Assignment 1 chapter 4 conducting marketing research
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Transcript of Assignment 1 chapter 4 conducting marketing research
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CONDUCTING MARKETING
RESEARCH
Chapter 4…
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Marketing Research System
Marketing Research Process
7 Characteristics of Good Marketing
Research
Measuring Market Productivity
Marketing Metrics
Marketing Mix Modeling
Marketing Dashboard
OUTLINE
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Concept 1
Marketing Research System
• Researchers need to produce
insights to customers attitudes and
buying behaviour
– Findings relevant to a specific marketing situation
facing the company.
• Marketing insights provide
diagnostic information (How and why
we observe certain effects in the
marketplace, and what that means
to marketers)
– Good marketing insight form the basis of
successful marketing programs
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Concept 1
Marketing Research System
• Everyone carries out marketing
research—including the customers.
– Small companies can also hire the services of a
marketing research firm or conduct research in
creative and affordable ways
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Concept 1
Marketing Research System
Types of Marketing Research Firms
• Syndicated-service research firms
• Custom marketing research firms
• Specialty-line marketing research
firms
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Concept 2
Marketing Researching
Process
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Concept 2
Marketing Researching
Process
• Step 1: Define the Problem, the Decision Alternatives,
and the Research Objectives
– Should not be too narrow or too broadd
– Some research is exploratory—its goal is to shed
light on the real nature of the problem and to
suggest possible solutions or new ideas.
– Some research is descriptive—it seeks to quantify
demand
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Concept 2
Marketing Researching
Process
Step 2: Develop Research Plan
- Create the most efficient plan for gathering data,
and create a budget for it
- Sources, research approaches, research
instruments, sampling plan, and contact methods
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Concept 2
Marketing Researching
Process
Step 2: Develop Research Plan
– Data sources
– Research approaches
• Observational
• Behavioral
• Experimental
– Research instruments
• Questionnaire
• Qualitative Measures
• Technological Devices
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Concept 2
Marketing Researching
Process
Step 2: Develop Research Plan
– Sampling plan
• Who
• How Many
• How will we conduct the survey?
– Contact methods
• Telephone
• Person
• Online.
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Concept 2
Marketing Researching
Process
Step 3: Collect Information
– Most difficult and most prone to error
– Through surveys, or interviews
• Researcher bias, inaccessible target population
• Difficulty finding international consistency
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Concept 2
Marketing Researching
Process
• Step 4: Analyze the Information
– Extract findings by tabulating the data and
developing summary measures.
– Compute averages and measures of
dispersion for the major variables and apply
some advanced statistical techniques and
decision models in the hope of discovering
additional findings
– Test different hypotheses and theories, applying
sensitivity analysis to test assumptions and the
strength of the conclusions
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Concept 2
Marketing Researching
Process
• Step 5: Present the Findings
– Presents findings relevant to the major marketing
decisions facing management.
– Researchers increasingly play a more proactive
consulting role in translating data and information
– They consider ways to present research findings
in as understandable and compelling a fashion as
possible.
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Concept 2
Marketing Researching
Process
• Step 6: Make the Decision
– Organizations use marketing decision support
systems to help their marketing managers make
better decisions
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Concept 3
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Concept 4
Measuring Market Productivity
• Approaches to measuring marketing
productivity are:
1. Marketing metrics to assess marketing effects
and
2. Marketing-mix modeling to estimate causal
relationships and measure how marketing activity
affects outcomes.
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Concept 5
Marketing Metrics
• Set of measures that helps them
quantify, compare, and interpret
their marketing performance.
• Many different marketing measures;
marketers choose one or more based
on the particular issue they face or
the problem they must solve
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Concept 6
Marketing Metrics
• Set of measures that help quantify,
compare, and interpret marketing
performance
• Measures are chosen based on
particular issues
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Concept 6
Marketing Metrics
• Ask five questions
1. Do you routinely research consumer behaviour,
and why they behave that way
2. Do you routinely report the results of this
research to the board in a format integrated in
the business financial marketing metrics
3. In those reports do you compare the results with
the levels previously forecasted?
4. Do you compare them with the levels achieved
by key competitors using the same indicators
5. Do you adjust short-term performance according
to the changes in marketing based assets?
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Concept 6
Marketing Metrics
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Concept 7
Marketing Mix Modelling
• Analyzes data from different
sources:
– retailer scanner data, company shipment data,
pricing, media, and promotion, spending data,
• To understand the effects of
marketing activities
• Incremental growth instead of
baseline sales or long-term effects.
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Concept 7
Marketing Mix Modelling
• Integration of important metrics is
limited.
– such as customer satisfaction, awareness, and
brand equity into marketing-mix modelling
• Does not incorporate metrics related
to competitors, industry or the sales
force
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Concept 8
Marketing Dashboard
• Summary set of relevant internal and
external measures
– Structured way to disseminate the insights
gleaned from these two approaches within the
organization.
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Concept 8
Marketing Dashboard
• Input
– include two key market-based scorecards that
reflect performance and provide possible early
warning signals
– Customer performance score card, stakeholder-
performance score card
• Output
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• Marketing insights are key to the
success of a company
• Marketing research Provides these
insights
SUMMARY