Introduction to Marketing Research · Definition of Marketing Research Marketing research is the...
Transcript of Introduction to Marketing Research · Definition of Marketing Research Marketing research is the...
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Introduction to Introduction to Marketing Marketing ResearchResearch
© Leonard Walletzký
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Application to Contemporary Issues
Technology Ethics International
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Introduction to Marketing Research: An Overview
Definition of Marketing Research
Fig.
1.2
A Classification of Marketing Research
Marketing Research Process
Fig
1.3
Fig
1.4 The Role of Marketing Research in Decision Making
Fig
1.5 The Information Value Chain for Marketing Research
Fig
1.6
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Definition of Marketing Research
Marketing research is the systematic and objective
identification,
collection,
analysis,
dissemination, and
use of information
for the purpose of improving decision making related to the
identification and
solution of problems and opportunities in marketing.
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Identification of
Information
Needed
Collection of
Data
Analysis of
Data
Dissemination of
Information
Identifying and
Solving Marketing
Problems
Figure 1.2 Defining Marketing Research
Use of
Information
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Market Research
• Specifies the information necessary to address
these issues
• Manages and implements the data collection
process
• Analyzes the results
• Communicates the findings and their implications
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Online Research
• Online research: the use of computer
networks, including the Internet, to
assist in any phase of the marketing
research process including
development of the problem, research
design, data gathering, analysis, and
report writing and distribution
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5 key steps in Marketing
Research
1. Define the Problem
2. Collect the Data
3. Analyse and interpret the data
4. Reach a conclusion
5. Implement your research
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Define the Problem
• In this stage you need to identify the actual problems that are relating to the apparent symptoms.
• What information is needed in order to solve the problem?
• For example, poor sales within a business are not the problem, they are the symptom of a larger issue such as a weak marketing strategy.
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Further business problems may include:
• Who are your target customers?
• What method could be implemented to reach these customers?
• Who are your customers and what advantages and disadvantages do they have over your business?
• What size is the consumer market you are trying to engage?
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Collect the Data
• There are two types of market research that can be performed:
1. Primary research - involves collecting information from sources directly by conducting interviews and surveys, and by talking to customers and established businesses.
2. Secondary research - involves collecting information from sources where the primary research has already been conducted. Such information includes industry statistics, market research reports, news paper articles, etc.
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Collection methods and
techniques • Qualitative research is where you seek an
understanding of why things are a certain way. For example, a researcher may stop a shopper and ask them why they bought a particular product or brand.
• Quantitative research refers to measuring market phenomena in a numerical sense, such as when a bank asks consumers to rate their service on a scale of one to ten.
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Analyse and interpret the data
• You must attach meaning to the data you have collected during your market research to make sense of it and to develop alternative solutions that could potentially solve your business problem.
• You should determine how the knowledge you have gained through researching your market can be applied and used to develop effective business strategies.
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Reach a conclusion
• With the alternatives you have developed to solve your problem in mind, perform a cost-benefit analysis of each alternative keeping in mind the potentially limited resources available to your business.
• You may also need to perform further investigation into each alternative solution to arrive at the best decision for your business in regards to meeting consumer demands.
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Implement your research
• Put your final solution into practice.
• Without completing this step your
research could potentially have been a
waste of your time and resources.
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Demand Forecasting
• Demand forecasting is the activity of estimating the quantity of a product or service that consumers will purchase.
• Demand forecasting involves techniques including both Simple Survey Method such as educated guesses, and Complex Statistical Methods such as the use of historical sales data or current data from test markets.
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Simple Survey Method
• Experts Opinion Poll
• Reasoned Opinion-Delphi Technique
• Consumers Survey- Complete
Enumeration Method
• Consumer Survey-Sample Survey Method
• End-user Method of Consumers Survey
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Complex Statistical Methods:
• Time series analysis or trend method
• Barometric Techniques or Lead-Lag
indicators method
• Correlation and Regression
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Classification of Marketing Research
Problem Identification Research
• Research undertaken to help identify problems which
are not necessarily apparent on the surface and yet
exist or are likely to arise in the future. Examples:
market potential, market share, image, market
characteristics, sales analysis, forecasting, and
trends research.
Problem Solving Research
• Research undertaken to help solve specific marketing
problems. Examples: segmentation, product, pricing,
promotion, and distribution research.
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Problem
Identification
Research
• Market Potential Research
• Market Share Research
• Image Research
• Market Characteristics
Research
• Forecasting Research
• Business Trends Research
Marketing
Research
Figure 1.3 A Classification of Marketing Research
Problem
Solving
Research
• Segmentation Research
• Product Research
• Pricing Research
• Promotion Research
• Distribution Research
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Problem Solving Research
Determine the basis of segmentation
Establish market potential and
responsiveness for various
segments
Select target markets
Create lifestyle profiles:
demography, media, and
product image characteristics
SEGMENTATION RESEARCH
Test concept
Determine optimal product
design
Package tests
Product modification
Brand positioning and
repositioning
Test marketing
Control score tests
PRODUCT RESEARCH
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Problem Solving Research
Table 1.1 (cont.)
