imm marketing research (mr)(mrt301)
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Summary of Chapter 1.TRANSCRIPT
[email protected] 1(MR)(MRT301) Study Guide
Market Research (MR)Marketing Research Theory
(MRT301)
Study Guide
References:Wiid, J. and Diggines, C. 2009. Marketing Research. Cape Town: JutaAaker, D., Kumar, V., and Day, G. 2008. Marketing Research. New York: John Wiley & SonsAaker, D., Kumar, V., and Day, G. 2008. Marketing Research. New York: John Wiley & Sons – summarised Mel Hall 2004
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References:Wiid, J. and Diggines, C. 2009. Marketing Research. Cape Town: JutaAaker, D., Kumar, V., and Day, G. 2008. Marketing Research. New York: John Wiley & SonsAaker, D., Kumar, V., and Day, G. 2008. Marketing Research. New York: John Wiley & Sons – summarised Mel Hall 2004
Chapter 1The nature and scope of marketing research
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What is Marketing Research?
• Systematic collection, analysis and interpretation of information about all marketing problems.
• By means of recognised scientific methods
• To provide information that marketing management can use in the decision-making process (Wiid & Diggines, 2009)
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Market Research provides the:
• Data: all statistics, opinions, facts & predictions
• Information : is the data component that is relevant to the decision in question
• Knowledge: blend of information, experience and insights providing a framework
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Link between the Organisation and the Customer
MR Helps Management To Understand The :
• Needs, values and perceptions of customers.
• Purchase patterns of customers and it allows a company to monitor customers.
• Marketing research information provides a basis for the development of a product strategy.
Socio-Cultural
Technological
Consumer Pressure
Shorter Product Life Cycle
Expansion new markets
Multi-Distribution Channelsorganisation
Customer
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3 Key Roles of Marketing Research
Descriptive
• Current Issues
• Focus on providing historical & current data about the consumer industry & enviroment.
• Impact and relevance of the data
Diagnostic
• Diagnoses the effects of a event in a given situation
• Cause & Effect
• Introducing a new strategy or how the increase in price may affect sales
Predictive
• Predict or forecast the outcomes of new strategies being developed
• Focus is on moving forward and identifying new opportunities
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Scientific Method & Non-Scientific Method
Objectivity
Scientific research is based on facts & not on intuition or preconceived notions.
Accuracy
Measuring must be as accurate as possible. However measurement is not accurate when testing the opinion of consumers using a questionnaire because the surveys are conducted under differing circumstances.
Continuous & Comprehensive
When conducting Scientific research, All aspects that can influence the results of the research are taken into consideration. The best research is based on previous research results as it leads to a better understanding of the problem & continuity
Differences: The scientific method which
features so prominently in the definition
of marketing research can be
differentiated from the non-scientific
method by means of the objectivity of
the researcher, the accuracy of
measurement and the implementation of
continuous and comprehensive research
Validity & Reliability (Page 6-7)
Validity, describes research that measures what it is supposed to measure.
Reliability, describes research that obtains the same results when the same research is repeated or undertaken by different researchers.
The scientific method involves five basic steps: 1. Problem identification and hypothesis formulation 2. Design of a research project 3. Implementation of the design 4. Test of the hypothesis 5. Report of the results.
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Characteristics Of Good Research
• Clearly defined research problem
• Detailed description of the research methodology
• Properly planned procedural design of the research
• Honest researchers who identify any shortcomings in the research design
• Data analysis method that are able to reveal the significance of the collected data
• Research conclusions that are limited to the findings (data analysis)
When is Marketing Research Necessary
• Time limits
• Availability of data
• Nature of the decision
• Advantages versus cost
• Resources
Difference between MR and MIS.
Marketing research is mainly concerned with the actual content of the information, and how it is to be generated.MIS is concerned with managing the flow of data from many different projects and secondary sources .
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MISMARKETING INFORMATION SYSTEMS
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MISMARKETING INFORMATION SYSTEMS
1. The Criteria For Evaluating Marketing Information
2. The Objectives Of An MIS
3. Different Types Of MIS
4. The Components Of An MIS
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The Criteria For Evaluating Marketing Information
Relevant
Useful
Timeous
Accurate
Adequate
Available
Mgt must be able to make use of the information. Decisions about TM, products, prices, distribution and marcom
Can the user understand and apply?
Available on a continuous basis and up to date
Information must reflect realities of the situation in which the org. is operating
Qualitative & Quantitative information must be available i.e decision making
Information should be in a form that is easy to access when required.
RUTA3
Benefits Gained
Costs Associated
Value of Marketing
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The Objectives Of An M.I.S
R.U.T. available to marketing management on a continuous basis, therebyReducing the risk of making wrong decisions.
Identify
Distribute
Determine
Motivate
Secondary Objectives
Primary Objectives
I2DDM
Shortcomings in product sales & improve sales performance P/S in specific sales areas or market segments.
NB: THAT ARE NOT CONTRIBUTING TO THE ACHIEVEMENT OF THE FIRMS SALES VOLUME,PROFIT & MARKET SHARE OBJECTS
The need for new products and provide information about possible development and marketing of such products
Marketing activities more effectively among products or brands, ad campaigns, sales areas and advertising media
Prices in order to remain competitive in a changing market enviroment
Sales Staff in the field
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Different Types Of M.I.S
MIS of a SME establishment
low competition
levelSimple MIS
Type Of M.I.S depends on • Size• Industry
SMALL –MED Business
MIS of a Large establishment
Diversified product range or High competition
level
Complex MIS
LARGE Business
A Simple MIS consists of a routine data component and a special purpose component. (Page 16)
The Components Of An M.I.S
Internal reporting
subsystem
Marketing intelligence subsystem
Statistical subsystem
Marketing research
subsystem
Large organisations employ more extensive M.I.S.(Page 17)
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MDSSMARKETING DECISION SUPPORT SYSTEMS
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MDSS: A coordinated collection of data, tools and techniques with supporting software and hardware with which an organisation
gathers and interprets relevant information from business and the environment and turns it into a basis for marketing decisions.
MDSSMARKETING DECISION SUPPORT SYSTEMS
Characteristics Of A Good MDSS
Interactivity
Flexible
Discovery-oriented
User Friendly
Components of MDSS
Modeling
Reports &
Displays
Database
Analysis
Marketing Manager
Enviroment
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Internal & External Research
Suppliers
Credibility
Competence
Capacity
Cost
Advantages
• Ext.Org are independent
• Internal expertise about the research project lack
Disadvantages
• External researchers are not always familiar with all aspects of the Org
• Take longer than internal researchers
• Expensive
Ethics
Do not harm respondent
Do not deceive the respondent
Respondents should be willing and informed
Data should be held in confidence
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References:Wiid, J. and Diggines, C. 2009. Marketing Research. Cape Town: JutaAaker, D., Kumar, V., and Day, G. 2008. Marketing Research. New York: John Wiley & SonsAaker, D., Kumar, V., and Day, G. 2008. Marketing Research. New York: John Wiley & Sons – summarised Mel Hall 2004
Chapter 2The nature and scope of marketing research
(MR)(MRT301) Study Guide
After 20th March