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Introduction to Marketing Research

Covers the importance of marketing research to the marketing decision process.

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Introduction to Marketing Research

  1. 1. Introduction to Marketing Research Overview
  2. 2. Outline Marketing Marketing Research Defined The Role of Marketing Research Characteristics of Marketing Research Types of Marketing Research Studies The Marketing Information System The Future of Marketing Research Summary
  3. 3. Learning Objectives To know what is meant by the term “Marketing” and “Marketing Research” To understand the role of marketing research, it’s uses and characteristics. To describe a marketing information system and explain how marketing research and marketing information systems differ.
  4. 4. Marketing Marketing Defined- marketing is defined as the performance of all activities necessary for the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organisation objectives.
  5. 5. Marketing Quote A sweet, brown, fizzy beverage that at once represents the best and worst of American business enterprise…Coca-Cola is one of the world’s truly nonessential products brilliantly marketed. Anonymous commentator, quoted in the Wall Street Journal, Feb 3 1997.
  6. 6. Marketing Quote The Arch Deluxe burger tastes like (ouch!) a Burger King Whopper only with more “glop.” Consensus of informal marketing survey taken by fortune, Nov 4, 1996
  7. 7. Marketing Marketing Strategy- consists of selecting a segment of the market as the company’s target market and designing the proper “mix” of product/service , price, promotion and distribution system to meet the needs of the consumers within the target market.
  8. 8. Marketing The Marketing Concept- is a business philosophy that holds that the key to achieving organisational goals consists of determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do.
  9. 9. Marketing Marketing Managers need: Objective Accurate Current Information Social and Cultural Environment Political and Legal Environment Develop Marketing Strategies
  10. 10. Marketing Research Assists DecisionMaking
  11. 11. Quotes For all the money we spend on marketing, we know very little about our customers. Robert Thomas, president of the automobile firm Nissan Motor Corporation U.S.A, quoted in wall Street Journal, December 9, 1996 Our research showed that almost everyone has a can or two of Campbell’s soup in the cupboard. The problem was to eat the soup. Del Macaulay, former package design chief of Campbell’s quoted in Worth, May 1995.
  12. 12. Marketing Research Defined Marketing Research- is the process of: Designing Gathering Analyzing Reporting Information that may be used to solve a specific marketing problem.
  13. 13. Marketing Research Process
  14. 14. The Role of Marketing Research Role of Marketing Research- is to provide information that facilitates marketing decisions. Without research it is hard for management to make sound marketing decisions or to implement the marketing concept
  15. 15. Increases Probability of Success
  16. 16. The Role of Marketing Research Marketing research is used by management to: 1. Identify and define marketing opportunities. 2. Generate and refine marketing actions. 3. Monitoring marketing strategies. 4. To improve our understanding of the marketing process.
  17. 17. The Role of Marketing Research Marketing research is used by management to: 1. Identify and define marketing opportunities. 2. Generate and refine marketing actions. 3. Monitoring marketing strategies. 4. To improve our understanding of the marketing process.
  18. 18. Characteristics of Marketing Research Applied or Basic Research? Applied Research- we mean that the research is undertaken to solve a specific problem. Basic Research- we mean that research is undertaken for the sake of extending knowledge. Sometimes Inaccurate Shaped by budgets and time constraints.
  19. 19. Types of Marketing Research Studies Marketing research studies can be classified by the functions of management: Analysis/planning Identifying opportunities and market demand. Implementing Studies conducted to implement the four Ps. Controlling How well a marketing strategy is going.
  20. 20. The Marketing Information System MIS- is a structure consisting of people, equipment, and procedures to gather, sort, analyse, evaluate and distribute needed, timely, and accurate information to marketing decision makers.
  21. 21. The Marketing Information System Components of an MIS: 1. Internal Reports System. 2. Marketing Intelligence. 3. Marketing Decision Support. 4. Marketing Research System.
  22. 22. The Future of Marketing Research Marketing research is undergoing vast changes. Technology advances Internet Information is power. Future of marketing research is bright.
  23. 23. Summary The marketing concept is a philosophy that states that the key to business success lies in determining and fulfilling consumers’ wants and needs. Marketers practicing the marketing concept need information to develop strategies to satisfy consumers needs and wants. Environmental changes mean that marketers must constantly collect information to monitor customers, markets and competition. We define marketing research as the design, gathering, analyzing, and reporting of information to solve a specific problem.
  24. 24. You are welcome to contact Nigel Bairstow at B2BWhiteboard your source of B2B Asia / Pacificmarketing advice!/b2bwhiteboard