vocabulary.” Don’t forget to discuss market research! This is the topic where every marketing activity starts!
As an additional resource watch the following Video on "Reptilian Marketing" which will provide abundant information on how & why Marketing Research is conducted:
Direct Link:https://www.youtube.com/watch?v=uoK9lIhzBjw
Start by reading and reviewing the articles posted, and then answer the question(s) posted in the Discussion Forum.
For your initial post (1) you must:
Compose a post of one to two paragraphs
Complete the initial post on Thursday night and the reply to your peers by Sunday night.
Responses to your peers must demonstrate a depth and think. Keep in mind that I grade quality and not quantity. As your first marketing activity in this class, make sure you deliver VALUE being an exceptional contributor to the Discussion Forum.
Module Eight: Market Research
Learning Objectives
Upon completion of the course, students will be able to:
Identify reasons to conduct market research
Describe the different types of primary and secondary market research
Apply research options to a real-world market scenario
Module Reading and Resources
Textbook
:
Marketing: An Introduction
, Chapter 4
This chapter provides an introduction to the market research process and the types of market research approaches used by companies.
Access this resource by going to the
MyMarketingLab
area under the course Table of Contents menu.
Presentation:
Marketing Concept Glossary VIII
Module-related marketing concepts and terms are presented. Visit the glossary for a quick review of the key terms from this wee ...
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What do Module Eight” has in for usThis module will discuss
1. What do “Module Eight” has in for us?
This module will discuss the role and implications of market
research in the marketing process. It will cover the advantages
and disadvantages of collecting and analyzing both primary and
secondary data. This module will illustrate how all the
components of marketing work together, including market
research, to increase the chances of product success in the
marketplace.
How can you be successful this week?
Simple! Read/watch all the links to the resources (articles,
website, videos, etc.) posted for this module. Don’t forget to
click on the Module Overview Link and read it. Then complete
the following activities:
Read the Textbook:
Marketing: An Introduction
, Chapter 4
Read the Marketing Concept Glossary VIII
Watch the Video: Brand Meaning and Identification
Participate in the Module Eight Discussion: Making
Connections
Video Activity: Market Research
MyMarketingLab Simulation Activity: Market Research
2. For each activity you have to complete, make sure that you first
review the Rubric that I will use to grade it. In this way, you
will be able to hit each requirement, and your road to success
will be guaranteed.
The Discussion
This discussion will allow you to put all the learning together.
This is the discussion board where you will have to showcase
all your new “Marketing Vocabulary.” Don’t forget to discuss
market research! This is the topic where every marketing
activity starts!
As an additional resource watch the following Video on
"Reptilian Marketing" which will provide abundant information
on how & why Marketing Research is conducted:
Direct Link:https://www.youtube.com/watch?v=uoK9lIhzBjw
Start by reading and reviewing the articles posted, and then
answer the question(s) posted in the Discussion Forum.
For your initial post (1) you must:
Compose a post of one to two paragraphs
Complete the initial post on Thursday night and the reply to
your peers by Sunday night.
Responses to your peers must demonstrate a depth and think.
Keep in mind that I grade quality and not quantity. As your first
marketing activity in this class, make sure you deliver VALUE
being an exceptional contributor to the Discussion Forum.
3. Module Eight: Market Research
Learning Objectives
Upon completion of the course, students will be able to:
Identify reasons to conduct market research
Describe the different types of primary and secondary market
research
Apply research options to a real-world market scenario
Module Reading and Resources
Textbook
:
Marketing: An Introduction
, Chapter 4
This chapter provides an introduction to the market research
process and the types of market research approaches used by
companies.
Access this resource by going to the
MyMarketingLab
area under the course Table of Contents menu.
Presentation:
4. Marketing Concept Glossary VIII
Module-related marketing concepts and terms are presented.
Visit the glossary for a quick review of the key terms from this
week. You can also look up words in the glossary found along
the left-hand navigation bar.
Video:
Market Research
This video is a supplement to the module overview, applying
concepts to the pet supply store and new product. This video
will also take students through the experience of completing an
online survey. Transcript available
here
.
Assignment Calendar
Assignment Calendar Module Eight
Module Overview
Market research can be a valuable tool for marketers. The
variety of resources and options allows even companies with
small budgets to conduct research and apply the findings to
their marketing strategies. This module introduces the different
market research methods and provides insights into what
marketers do with those findings. Market research can be
broken into two broad categories: primary and secondary
research.
