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Lecture 1 Intrudoction to Marketing research

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International Balkan University
International Balkan University

Introduction to Marketing research

Marketing
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INTRODUCTION TO MARKETING RESEARCH October, 2020
General Research Collecting data to answer questions or acquire new knowledge about persons, objects or some phenomena! Quest for information!
Research – Pillar of scientific progress Biology Physics Psychology Medicine Botany Geography Chemistry IT Technology Еconomics Geology Dentistry Architecture Ecology Improves the way we live!
General (common) features of research Problem! Collecting data/ information! Analysis, conclusion, solution Final objective! Method for collecting data/ information!
Differences between Research & Marketing research Marketing decision making!
What do marketers research? Product / Service Price Distribution Promotion Competition Consumer needs and wants Communication with the environment!
Complexity of Marketing research Consumers Suppliers Distributors Traders Competitors RELEVANT, ACCURATE, PRECISE, TIMELY INFORMATION External environment Globalization Environment quality Competition Shortage of raw materials Political relationships IT development Manager
Marketing research is about opportunities as well! New products New services New customers New markets New packaging New ads Marketing research = solving problems + new opportunities
Classification of Marketing research Problem identification research Problem solving research Promotion Distribution Pricing Product Market share Market potential Sales analysis Forecasting & trends Problem identification & Problem solving are used simultaneously!
Classification of Marketing research Example: Kellogg’s – Multinational food manufacturing company, USA Problem: Drastic decline in cereal consumption! Marketing research:
Classification of Marketing research Problem identification research Problem solving research Prices related to quality! Creative ads! New products, new flavors, larger quantities New advertisements for all generations! Older people love cereals too! Advertisements focused on kids only! Prices are too high! Fast food and semi-ready food are popular! Increased Sales & Increased cereal consumption! Uncreative ads!
Classification of Marketing research
Marketing research with internal and external data INTERNAL DATA EXTERNAL DATA Chamber of commerce Internet International organizations Statistical office Agencies Sales department Accounting
Successful Marketing research with external data Pepperidge Farm – commercial bakery (cookies, breads, crackers....) Example:
Successful Marketing research with external data  Life style & habits  Eating habits  Men v.s women  Interviews with locals  Pastry (test) sample  Limited sale  New brand name  Packing, serving  Way of advertising  Competition Success after 2 YEARS from the first product idea!
Successful Marketing research with internal data Mercedes Benz Co. Example:
Successful Marketing research with internal data  High demand in Alaska  Acceptable unit price = 87.719$  No luxury cars (Cadillac, Jaguar)  Budget car (Chevrolet)  More quality, engineering, technical features, performance, durability  Less fashion, luxury, color, exterior, design NEW ADS!
EXERCISE (I group): Do Marketing research with external data! MUSEUM!
EXERCISE (II group): Do Marketing research with external data! UNIVERSITY!
EXERCISE (III group): Do Marketing research with external data! RESTAURANT!
Factors for conducting Marketing research Management’s will Resources for implementation of research results Resources for conducting research Costs / Benefits Ratio
Factors for conducting Marketing research Vis = (Dis-Din)-Tis Vis > o Vis- Net value of Marketing research Dis - Value of a Marketing decision with information Din- Value of a Marketing decision without information Тis –Costs for Marketing research BORIS TIHI Costs / Benefits Ratio
Definition of Marketing research American Marketing Association (АМА) Function that links consumers, customers and public with marketers through INFORMATION! Information is used to identify and define marketing problems or opportunities, to generate and evaluate marketing actions based on relevant marketing decisions. o Exchange of information o One involved party – customer, consumer, or public o Other involved party - manager o Existence of a marketing problem or opportunity o Decision-making process based on relevant data
Basic features of Marketing research Special Effort Selectivity (targeting) Systematic approach (plan) Objectivity (scientific methods) Analysis of data Marketing research is not managerial decision
Homework By using external data, do marketing research for the following marketing opportunity: Opening of a Starbucks cafeteria in the center of Skopje
Exam questions Explain the general features of any kind of research! Why research is important? 1 7 6 2 5 3 4 Differences between research and marketing research! What do marketers research? Why is marketing research considered difficult and complex? Explain in detail! Classification of marketing research – explain it, using a concrete example! Marketing research with external and internal data! Do marketing research with external data if your company wants to introduce a new type of wine to the market! What factors influence on whether or not marketing research will be conducted? Write down and explain the formula of Boris Tihi! Explain the basic features of marketing research in detail!

