3.04 Interpret marketing information to test hypotheses and/ or solve issues Marketing Management.
Marketing Information Management
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Marketing Information Management Marketing Research
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Marketing Information Management. Marketing Research. Objectives:. Define marketing research Discuss the primary uses of marketing research and why it is important List the four types of marketing research Explain the limitations of marketing research. What is marketing research?. - PowerPoint PPT Presentation
Transcript of Marketing Information Management
Marketing Information Management
Marketing Research
Objectives:
Define marketing research
Discuss the primary uses of marketing research
and why it is important
List the four types of marketing research
Explain the limitations of marketing research
What is marketing research?
The systematic gathering, recording, and analyzing of information about problems related to marketing goods and services.
Primary uses of marketing research
Obtain information about potential customer: Preferences
Opinions
Habits
Trends
Plans
Why is marketing research important?
Marketing research helps companies answer the following questions: What products to produce
Who is your primary customer
Where should the products be sold
How will the products be promoted
At what price will the product sell
4 Areas of Marketing Research:
Market Research
Product Research
Advertising Research
Sales Research
1. Market Research
Customer Trends
Buying behavior or how buying decisions are being made
Market Trends
What the customers are buying
Focuses on the customer and the market
Common Techniques for Market Research
Questionnaires
Focus Groups
Mall Interviews
Phone Interviews
Mystery Shoppers
2. Product Research
Focuses on the product itself
Product design
Product usage
Product acceptance
Package design
Competitive products
Common Techniques for Product research
Test Market Product Samples
Mail Newspaper In Store
3. Advertising Research
Media Type
Two Areas:Advertisement Itself
Media Type
TV Radio Newspaper Magazine
Focuses on:
Is it reaching your target? Reach
Do they remember the message? Recall
How many times are they seeing it? Frequency
Return on cost
Advertising Design
Ad Layout
Message
Testing Advertising Research
Consumer panels Usually a group of people who share common
characteristics Target audience
Ad recall
Written Diaries
4. Sales Research
The study of sales data
Primary use
Sales Forecasting: determining the potential sales for a product
Economic Forecasting: determining the potential economic conditions
Limitations of Marketing Research
Cost $$
Time
Customer commitment / Validity of data
The time lag between research and the
application
Review
What is marketing research?
Primary uses of marketing research is to obtain what type of information about potential customers?
Activity
