Journal EntryJournal Entry

““Consumers accept only ____out of Consumers accept only ____out of every 10 new products introduced every 10 new products introduced into the marketplace. Why do you into the marketplace. Why do you

think this is?” think this is?”

Key Terms and Main IdeasKey Terms and Main Ideas

Terms:Terms: Marketing ResearchMarketing Research

Marketing Marketing Information Information ManagementManagement

Database marketingDatabase marketing

DatabaseDatabase

Essential Questions?Essential Questions? Purpose of MRPurpose of MR

Purpose of Marketing Purpose of Marketing Information SystemInformation System

Procedures for Procedures for gathering gathering information using information using technologytechnology

Reasons Products FailReasons Products Fail Poor/_______ productsPoor/_______ products

Customer __________to Customer __________to another product another product

Inferior __________Inferior __________

Poor____________Poor____________

Misleading / ____ nameMisleading / ____ name

High priceHigh price

Unclear image of Unclear image of the products’ the products’ intended use intended use

What is Marketing What is Marketing Research?Research?

Involves marketing function that Involves marketing function that links____________,_____________, & public to the links____________,_____________, & public to the marketer through informationmarketer through information

Gathering,___________, & ___________of information Gathering,___________, & ___________of information about problems related to marketing about problems related to marketing

Why should MR matter to us as Why should MR matter to us as marketers?marketers?

To obtain To obtain information about:information about:

*_____________*_____________

*_____________*_____________

*_____________*_____________

*_____________*_____________

*& plans of potential *& plans of potential customers…ANDcustomers…AND

What can MR do?What can MR do? Determine what Determine what

customers________customers________

Minimize _________when Minimize _________when introducing a new introducing a new productproduct

Increase _______/profitsIncrease _______/profits

Solve problemsSolve problems

______________________

http://www.leancuisine.com/ProductBuzz/

Example=StouffersExample=Stouffers

Almost 13 years of MR to Almost 13 years of MR to develop Lean Cuisine develop Lean Cuisine product lineproduct line

Studied trends in Studied trends in health/dietinghealth/dieting

Success of $125 million in Success of $125 million in sales after the first year sales after the first year of national distributionof national distribution

Who uses MR?Who uses MR? _____businesses_____businesses

_____businesses_____businesses

______for profits______for profits

GovernmentGovernment

Entertainment BusinessEntertainment Business

Financial ServicesFinancial Services

Marketing Information System

• Set of _______& ___________that___________,___________, analyzes, & distributes marketing information used in making decisions

What’s included in a marketing information system?

• ________ records– sales, expenses, supplier data

• __________ records- such as prices, products, locations, market share

• Customer data– buying behavior, shopping patterns, demographics, lifestyles research

• ______________data– price trends, laws/regulations

• Marketing research reports– Primary & secondary

Marketing Databases

• Focus on ___________ ______________Management (CRM)

• Related info on specific topic:

Characteristics & ________patterns

• Companies use info to send special offers or to sell to other companies

( Ethical?)

Marketing Databases

• CRM- process of___________,_______, & managing customer lists

• List include:

info on individual _____________& transactions w/ business

•Lists developed from touch points:

-______ to face sales-direct ___ responses-phone/internet purchase-website visits

Consumer Privacy

• Gov’t has regulations to protect ______of consumers– Companies offer the

choice of being added to mailing list

– Banks offered detailed privacy statements

Ways to Collect Data• Create a

“_________customer card”

• Adds customer ______to the purchase

• Receive special______• Company analyzes info

to better understand ____________/ buying behaviors

TYPES OF MARKETING RESEARCH

Attitude Research

Market Intelligence Research

Media Research

Product Research

TYPES OF MR 1 & 2

1. Attitude

_____________research

How people___________ about product, company, or ideas

Customers rate “How satisfied” with product/company

Opinion polls by Gallup on politics, economy, & social issues

______Groups- consumer panels

Ex. Attitude of the general public on clean energy or going green

2. _____________Intelligence

Size, location, and make-up of the market for particular product/service

Before product is __________ and during__________________

Uses customer and market analysis to obtain data…

Helps to identify potential target markets

CUSTOMER & MARKET ANALYSIS

Customer Analysis: study of customer behavior

_________________& ________________about buying motives etc.

Market Analysis: study of ___________of consumer market; investigate potential market for a product and define market characteristics

WHEN WE CONDUCT MARKET RESEARCH, WE

USE…

1. Sales Forecasting

1. Estimates future sales of product

2. Calculate total market and individual product

3. Then try to make changes to increase market share

Economic Forecasting: attempt to predict future economic conditions

1. Extensive economic knowledge

2. Done by federal agencies

TYPES OF MR 3 & 4

3. ____________

Focus on media selection & frequency

Which Media mix to use to reach target market

Studies brand awareness, ad recall, brand image, audience size

4. ______________

Centers on product design, usage, and consumer acceptance of products

Done to test new and existing product packages

Also done to collect info on competitors products

Click on TV for YouTube Funny Commericals (7 min) AD recall after video

MR ______ AND LIMITATIONS Trends

Global market place

Technology- (TQM) Total Quality Management = using databases/technology to improve business. Ex. Texting e-coupons

Limitations

Money

Time

Accuracy

Fast changing market