Winter 2013

introducing

MARKETING RESEARCH

Overview Marketing Research

What goal are we all trying to achieve?

1Marketing Research and it’s

impact 2Relationship btw

research and planning

3Examples of Mkt

Research studies

BUSINESS GOAL

The true competitive advantage comes fromthe understanding you have of your customer, that your competitors don’t have.

This information HAS TO come from the customer.

We obtain this information through marketing research.

COMPETITVE ADVANTAGE

Get the Customer.

Keep the Customer.

Grow your Customer.

The difference between competitors is how we achieve these goals.

Marketing Research

Definition, Purpose, and Impact

1

Businesses make millions of decisions that impact the success or failure of their business. These decisions require additional information in order to be effective.

Marketing Research is what those businesses use to obtain, analyze, and interpret information. In situations where the outcome is negative it can help figure out what went wrong.

Information reduces uncertainty.

Why? Marketing Research

This job is more difficult with the explosion of information over the last decade.

Cust

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Rel

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Man

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ent CRM

Developing long term relationships with customers helps businesses succeed.

Having knowledge of both your customer and your market makes key decisions easier.

Information including:Demographics and PsychographicsBuying and Service HistoriesPreferencesComplaints

Proper marketing research can make this information readily available.

Target DecisionsWho are our target customers? What are their demographics?Should we aim towards more than one target audience? What are the strengths and weakness of our competitors who court the same audience?

Product DecisionsWhat modifications should be made? What products should be added or deleted from our line?What changes need to be made in packaging?Should we expand, contract, or maintain our present line?

Why? Decisions Aided by Research

The answers to these question can mean the difference between an iPod and a Zune.

Price DecisionsShould we price at, above, or below the competition?What special price incentives should we use to stimulate sales?Will the market bear a price sufficient to yield a profit?

Promotion DecisionsWhat kinds of advertising appeal, slogan and theme should be used?What media should we use?How large should the budget be?How effective is our advertising?

Why? Decisions Aided by Research

The answers to these question can mean the difference between an iPod and a Zune.

How Many? What are companies actually doing

2 RelationshipResearch and Planning

Necessary to have accurate information to make the correct decisions.

FrameworkQuestions that can be answered by research are usually broad in nature. Questions can include:

Which new markets should we penetrate?What products should we introduce?What new opportunities should we pursue

Decisions that can be made from the information gathered are usually more narrow in nature and can help determine items such as:

Advertising EffectivenessProduct PositioningSales Tracking & Performance MonitoringAnticipating & Initiating changes in Marketing Practices.

Planning and Decision Making

These types of decisions guide a business to success.

MARKETING PLANNING MARKETING RESEARCH TASKMarketing Analysis Opportunity AssessmentMarket Segmentation Benefit and Lifestyle Studies Competitive Analysis Performance AnalysisTarget Marketing Target Marketing AnalysisPositioning Perceptual MappingNew Product Planning Concept, Product, TestingDistribution Decisions Cycle Time, Retailing, Logistic

Research & AssessmentPricing Decisions Demand Analysis

Sales ForecastingIntegrated Marketing Comm. Advertising Effectiveness Studies

Attitudinal ResearchSales Tracking

Program Implementation Performance AnalysisMarketing Control Product Analysis

Decision Making Marketing Research Tasks

PROBLEM IDENTIFICATION PROBLEM SOLVINGMarketing potential research Segmentation researchMarket share research Product researchImage research Pricing researchMarket characteristics Promotion researchSales analysis research Distribution researchForecasting researchBusiness trends research

Marketing Research Activities

Planning and Research Process for a New ProductIdentify OpportunityFocus GroupsMarket Definition StudyIdea Generation

DesignConsumer MeasurementProduct EngineeringForecasting Sales Potential

LaunchTracking Studies

EvaluateMarket Response AnalysisStore AuditsProduct Refinement Tests

Stages Product Life Cycle

3 Samples Marketing Research

Marketing Research should be conducted when the value exceeds the estimated cost.

» The Worst Survey Question in Existence

This question was on an application form for the Northwest International Women’s Conference. There were no instructions on how many choices to check.

BAD Examples

» And another worthy example:

The instructions stated the following:Your participation in this National Survey on marine mammals is requested. You will find the questions easy to answer. Estimated to complete the survey is 2-3 minutes. Please mark your answers in the space provided.

BAD Examples

» To get the information you need:You need to do the following:ListenSelect among viable alternativesFit the technique to the problem and not vice versaCommunicate effectivelyAvoid complicating scenariosBe careful and conscientious

Qualities Good Researcher

CONCLUSIONSWhat is Marketing Research? Why is it important?When to do and when not to do research?

IN CLASS ASSIGNMENTYou will be conducting a survey on one of the following topics:

Gun ControlImmigrationAbortionFiscal CliffIntelligent Design

Once you’ve chosen your topic, come up with the following:Target DemographicExpected Outcomes

Take that information and go to the street—ASK THEM!Once you’ve questioned at least 20 people in your target. Collate the information and provide the following for homework week 2.

Conclusions / In Class Assignment / Homework

STREET ANALYSISFor week 2 I would like you to provide a written analysis of the information you collected. Provide your original field notes, an informational graph that gives a visual representation of your outcomes and an analysis of the information and your conclusions.

Initially I would recommend providing some background on your topic and the target demographic and expected outcomes you originally assumed. Make sure to note if they were correct and did the information back you up or not. Explain why you believe it did or didn’t.

Your analysis should be typewritten, MLA format and make sure to SPELL CHECK. I will collect them at the beginning of next week’s class.

Homework