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Lecture 1 Intrudoction to Marketing research

  • 2. General Research Collecting data to answer questions or acquire new knowledge about persons, objects or some phenomena! Quest for information!
  • 3. Research – Pillar of scientific progress Biology Physics Psychology Medicine Botany Geography Chemistry IT Technology Еconomics Geology Dentistry Architecture Ecology Improves the way we live!
  • 4. General (common) features of research Problem! Collecting data/ information! Analysis, conclusion, solution Final objective! Method for collecting data/ information!
  • 5. Differences between Research & Marketing research Marketing decision making!
  • 6. What do marketers research? Product / Service Price Distribution Promotion Competition Consumer needs and wants Communication with the environment!
  • 7. Complexity of Marketing research Consumers Suppliers Distributors Traders Competitors RELEVANT, ACCURATE, PRECISE, TIMELY INFORMATION External environment Globalization Environment quality Competition Shortage of raw materials Political relationships IT development Manager
  • 8. Marketing research is about opportunities as well! New products New services New customers New markets New packaging New ads Marketing research = solving problems + new opportunities
  • 9. Classification of Marketing research Problem identification research Problem solving research Promotion Distribution Pricing Product Market share Market potential Sales analysis Forecasting & trends Problem identification & Problem solving are used simultaneously!
  • 10. Classification of Marketing research Example: Kellogg’s – Multinational food manufacturing company, USA Problem: Drastic decline in cereal consumption! Marketing research:
  • 11. Classification of Marketing research Problem identification research Problem solving research Prices related to quality! Creative ads! New products, new flavors, larger quantities New advertisements for all generations! Older people love cereals too! Advertisements focused on kids only! Prices are too high! Fast food and semi-ready food are popular! Increased Sales & Increased cereal consumption! Uncreative ads!
  • 13. Marketing research with internal and external data INTERNAL DATA EXTERNAL DATA Chamber of commerce Internet International organizations Statistical office Agencies Sales department Accounting
  • 14. Successful Marketing research with external data Pepperidge Farm – commercial bakery (cookies, breads, crackers....) Example:
  • 15. Successful Marketing research with external data  Life style & habits  Eating habits  Men v.s women  Interviews with locals  Pastry (test) sample  Limited sale  New brand name  Packing, serving  Way of advertising  Competition Success after 2 YEARS from the first product idea!
  • 16. Successful Marketing research with internal data Mercedes Benz Co. Example:
  • 17. Successful Marketing research with internal data  High demand in Alaska  Acceptable unit price = 87.719$  No luxury cars (Cadillac, Jaguar)  Budget car (Chevrolet)  More quality, engineering, technical features, performance, durability  Less fashion, luxury, color, exterior, design NEW ADS!
  • 18.
  • 19. EXERCISE (I group): Do Marketing research with external data! MUSEUM!
  • 20. EXERCISE (II group): Do Marketing research with external data! UNIVERSITY!
  • 21. EXERCISE (III group): Do Marketing research with external data! RESTAURANT!
  • 22. Factors for conducting Marketing research Management’s will Resources for implementation of research results Resources for conducting research Costs / Benefits Ratio
  • 23. Factors for conducting Marketing research Vis = (Dis-Din)-Tis Vis > o Vis- Net value of Marketing research Dis - Value of a Marketing decision with information Din- Value of a Marketing decision without information Тis –Costs for Marketing research BORIS TIHI Costs / Benefits Ratio
  • 24. Definition of Marketing research American Marketing Association (АМА) Function that links consumers, customers and public with marketers through INFORMATION! Information is used to identify and define marketing problems or opportunities, to generate and evaluate marketing actions based on relevant marketing decisions. o Exchange of information o One involved party – customer, consumer, or public o Other involved party - manager o Existence of a marketing problem or opportunity o Decision-making process based on relevant data
  • 25. Basic features of Marketing research Special Effort Selectivity (targeting) Systematic approach (plan) Objectivity (scientific methods) Analysis of data Marketing research is not managerial decision
  • 26. Homework By using external data, do marketing research for the following marketing opportunity: Opening of a Starbucks cafeteria in the center of Skopje
  • 27. Exam questions Explain the general features of any kind of research! Why research is important? 1 7 6 2 5 3 4 Differences between research and marketing research! What do marketers research? Why is marketing research considered difficult and complex? Explain in detail! Classification of marketing research – explain it, using a concrete example! Marketing research with external and internal data! Do marketing research with external data if your company wants to introduce a new type of wine to the market! What factors influence on whether or not marketing research will be conducted? Write down and explain the formula of Boris Tihi! Explain the basic features of marketing research in detail!