Unit 1 – Introduction to Marketing Research
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Transcript of Unit 1 – Introduction to Marketing Research
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Unit 1 – Introduction to Marketing Research
MR2300 with Paul Tilley
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In this video we will:
•Define Marketing Research•Define the Marketing Concept•Explain the role of research in marketing strategy
• Identify when Marketing Research is needed.
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In this video we will:
• Describe the characteristics of valuable information
• Describe the three basic types of Marketing Research
• Outline and discuss the stages of the research process
• Identify the ways which marketing research departments are organized.
• Discuss the ethical implications of Marketing Research
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The Nature of Marketing Research
• Marketing research is one of the principal tools for answering questions because it:
• Links the consumer, customer, and public to the market through information used to identify and define marketing
• Generates, refines, and evaluates marketing actions• Monitors marketing performance• Underlines the understanding of marketing as a process
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Marketing Research DefinedThe systematic and objective process of generating information for aid in making marketing decisions
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The Marketing Research Process
• This process includes:• specifying what information is required; • designing the method for collecting information;• managing and implementing the collection of data;• analyzing the results; and • communicating the findings and their implications.
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I don’t knowif we should
enter the Australian
Market?
InformationReducesUncertainty
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“It ain’t the things we don’t know that gets us
in trouble. It’s the things we know that ain’t so.”
Artemus Ward
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Marketing Research Types
Basic research
Applied research
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Basic Research• Attempts to expand the limits of knowledge• Not directly involved in the solution to a pragmatic
problem
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Basic Research Example• Do consumers experience cognitive dissonance in low-
involvement situations?
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Applied Research• Conducted when a decision must be made about a
specific real-life problem
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Applied Research Example• Should McDonalds add Italian pasta dinners to its
menu?• Marketing research told McDonald’s it should not?• Should Procter & Gamble add a high-priced home
teeth bleaching kit to its product line?• Research showed Crest Whitestrips would sell well at a
retail price of $44
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Scientific Method• The analysis and interpretation of empirical evidence
(facts from observation or experimentation) to confirm or disprove prior conceptions
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Marketing Concept• Central idea in marketing• Evolved over time • Not production-oriented • Marketing-oriented
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ConsumerOriented
Long RunProfitability
Cross-FunctionalEffort
Marketing Concept
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Keeping Customers and Building Relationships
• RELATIONSHIP MARKETING - the idea that a major goal of marketing is to build long-term relationships with the parties who contribute to the company’s success.
• Marketers want customers for life. • Managing the relationships that will bring about
additional exchanges
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Total Quality Management• Much in common with marketing concept• Focus on integrating customer-driven quality
throughout the organization.• Stresses continuous improvement
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Stages in Developing and Implementing a Marketing Strategy
• Identifying and evaluating opportunities• Analyzing market segments and selecting target
markets• Planning and implementing a marketing mix• Analyzing market performance
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Identifying and Evaluating Opportunities
• Examples• Mattel Toys investigates desires for play experiences• Home cooking is on the decline. Purchase of
precooked home replacement meals is on the rise.• Number of investors trading stock on the Internet is
growing.
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Analyze Market Segments and Select Target Markets-Examples
• Cadillac investigates buyers’ demographic characteristics
• MTV, monitoring demographic trends, learns the Hispanic audience is growing rapidly
• Sears learns women, age 25-54 with average household income of $38,000, are core customers. Targets this market with "The Good Life at a Great Price. Guaranteed. Sears."
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Plan and Implement a Marketing Mix
• Price: Safeway does a competitive pricing analysis
• Distribution: Caterpillar Tractor Co. investigates dealer service program.
• Product: Oreo conducts taste test, Oreo cookie vs. Chips Ahoy
• Promotion: How many consumers recall the “Life Tastes Good. Coca Cola!” slogan?
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Analyze Marketing Performance
• This year’s market share is compared to last year’s.• Did brand image change after new advertising?
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Performance-monitoring Research
• Research that regularly provides feedback For evaluation And control
• Indicates things are Or are not going as planned• Research may be required To explain why something
“went wrong”
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Determining When to Conduct Marketing Research
• Time constraints• Availability of data• Nature of the decision• Benefits versus costs
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Is sufficient time
available?
Information already on
handinadequate?
Is the decision of
strategicor tactical
importance?
Does theinformation
valueexceed the
research cost?
ConductMarketingResearch
Do Not Conduct Marketing Research
Time Constraints Availability of Data Nature of the Decision Benefits vs. Costs
Yes YesYesYes
No No No No
Determining When to Conduct Marketing Research
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Value versus Costs• Potential Value of a Marketing Research Effort Should
Exceed Its Estimated Costs
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Value
•Decreased certainty•Increased likelihood of a correct decision•Improved marketing performance and resulting higher profits
Costs•Research expenditures•Delay of marketing decision and possible disclosure of information to rivals•Possible erroneous research results
Value Should Exceed Estimated Costs
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Marketing Research in the 21st Century
• Increased globalization• Growth of the Internet and other information
technologies
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Global Research• Business Research is increasingly global• Market knowledge is essential• A.C. Nielsen - more that 67% international business
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Global Marketing Research• General information about country - economic
conditions and political climate• Cultural and consumer factors• Market and competitive conditions - demand
estimation
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The Internet is Transforming Society
• Time is collapsing. • Distance is no longer an obstacle. • Crossing oceans is only a mouse click away. • People are connected 24 hours a day, seven days a
week. • "Instantaneous" has a new meaning.
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Internet Research• Seeking facts and figures about an issue • Surveys on Web sites