Marketing Research

Lecture 1

MARKETING

• Purpose of Marketing is to allow a firm to plan and execute the pricing, promotion and distribution of products and services in order to create exchanges that satisfy both the firm and its customers.

• Marketing managers try to get the right goods and services to the right people, at the right place and time, with the right price through the right promotion.

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Strategic Marketing Planning & Marketing Research

• It’s a big job….but someone has to do it• Decision, decisions, decisions!!!• Broad Question

– What markets should we penetrate?– What products should we introduce?– What new business opportunities should we pursue?

• Narrow Questions– Is our new advertising campaign generating awareness?– How is our brand positioned in the competitive

landscape?– What is our most productive segment?

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Task of Marketing Management

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The environment of the marketing process

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Marketing Intelligence Systems

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How Marketing Research Helps a Marketing Manager

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Kinds Of Questions Marketing Research Can Help Answer

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Information That Managers Need From Customers

• Target Market: What is the best target market? Its size, description, attitudes, opinions, preferences, & lifestyles.

• Product/services: how satisfied are the current customers & what further they desire with respect to the product/ service

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• Price: What value is perceived by the customers? Which other products they are willing to substitute for the product. What benefits, appeals or features does organization's product have that might allow it to charge a higher price.

• Distribution: what distribution channel is the target market most likely to use when purchasing the product in question? Will the channel be able to provide the services or support needed for the product?

• Promotion: what can the organization say in its advertisements about its product that will appeal to the target market and lead them to consider product to be more attractive?

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What Is Marketing Research

Marketing research is the function which links the consumer, customer and public to the marketer through information- information used to identify and define marketing opportunities and problems: generate, refine, and evaluate marketing actions: monitor marketing performance: and improve understanding of marketing as a process.

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Marketing Research specifies the information required to address these issues: designs the method for collecting information: manages and implements the data collection process: analyze the results: and communicates the findings and their implications.

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The Value of Marketing Research Information

• Marketing research identifies new approaches & evolving processes.

• Marketing research allows a business enterprise to make confident, cost effective decisions.

• Marketing research helps build & manage relationships with customers.

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Phase 1 Phase 2 Phase3 Phase4

Setting Goals & Establishing Strategies

Developing Plan Putting Plan into Action Evaluating the Plan’s Effectiveness

Research can monitor: Research can: Research can monitor:

Dissatisfactions & needs in relevant market segments

Identify key market segment by product category

Total industry & product class sales

End period compilation & aggregation of operating data to present an accurate picture of performance. Also, summary of survey findings on consumer awareness trial, attitudes, preferences, repurchase rates, & so on

Demand size & trend Identify market segment attitudes toward present products, promotions, & advertising

Firm’s sales, by product &n market

Industry/market structure & composition, competition, market shares & profitability

Test the appeal of potential product attributes

Product availability in retail stores, shelf space, retail support, & so on

Technological & materials innovation

Test the effectiveness of advertising & promotion

The cost & effectiveness of the firm’s marketing efforts, by product & market, & by advertising, promotion, & so on

Supply conditions & prices Evaluate the needs & attitudes of channel members

Awareness & trial in relevant market segments

Distribution, environmental & legal developments

Changes in competitive spending levels & strategies, including price, package, promotion, & so on

Media trends

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Strategic Planning Process & Related Marketing Research Tasks