PRICING RESEARCH
Pricing policies
Importance of price in brand selection
Product line pricing
Price elasticity of demand
Initiating and responding to price changes
PROMOTIONAL RESEARCH
Optimal promotional budget
Sales promotion relationship
Optimal promotional mix
Copy decisions
Media decisions
Creative advertising testing
Evaluation of advertising effectiveness
Claim substantiation
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Problem Solving Research
DISTRIBUTION RESEARCH
Determine…
Types of distribution
Attitudes of channel members
Intensity of wholesale & resale coverage
Channel margins
Location of retail and wholesale outlets
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Segmentation Research
- determine basis of segmentation
- establish market potential and responsiveness for various segments
- select target markets and create lifestyle profiles for demography,
media, and product image characteristics
Product Research
- test concept
- determine optimal product design
- package tests
- product modification
- brand positioning and repositioning
- test marketing
- control store tests
Problem Solving Research
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Problem Solving Research (Cont.)
Pricing Research
- importance of price in brand selection
- pricing policies
- product line pricing
- price elasticity of demand
- initiating and responding to price changes
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Problem Solving Research (Cont.)
• Promotional Research
- optimal promotional budget
- sales promotion relationship
- optimal promotional mix
- copy decisions
- media decisions
- creative advertising testing
- claim substantiation
- evaluation of advertising effectiveness
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Problem Solving Research (Cont.)
Distribution Research
- determine type of distribution
- attitudes of channel members
- intensity of wholesale and retail coverage
- channel margins
- location of retail and wholesale outlets
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Figure 1.4 The Marketing Research Process
Step 1: Defining the Problem
Step 2: Developing an Approach to the Problem
Step 3: Formulating a Research Design
Step 4: Doing Field Work or Collecting Data
Step 5: Preparing and Analyzing Data
Step 6: Preparing and Presenting the Report
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Uncontrollable Environmental
Factors • Economy • Technology • Competition • Laws and
Regulation • Social and
Cultural Factors • Political Factors
Assessing
Information
Needs
Customer Groups
• Consumers
• Employees
• Channel Members
• Suppliers
Marketing
Research
Marketing Managers
• Market Segmentation • Marketing Programs
• Target Market Selection • Performance and
Control
Controllable
Marketing
Variables
• Product
• Pricing
• Promotion
• Distribution
Marketing
Decision
Making
Providing
Information
Figure 1.5 The Role of Marketing Research in Marketing Decision Making
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Data Information Data with structure
Knowledge Information endowed
with meaning
Decision Making Processes Outcomes
Implementing Action Expertise
in measurement
The Information Value Chain
Figure 1.6 The Information Value Chain
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Figure 1.7 Marketing Research Industry: Supplier and Services
Research
Suppliers
Internal
Limited Service
Full Service
External
Other Services Field Services Customized
Services
Syndicated
Services Internet
Services
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Marketing Research Suppliers & Services
• Internal suppliers
• External suppliers
– Full-service suppliers
• Syndicated services
• Standardized services
• Customized services
• Internet services
– Limited-service suppliers
• Field services
• Coding and data entry services
• Analytical services
• Data analysis services
• Branded marketing research products
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Criteria for Selecting a Research Supplier
What is the reputation of the supplier?
Do they complete projects on schedule?
Are they known for maintaining ethical standards?
Are they flexible?
Are their research projects of high quality?
What kind and how much experience does the supplier have? Has the firm had experience with projects similar to this one?
Do the supplier's personnel have both technical and non-technical expertise?
Can they communicate well with the client?
Competitive bids should be obtained and compared on the basis of quality as well as price.
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Expert Systems
Internal
Billing,
Production,
and Other
Records
Decision
Support
Systems
Marketing
Information
Systems
The Development of MIS and DSS
= External
Market
Information +
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MIS
• Structured problems
• Use of reports
• Information displaying restricted
• Can improve decision making by clarifying new data
Marketing Information Systems (MIS) vs. Decision Support Systems (DSS)
DSS
• Unstructured problems
• Use of models
• Adaptability
• Can improve decision making by using “what if” analysis
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Stakeholders in Marketing Research:
An Ethical Perspective
Client
Marketing
Researcher Public
Respondents
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Assigment of semmester work
• Find a company with following features:
– IT related company
– Setlement in Brno or nearby
• Make a basic marketing analysis of this
company, based on marketing
framework
• Prepare short presentation (max. 6
slides)