full edit marketin research
TRANSCRIPT
-
7/31/2019 Full Edit Marketin Research
1/30
MARKETINGRESEARCH
4
Introduction to
Marketing
-
7/31/2019 Full Edit Marketin Research
2/30
SESSION OVERVIEW
How do companies gain an insight intotheir customers and markets?
What techniques of market research areappropriate?
How is data collected and managed?
How does good information reduce risksfor a company?
-
7/31/2019 Full Edit Marketin Research
3/30
Defining Marketing Research
The American Marketing Association (AMA)
redefined Marketing Research as:
The function that links the consumer, the
customer, and public to the marketer
throughINFORMATION
-
7/31/2019 Full Edit Marketin Research
4/30
Used to identify and
define market
opportunities and
problems
Generate, refine, andevaluate marketing
performance
Monitor marketing
performance
Improve understanding
of marketing as a
process
Redefining Marketing Research
-
7/31/2019 Full Edit Marketin Research
5/30
THE NATURE AND IMPORTANCE OF
MARKETING RESEARCH
It is essentially about KEEPING IN TOUCH with themarketing environment
Many companies have created a CID - ConsumerInsight Department
Information is a source of competitive advantage
-
7/31/2019 Full Edit Marketin Research
6/30
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.
-
7/31/2019 Full Edit Marketin Research
7/30
Problem-Solving
Research
Determine the basis of
segmentation
Establish market potential andresponsiveness 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
-
7/31/2019 Full Edit Marketin Research
8/30
Problem-SolvingResearch :
PRICING RESEARCH
Pricing policies
Importance of price in brand selection
Product line pricing
Price elasticity of demand
Initiating and responding to price changes$ALE
PROMOTIONAL
RESEARCH Optimal promotional budget
Sales promotion relationship
Optimal promotional mix
Copy decisions
Media decisions
Creative advertising testing
Evaluation of advertising
effectiveness
Claim substantiation
0.00%APR
-
7/31/2019 Full Edit Marketin Research
9/30
Problem-Solving Research
DISTRIBUTION RESEARCH
Determine
Types of distribution
Attitudes of channel members
Intensity of wholesale & resale
coverage
Channel marginsLocation of retail and wholesale outlets
-
7/31/2019 Full Edit Marketin Research
10/30
HOW DO YOU REALLY LEARN ABOUT
CONSUMERS?How does amarket researcher
categorise this
person?How do they
understand the
complexity of their
buying decisions?
-
7/31/2019 Full Edit Marketin Research
11/30
MARKET RESEARCH v MARKETING
RESEARCHTerminology often confused
Market Research refers to analysis of
markets
Marketing Research refers to analysis of
allof a companys marketing functions
-
7/31/2019 Full Edit Marketin Research
12/30
MAJOR USES OF MARKETING
RESEARCH Research into Customer Needs and Expectations
Customer Surveys
Customer Panels Similar Industry Studies
Key Client Studies
Research into Intermediaries
Employee Research
-
7/31/2019 Full Edit Marketin Research
13/30
THE MARKETING RESEARCH
PROCESSTo be useful, research must be accurate and
reliable
Similar to other scientific research processes
-
7/31/2019 Full Edit Marketin Research
14/30
PRIMARY RESEARCH
Key issues:
Research objectives
Sampling basisData collection methods
observation based
survey (interaction) based
Timing of research
-
7/31/2019 Full Edit Marketin Research
15/30
SOURCES OF SECONDARY
RESEARCH
Government departments and officialpublications e.g. General Household Survey
National media e.g. Financial Times country surveys Professional and trade associations
Trade, technical and professional media
Local chambers of trade and commerce
Year-books and directories, e.g. Dataquest
Companies' Annual Reports and Accounts Subscription services, e.g. Keynote, MEAL, Mintel etc.
Subscription electronic databases, e.g. Mintel OnLine
-
7/31/2019 Full Edit Marketin Research
16/30
PRIMARY v SECONDARY
RESEARCH
Begin with secondary research
quick, relatively inexpensive
but out of date and may not be specific
enough
Follow up with primary research
provides information to current needs
but is expensive and time consuming
-
7/31/2019 Full Edit Marketin Research
17/30
QUALITATIVE v QUANTITATIVE
RESEARCHQualitative Research:
rich in meaning, but usually limited to smallsamples
Quantitative Research:
large scale data may be reliable, butmeaning may not be valid
Both approaches should be used incombination
-
7/31/2019 Full Edit Marketin Research
18/30
ANALYSIS OF STATISTICAL DATA
Use appropriate techniques, e.g.
correlation analysis
regression analysis
cluster analysis etc
Beware when interpreting data!
e.g. low ownership of shoes in a
developing country - is this a problemor an opportunity?
