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Marketing Research
The document outlines the importance of marketing research, defining it as a systematic process of data collection and analysis to address specific marketing challenges. It details the steps in the marketing research process, including defining the problem, developing a research plan, collecting and analyzing information, and presenting findings. Additionally, it emphasizes the characteristics of good marketing research, such as creativity, scientific methods, and ethical considerations.
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Marketing Research
- 1. Kotler • Keller PhillipKevin Lane Marketing Management • 14e
- 2.
- 3. Copyright © 2012Pearson Education, Inc. Publishing as Prentice Hall Slide 3 of 22 Discussion Questions 1. What constitutes good marketing research? 2. What are the best metrics for measuring marketing productivity? 3. How can marketers access their return on investment of marketing expenditures?
- 4. Copyright © 2012Pearson Education, Inc. Publishing as Prentice Hall Slide 4 of 22 Marketing Research System Insight Market Research
- 5. Defined The systematic design,collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company. Marketing ResearchDefined
- 6. Copyright © 2012Pearson Education, Inc. Publishing as Prentice Hall Slide 6 of 22 Creative Research Means Rivals Marketing partners Student projects Internet sources Check out rivals
- 7. Copyright © 2012Pearson Education, Inc. Publishing as Prentice Hall Slide 7 of 22 Figure 4.1 Marketing Research Process
- 8. Copyright © 2012Pearson Education, Inc. Publishing as Prentice Hall Slide 8 of 22 Step 1: Define the Problem Focused inquiry
- 9. Copyright © 2012Pearson Education, Inc. Publishing as Prentice Hall Slide 9 of 22 Step 2: Develop the Research Plan Sampling plan Contact method Data Sources •Secondary data •Primary data Research Approaches •Observation •Focus groups •Surveys •Behavioral data •Experiments Research instrument •Questionnaires •Qualitative measures •Technological devices
- 10. Copyright © 2012Pearson Education, Inc. Publishing as Prentice Hall Slide 10 of 22 Step 3: Collect the Information Online surveys Telephone surveys Interviews In-home surveys
- 11. Copyright © 2012Pearson Education, Inc. Publishing as Prentice Hall Slide 11 of 22 Step 4: Analyze the Information
- 12. Copyright © 2012Pearson Education, Inc. Publishing as Prentice Hall Slide 12 of 22 Step 5: Present the Findings
- 13. Copyright © 2012Pearson Education, Inc. Publishing as Prentice Hall Slide 13 of 22 Step 6: Make the Decision Research Decisions
- 14. Copyright © 2012Pearson Education, Inc. Publishing as Prentice Hall Slide 14 of 22 Characteristics of Good Marketing Research 1. Scientific method 2. Research creativity 3. Multiple methods 4. Interdependence of models and data 5. Value and cost of information 6. Healthy skepticism 7. Ethical marketing
- 15. Copyright © 2012Pearson Education, Inc. Publishing as Prentice Hall Slide 15 of 22 Former marketing research executive for General Foods concluded that Star Wars would fail at the box office. The film grossed $4.3 billion in box office receipts.
Editor's Notes
- #5 Managers use market research to help them better understand the customers and markets. These insights are the how’s and why’s certain things happen in the market. The text gives an example of how Gillette conducted market research on the woman’s shaver market and how this research led the company to develop the Venus razor, which now has more than 50% of the global market.
- #6 Over $28 billion was spent on marketing research in 2007.
- #8 Example: American Airlines wanted to determine how many first-class passengers would be interested in having limited, Internet access during flights and how much extra they would be willing to pay for this service. AA would have to invest $90,000 per plane.
- #9 Marketers must not focus too broadly or too narrowly on the research question. Trying to find out everything about first-class travellers needs is too broad, while trying to determine if enough passengers will pay $25 on a direct flight between Chicago and Tokyo to break even is too narrow. In this example, the marketers agreed to define the problem as “Will offering an in-flight Internet service create enough incremental preference and profit for AA to justify its cost against other possible investments in service enhancement…”
- #11 Most expensive step Most prone to errors
- #12 Develop summary measures Compute averages Statistical analysis / decision models
- #13 Transform raw data into insight Present information in clear and compelling fashion
- #14 Research should guide decisions, not be used to support decisions already made.
- #16 Market research must be used properly and must be designed for the specific questions, to a specific audience, using specific tools. Using traditional marketing research techniques, a successful marketing research executive left General Foods in hopes of bringing market research to Hollywood. A film studio gave him the task of determining if a potential science fiction movie would be a success or failure. He concluded it would be a failure. His reasoning, American were looking for realism and authenticity (due to Watergate). Furthermore, he stated that citizens were suffering from a post-Vietnam hangover and would not welcome any movie that had the word “war” in its title.