Marketing Research - How can I make good decisions

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ESSENTIAL QUESTION?HOW CAN I MAKE GOOD DECISIONS?

Market Research

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MARKETING RESEARCH

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Mktg Info Mgt System

Systematic process of regularly:

1) gathering2) recording 3) analyzing4) distributingData related to mktg

goods/services

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HELPS BUSINESS BY:

Determine customer wants and needs

Solve marketing problemsHelp anticipate future

problemsIncrease sales & profitsOffer products consumers

wantHelp plan future

promotions & sales

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DIFFICULTIES

Getting people to take survey

Bias among groups (lie to say what they think you want them to)

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TECHONOLOGICAL IMPACT

Collect more infoDistribute info quickerMore professionalMore applicableJust in time

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RESEARCH PROCESS

Marketing Research - How can I make good decisions

Define ProblemObtain DataAnalyze DataRecommend SolutionsApply Results

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TYPES of RESEARCH

Media Advertising – ex. Neilson ratingsProduct – point of sale, test mktgSalesConsumer – study behavior, attitude,

motivation to buyMarket – define potentional tgt mkt,

investigate mkt for a product

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Types of Data

DATA TYPE DEFINITION EXAMPLE BENEFIT DISADVANTAGE

Primary Data you obtain yourself

Observation, survey,

experiment

Applicable to your

needs/wants

Expensive and time consuming

Secondary Data that already exists

Internet, U.S. Govt census

Quick and cheap

Out of date, not applicable to your

needs/wants

Internal Data from inside the business

Store sales, Employee

hours

External Data from outside the business

Competitor’s sales price, customers

preferences

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COLLECTION METHODS

(Survey)Mall InterceptFocus GroupTelephone SurveyMail Questionnaire(Other)Panel DiscussionExperiment/Test

MarketingObservation

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Mall Intercept

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Focus Group

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Focus Group

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Focus Groups

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Telemarketing

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TYPES OF SURVEY QUESTIONS

Open EndedForced Choice

Yes/no Multiple choice (be sure to have e. other) Rating scale (ex. 1-5 with 1

best) Level of agreement (disagree, strongly disagree,

slightly disagree

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SURVEY WRITING GUIDELINES

Clear and briefSame scale for similar questionsDesign appealing to consumersNumbersDirectionsPersonal & Demographic questions at end

(more likely to answer)Use more than one type of question