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MARKETING RESEARCH & STRATEGIESBUSI-348-01Professor ConradChapters 1 – 2

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WHAT IS MARKETING RESEARCH?Marketing Research – the process of designing, gathering, analyzing and reporting information that may be used to solve a specific marketing problem. (Burns, Veeck and Bush, 2017)

Market Research – gathering information from and about customers to support a business decision. (McQuarrie, 2016)

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WHAT IS MARKETING RESEARCH?Marketing research is the function that links the consumer, customer, and public to the marketer through information –

Customer Consumer Public MarketerINFORMATION

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WHAT IS MARKETING RESEARCH?information used to

identify and define marketing opportunities and problems;

generate, refine and evaluate market actions; monitor marketing performance; and improve the understanding of marketing as a process.

(American Marketing Association, n.d.)

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DECISION CRITERIAMust be a marketing decisionBig & important enough to justify costLong enough timeframe for appropriate data collection

Collecting data from/about customers must be beneficial

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DECISION CRITERIADo we need to know more about what the customers actually need?

What are customers thinking? Has their situation changed?What are they happy about? Unhappy about?

What is affecting their attitude?

How do customers select a product, search for information, decide where to show or how to get the product, etc.

What drives the choice of one brand over another?

How much will the customer be willing to pay?

How many would by at a certain set price?

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Exploratory

Discovery Orientation

Generate Possibilities

New Ideas

Qualitative

Descriptive (Confirmatory

)

The Right Answer

Narrow

Eliminate

Quantitative

Causal

Cause & Effect

Experiments

Conjoint Analysis

KINDS OF MARKETING RESEARCH

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FOUR FUNDAMENTAL ACTIVITIESSearch

• Secondary Research

Ask

• Customer Visits

• Focus Groups

• Surveys

Observe

• Customer Visits

• Big Data

Arrange Stimuli

• Experiments

• Conjoint Analysis

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TOOLBOX CONTENTSSecondary Research

• Search information already collected by you or by someone else for other purposes

• US Census Bureau• Pew Reports

Big Data• A kind of nontraditional

secondary research, sometimes focused on web-based data.

• Use of “cookies”• Membership info and

purchase history (i.e. Kroger Card, WalMart App)

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TOOLBOX CONTENTSQualitative

• Customer Visits

• Focus Groups

Quantitative• Survey• Questionnair

e

Experimental• Experiments

with control group

• Conjoint analysis

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THE PLANNING PROCESS

Establish the need for the

research

Define the

problem

Establish Research Objective

s

Determine

Research Design

Info Types and

Sources

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THE PLANNING PROCESS CON’T

Methods of

Access

Design Data

Collection

Sample Size

Collect and

Analyze Data

Present Results

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WHAT IS THE PROBLEM HERE??What are the symptoms the companying is noticing?• What is declining?• What is increasing?• What/who is being successful?• What/who is failing?

Symptoms

Problems

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PROBLEM STATEMENT PROCESS Identify and list “Symptoms” Recognize the problem

Failure to meet a business objective? Identification of an opportunity?

Understand the background of the problem Conduct a SWOT Clarify the “symptoms” Determine probable causes of symptoms Determine alternative decisions

Decide what decisions need to be made Specify decision alternatives Weigh the alternatives

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PROBLEM STATEMENT PROCESSWhat additional information is needed?

Inventory the current information state Identify the information gaps

Formulate the Problem Statement State it as a question State a relation between two or more variables Ensure it directly relates to marketing

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TEAMWORK: AUTO CONCEPT CASE STUDY

Auto Concepts