Secondary research
5. is the most accessible because it uses information already
available in the marketplace. Examples of secondary research
include using data from the most recent
U.S. Census QuickFacts
; reviewing demographic and psychographic information
available about the users of a specific social media site, for
example,
By the Numbers: 90+ Amazing Pinterest Statistics
; or using a research report from another company, for example,
The 10 Most “Loved” Brands on Social Media
. Secondary research has many benefits. It is a very low-cost
research option because most information is free or has a very
low fee. The second benefit is that it is plentiful. If a marketer
wants to know who is using Twitter and what they are using it
for, that information is already available. Secondary research,
however, has its drawbacks. The three primary issues are the
reputation or credibility of the data, the fact that it is not
customized to the needs of the marketer, and the time it may
take to gather. When a company chooses to use research
conducted by another organization, it trusts that organization’s
ability to collect the research in an ethical and accurate way.
The fact that secondary research is not customized to the
company or client can be a challenge; specific information may
be difficult to find. Finally, there is a lot of information
available, so it can take significant time to assess. The term
big data
, now common in the industry, refers to the massive amount of
information companies have at their fingertips. The sheer
volume poses a challenge because marketers must be able to
weed through the data and determine what is important and what
is not.
The other category of research is
primary research
, which is when a company designs and executes its own
research study. There are many types of primary research
6. methods available. These include surveys (online, over the
phone, in person, and through the mail), focus groups,
observational research, and interviews. Regardless of the
method a company plans to use, all research begins in the same
place: the development of a research question or questions. A
company must first identify what it hopes to learn and probably
have an idea on how it will use the results. Once this is
determined, the company chooses the research method.
Surveys can be delivered in many ways. The most common are
email, in person, phone, and mail, although social media is
becoming a popular distribution route. Surveys are designed to
gather a range of information, including demographic
information on the participant. Questions are typically multiple-
choice, true/false, or yes/no. This quantification enables the
data to be extrapolated to a larger market. A challenge for
marketers is to ensure that the survey sample (i.e., those taking
the survey) is representative of the larger customer population.
For example, if a small grocery store wanted to send out a
survey to its customers, it would need to ensure the survey
reached the person in the household who does the shopping.
Focus groups
are a method to collect
qualitative data
, which is information that cannot be easily quantified. Often
focus group findings are used to make decisions that will affect
an entire customer base; however, they are mostly used to
acquire more in-depth insights regarding a new product,
marketing campaign, or issue. For example, if a potato chip
company wants to launch a new chip flavor, it may use focus
groups for taste tests. Focus group members would try several
chip flavors and provide feedback about their experience with
each. Once the most popular chip flavor is identified, the
company may use additional focus groups to test slogans or ads
for the new product. For example, a group may be shown an ad
7. and then asked how it made them feel or whether it would
influence their purchase. Companies rarely host only a single
focus group on a subject; instead, they host many at different
locations to ensure that the qualitative data they collect is
representative of the key markets.
In
observational research
, researchers observe customer behavior in different situations
without intruding. This may mean watching traffic patterns at a
local mall or counting the number of people who enter a store at
specific times. It could also be something more specific such as
observing how long it takes from when someone enters an
establishment until they make a purchase. Companies use
observational data in many ways; however, it is usually to
inform very specific decisions. For example, a store may be
considering lengthening its hours. Observational data from
tracking the amount of foot traffic that is around or in the store
at the end of the day, collected over a period of time, could be
far more useful than a survey asking people if they would come
to the store later. One of the keys to successful observational
data is ensuring it is collected over a period of time, at the right
time. The same store considering staying open later could be
collecting faulty data if the period in which they observed foot
traffic was close to the holidays when there are more shoppers
everywhere.
Interviews
are the final major category of primary research. These are true
qualitative surveys and differ from focus groups because an
interview is usually a one-on-one situation. Interviews are
commonly used in the business-to-business (B2B) market when
companies seek more information about their customers. For
example, many large companies use preferred vendors for their
purchases, and it can be difficult to compete. Vendors may ask
to interview the person in charge of this process to understand
8. better what the company wants in a vendor so that they can
better position their own company to win a bid. Interviews are
time-consuming, and collecting and analyzing the results can be
tedious; however, it is an effective way to gather key qualitative
data, especially from senior executives who are unlikely to
participate in a traditional focus group.
Once a company has completed its research, the analysis phase
begins, in which information is collected and reviewed.
