Conducting Marketing Research and Forecasting Demand

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After reading this chapter, people should:
Know what constitutes good marketing research
Know what are good metrics for measuring marketing productivity
Know how marketers can assess their returns on investment of marketing expenditures
Know how companies can more accurately measure and forecast demand

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Conducting Marketing Research and Forecasting Demand

  1. 1. Marketing Quality Circle 4
  2. 2. LEARNING OBJECTIVES After reading this chapter, students should: 1. Know what constitutes good marketing research 2. Know what are good metrics for measuring marketing productivity 3. Know how marketers can assess their returns on investment of marketing expenditures 4. Know how companies can more accurately measure and forecast demand
  3. 3. 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.
  4. 4. Types of Research  Qualitative research  Quantitative research
  5. 5. TheMarketingResearchProcess
  6. 6. Types of Marketing Research Firms  Syndicated service  Custom  Specialty-line
  7. 7. The Marketing Research Process  Define the problem  Develop research plan  Collect information  Analyze information  Present findings  Make decision
  8. 8. Step 1: Define the Problem  Define the problem  Specify decision alternatives  State research objectives
  9. 9. Step 1: Define the Problem  Marketing managers and researchers must work closely together to define the problem and agree on research objectives.  After the problem had been defined carefully, the manager and researcher must sat the research objectives.  A marketing research project might have one of three types of objectives: 1.Exploratory research 2.Descriptive Research 3.Causal Research
  10. 10. Step 2: Develop the Research Plan  Data sources  Research approach  Research instruments  Sampling plan  Contact methods
  11. 11. Step 2: Develop the Research Plan  To meet the manager’s information needs, the research plan can call for gathering secondary data, primary data or both.  Secondary data—Information that already exists somewhere , having been collected for another purpose.  Primary data—Information collected for the specific purpose at hand.
  12. 12. Primary data collection Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 4-12  The company must also collect primary data  Managers need to make sure that it should be relevant, accurate, current and unbiased.  To design a plan for primary data collection a number of decisions should be taken into consideration:  Research Approaches  Contact Methods  Sampling Plan  Research Instruments
  13. 13. Cont. Research Approaches Observational Research Survey Research Experimental Research
  14. 14. Cont. Contact Methods Mail Personal Interviewing Telephone Online Marketing research
  15. 15. Cont. Research Instruments Questionnaire Mechanical Devices
  16. 16. Technological Devices  Galvanometers  Audiometers  Eye cameras
  17. 17. Sampling Plan Three decisions  Sampling unit: Who is to be surveyed?  Sample size: How many people should be surveyed?  Sampling procedure: How should the respondents be chosen?
  18. 18. Marketing Research The Marketing Research Process Define the problem Organizational Culture Types of Research •Qualitative research •Quantitative research Types of Marketing Research Firms Spirituality & Organizational Culture Syndicated service Custom Specialty- line Develop research plan Collect information Analyze information Present findings Make decision •Define the problem •Specify decision alternatives •State research objectives •Exploratory research •Descriptive Research •Causal Research •Data sources •Research approach •Research instruments •Sampling plan •Contact methods Secondary Data Primary Data •Research Approaches •Observational •Survey •Experimental •Contact Methods •Mail •Telephone •Personal interviewing •Online marketing research •Sampling Plan •Probability Samples •Non probability Samples •Research Instruments •Questionnaire •Mechanical Devices

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