-
7/31/2019 Full Edit Marketin Research
19/30
ANALYSIS OF QUALITATIVE DATA
Fewer tests of reliability
Some techniques for analysingcontent of focus group discussions etc
Qualitative analysis relies on depth ofinsight rather than statisticalsignificance
-
7/31/2019 Full Edit Marketin Research
20/30
WHO CARRIES OUT MARKET
RESEARCH? In house OK for small projects or where there is a
routine and constant level of work
Specialist research company (e.g.MORI) Likely to have much broader range of skills
Can handle peaks and troughs in activity
May be more objective Need close working relationship with
client company
-
7/31/2019 Full Edit Marketin Research
21/30
MARKETING INTELLIGENCEA relatively unstructured approach
to gathering information about the
marketing environment
Sources: regularly scanning newspapers
using specialised media cutting services
listening to employees
listening to intermediaries
employing consultants
-
7/31/2019 Full Edit Marketin Research
22/30
KNOWLEDGE MANAGEMENT
Typically a lot of information is collectedby a company (e.g. sales receipts,
customers comments, reports by salespersonnel etc)
Need to ensure that information iscollated, analysed and given to thepeople who can act on it
Information should contribute to aLearning Organisation
-
7/31/2019 Full Edit Marketin Research
23/30
LEARNING FROM CUSTOMERS
Comments
(favourable and
unfavourable!) are
a valuable sourceof knowledge
Need to be
analysed and
given to managerswho can act on
them
-
7/31/2019 Full Edit Marketin Research
24/30
DEMAND FORECASTING
Market research soon becomes historical data
The challenge is to use this to better plan for thefuture
Market research is essentially about understandingthe future and being prepared for it
Many simple and complex forecasting models havebeen developed - use a range of techniques
Must balance the needs for speed and rigour
-
7/31/2019 Full Edit Marketin Research
25/30
FORECASTING AND RISK
Accurate marketforecasts help toreduce a firmsexposure to risk
But danger ofparalysis byanalysis
Must balance needfor more data withneed for speed
-
7/31/2019 Full Edit Marketin Research
26/30
The Role of Marketing Research
Controllable
Marketing
Product
Pricing
Promotion
Distribution
Variables
Marketing
Research
Marketing
DecisionMaking
Providing
Information
Assessing
Information
Needs
Marketing Managers
Market Segmentation
Performance & Control
Target Market Selection
Marketing Programs
Uncontrollable
Environmental
Factors
Economy
Technology
Laws &Regulations
Social & CulturalFactors
Political Factors
Consumers
Employees Shareholders
Suppliers
Customer Groups
-
7/31/2019 Full Edit Marketin Research
27/30
Client
Needs Find Seek Plan Act
Solve Problem
Achieve Goal
How WeHelp
ClarifyDecisions
Research
Analysis
EvaluateInterpretFacilitate
Recommend
MarketPlanResearch
AdviseAssistExecution
Opportunity scan
Option generation
Refine options
Decision
Power Decisions Methodology
http://www.powerdecisions.com/newsletter.cfm?articleID=225http://www.powerdecisions.com/tools.cfmhttp://www.powerdecisions.com/approach.cfmhttp://www.powerdecisions.com/tools.cfmhttp://www.powerdecisions.com/engagementshelpimplement.cfmhttp://www.powerdecisions.com/newsletter.cfm?articleID=225 -
7/31/2019 Full Edit Marketin Research
28/30
-
7/31/2019 Full Edit Marketin Research
29/30
Marketing Research Suppliers &
Services Internal suppliers
External suppliers
Full-service suppliers
Syndicated services Standardized services
Customized services
Internet services
Limited-service suppliers
Field services Focus groups and qualitative services
Technical and analytical services
Other services
-
7/31/2019 Full Edit Marketin Research
30/30
MANY FORECASTS ARE WRONG
Why were
forecasts of visitor
numbers to
LondonsMillennium Dome
so wrong?