Companies look for trends and outliers (i.e., responses that are
completely out of alignment with the majority). The analysis
produces recommendations, and often those go through further
research. When companies use market research as part of their
marketing strategy, they increase the likelihood of developing
and launching products and services that fit the wants and needs
of the target market.
The video
Market Research
demonstrates how a research plan develops and provides an
opportunity to complete an online survey.
Now, take a minute to review this week’s
glossary
.
Complete the assignment as follows:
8-2 Discussion: Making Connections
As you look back on the course, consider how marketing affects
your daily life and how your understanding of marketing has
9. changed. To illustrate some of the marketing components that
you have learned, identify a specific product that could benefit
from a new marketing strategy. Describe this product and
explain how you could use the information from this course to
recommend changes. Make sure to include what research
strategies you would recommend the company use to inform the
new strategies.
In response to your classmates, discuss the new marketing
strategy they are proposing.
For more information, view the following documents:
Final Project Part I Guidelines and Rubric
Final Project Part I Milestone One Guidelines and Rubric
For your response posts (2), you must do the following:
Reply to at least two different classmates outside of your
own initial post thread.
Demonstrate more depth and thought than simply stating that
“I agree” or “You are wrong.”
Guidance is provided for you in each discussion prompt.
classmates Post #1:
10. Since taking this class I am very aware of the marketing efforts
around me. Now when I go grocery shopping I am making
mental notes about packaging, signage, and product messaging.
I really didn't realize the amount of work that goes into
marketing. I really loved the product we were given to launch.
As I mentioned previously, I have two dogs, Molly & Cara, so
the pet food really hit home with me. There are so many
components to launching a new product, from the target
demographic to the marketing strategies. It was a fantastic
learning experience.
A product that I think could benefit from a new marketing
strategy is
Arm & Hammer Laundry Detergent
. Growing up I associated
Arm & Hammer
with that orange box of baking soda that was in the refrigerator
to absorb all the smells of the food. As an adult I never really
gave that product a second glance. I thought it was old and
outdated. Even though I was a loyal Tide user, which is also a
product that has been around a long time.
When my brother in law broke his ankle about two years ago, I
was helping him around the house, grocery shopping, and doing
his laundry. When I went to put a load of laundry in the washer,
all he had was
Arm & Hammer
laundry detergent. I thought he had bought it because it was
cheaper that the good brands like "Tide", (my brother in law is
very frugal). Well needless to say I was very surprised. The
smell of the dried clothes was amazing. I love when you take
clothes out of the dryer and they smell great, and it lasts for a
long time. I had been trying to achieve that by using
Tide
, and then
Downey
11. softener for years.
So, I am now a loyal
Arm & Hammer "Clean Burst"
customer!
I think that
Arm & Hammer
needs to update their message. I think most people associate
them with that baking powder. They need to introduce their
product to a new generation.
One way to do that is to give the consumer an incentive to try
the laundry detergent. Coupons I believe would be very
effective. Laundry detergent is expensive, but if you have a
$1.00 off coupon it would help to persuade the consumer to try
it. Also samples, would be a really good way for consumers to
try the product. A small sample that would be delivered with the
Sunday paper would be an effective strategy.
As far as research,
Arm & Hammer
needs to pin point the public perception of their company. I
think online surveys would really be effective. Specific
questions that would get to the bottom of the problem. Like I
said earlier, they need to connect with another generation and
what is important to them in a laundry detergent. For me it was
that wonderful scent!
classmates Post #2:
Reflecting back on the marketing experience I have gained
throughout this course, I now think of products and their
marketing in a whole new light. Before taking this class, I did
12. not pay much attention to the way a product was marketed, and
I solely based my purchase choices on items that jumped out at
me. After taking this course, however, I now carefully consider
products before making a purchase, and take into deep
consideration things such as: price, packaging, slogan/branding,
and much more.
One product I believe could benefit from a new marketing
strategy is the cereal brand Raisin Bran. Raisin Bran is a
relatively older cereal, and does not receive the credit it truly
deserves in the marketing world. Even though Raisin Bran is
more nutritious than most cereals and not to mention delicious,
there are rarely ever any ads or marketing strategies to promote
this cereal. In order to make changes to this product to help it
become more successful, I would first create multiple focus
groups to get going in the right direction. These focus groups
would include people who participate in a qualitative research
study in which they partake in taste testing and product reviews.
I would also focus very heavily on creating new advertisement
campaigns and rebranding the image of the cereal to make it
fresh and exciting.