Intro to MR-1

8/2/2019 Intro to MR-1

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Introduction toMarketing Research


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The Marketing Research Process

Define the Problem Develop an Approach to the Problem

Type of Study? Exploratory, Descriptive, Causal?

Mgmt & Research Questions, Hypotheses Formulate a Research Design

Methodology

Questionnaire Design

Fieldwork

Prepare & Analyze the Data

Prepare & Present the Report


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Marketing Research TypesBasic research

Applied research


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Basic Research

Attempts to expand the limitsof knowledge

Not directly involved in thesolution to a pragmatic

problem


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Basic Research Example

Do consumers experiencecognitive dissonance in

low-involvementsituations?


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Applied Research

Conducted when a decision must bemade about a specific real-life problem


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Applied Research Example

Should McDonalds add Italian pastadinners to its menu?

Marketing research told McDonalds it

should not

Should Procter & Gamble add a high-priced home teeth bleaching kit to itsproduct line?

Research showed Crest Whitestripswould sell well at a retail price of $44


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Scientific Method

The analysis and interpretation ofempirical evidence (facts from

observation or experimentation)to confirm or disprove priorconceptions


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Using Marketing Research

We can use Marketing Research to:Identify & Evaluate Opportunities

Analyze Market Segments

Select Target Markets

Plan & Implement Marketing Mixes

Analyze Marketing Performance Performance Monitoring Research


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Identifying and EvaluatingOpportunities

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 MarketsExamples Cadillac investigates buyers demographic

characteristics MTV, monitoring demographic trends, learns

the Hispanic audience is growing rapidly

Sears learns women, age 25-54 with averagehousehold income of $38,000, are corecustomers. Targets this market with "The Good

Life at a Great Price. Guaranteed. Sears."


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Plan and Implementa Marketing Mix

Price: Safeway does a competitive pricinganalysis

Distribution: Caterpillar Tractor Co. investigatesdealer service program.

Product: Oreo conducts taste test, Oreo cookievs. Chips Ahoy

Promotion: How many consumers recall theLife Tastes Good. Coca Cola! slogan?


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Analyze Marketing Performance

This years market share is

compared to last years.

Did brand image change afternew advertising?


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Performance-monitoring Research

Research that regularly providesfeedback for evaluation and control

Indicates things are or are not goingas planned

Research may be required toexplain why something went wrong


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Determining When to ConductMarketing Research

Time constraints

Availability of data

Nature of the decisionBenefits versus costs


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Is sufficient

time

available?

Information

already on

hand

inadequate?

Is the

decision of

strategic

or tactical

importance?

Does the

information

value

exceed the

research cost?

Conduct

Marketing

Research

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 ConductMarketing Research


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Value

Decreased uncertaintyIncreased likelihood ofcorrect decision

Improved marketingperformance andresulting higher profits

Costs

Research expendituresDelay of marketingdecision and possibledisclosure of informationto rivalsPossible erroneousresearch results

Potential Value of a Marketing ResearchEffort Should Exceed Its Estimated Costs


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ALWAYS Remember

Marketing Research is a tool.

It assists marketing managers in

their decision making. IT IS NOT A

REPLACEMENT FORMANAGERIAL

JUDGEMENT!!

Documents

Intro to MR-1