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MARKETING RESEARCH
INTRODUCTION
1
• MARKETING IS THE PROCESS OF PLANNING AND EXECUTING THE
CONCEPTION, PRICING, PROMOTION, AND DISTRIBUTION OF IDEAS,
GOODS, AND SERVICES TO CREATE EXCHANGES THAT SATISFY
INDIVIDUAL OR ORGANIZATIONAL ACTIVITIES
2
• MARKETING CONCEPT REQUIRES THAT CUSTOMER SATISFACTION
RATHER THAN PROFIT MAXIMIZATION BE THE GOAL OF AN
ORGANIZATION
• CUSTOMERS’ REQUIREMENTS SHOULD BE SATISFIED QUICKLY AND
EFFICIENTLY
3
• RESEARCH ORGANIZATION SHOULD OBTAIN INFORMATION ON
CONSUMER NEEDS AND GATHER MARKETING INTELLIGENCE
4
• MARKETING RESEARCH IS A CRITICAL PART OF A MARKETING
INTELLIGENCE SYSTEM; IMPROVE MANAGEMENT DECISION MAKING
BY PROVIDING RELEVANT, ACCURATE, AND TIMELY (RAT)
INFORMATION
5
MINUTE MAID’S MARKET RESEARCH
ORANGE JUICE IS MORE THAN A BREAKFAST BEVERAGE
7 OUT OF 20 GLASSES CONSUMED BEFORE LUNCH
ADVT. $ 35 MN TO $ 45 MN. IN TWO YEARS
6
MINUTE MAID’S MARKET RESEARCH
24% MARKET SHARE; 35% MARKET SHARE OF TROPICANA
47% MARKET SHARE OF ITS FROZEN JUICE SEGMENT; TROPICANA
5%
BUT IT IS SHRINKING – MORE TIME CONSUMING TO USE
7
ROLE OF MARKETING RESEARCH IN MANAGERIAL DECISION MAKING
• MARKETING DECISIONS INVOLVE:
- SHIFTS IN THE POSITIONING OF A BUSINESS
- DECISION TO ENTER NEW MARKET
- HOW BEST TO STOCK A GROCERY SHELF
THIS IS KNOWN AS MARKET PLANNING PROCESS, WHICH HAS FOUR
STAGES
8
SITUATION ANALYSIS
STRATEGY DEVELOPMENT
MARKETING PROGRAM DEVELOPMENT
IMPLEMENTATION
9
SITUATION ANALYSIS
• UNDERSTAND THE ENVIRONMENT AND THE MARKET
• IDENTIFY THREATS AND OPPORTUNITIES
• ASSESS THE COMPETITIVE POSITION
10
STRATEGY DEVELOPMENT
• DEFINE THE BUSINESS SCOPE AND SERVED MARKET SEGMENTS
• ESTABLISH COMPETITIVE ADVANTAGES
• SET PERFORMANCE OBJECTIVES
11
MARKETING PROGRAM DEVELOPMENT
• PRODUCT AND CHANNEL DECISION
• COMMUNICATION DECISIONS
• PRICING
• PERSONAL SELLING DECISIONS
12
IMPLEMENTATION
• PERFORMANCE MONITORING
• REFINING STRATEGIES AND PROGRAM
13
SITUATION ANALYSIS
• EFFECTIVE MARKETING STRATEGIES ARE BUILT ON AN IN-DEPTH
UNDERSTANDING OF THE MARKET ENVIRONMENT OF THE BUSINESS,
AND THE SPECIFIC CHARACTERISTICS OF THE MARKET
• MACRO-ENVIRONMENT INCLUDES POLITICAL AND REGULATORY
TRENDS, ECONOMIC AND SOCIAL TRENDS, AND TECHNOLOGICAL
TRENDS
14
SCOPE OF SITUATIONAL ASSESSMENT FOR A CONSUMER GOODS
MANUFACTURER
• MARKET ENVIRONMENT:
A) TECHNOLOGIES? HOW ELSE WILL CUSTOMERS SATISFY THEIR
NEEDS?
B) ECONOMIC TRENDS? DISPOSABLE INCOME?
15
SCOPE OF SITUATIONAL ASSESSMENT FOR A CONSUMER GOODS
MANUFACTURER
MARKET ENVIRONMENT:
C) SOCIAL TRENDS? AGE, MARITAL STATUS, WORKING WOMEN,
OCCUPATION, LOCATION – IS IT AWAY FROM THE CITY? WHAT
VALUES ARE BECOMING FASHIONABLE?
D) POLITICAL AND REGULATORY? NEW LABELING AND SAFETY
REQUIREMENTS.
16
SCOPE OF SITUATIONAL ASSESSMENT FOR A CONSUMER GOODS
MANUFACTURER
• MARKET CHARACTERISTICS:
A) MARKET SIZE, POTENTIAL, AND GROWTH RATE?
B) GEOGRAPHIC DISPERSION OF CUSTOMERS?
C) SEGMENTATION: HOE MANY DISTINCT GROUPS ARE THERE? WHICH
ARE GROWING?
17
SCOPE OF SITUATIONAL ASSESSMENT FOR A CONSUMER GOODS
MANUFACTURER
• MARKET CHARACTERISTICS:
D) COMPETITION? WHO ARE THE DIRECT RIVALS? WOW BIG ARE
THEY? WHAT IS THEIR PERFORMANCE? WHAT IS THEIR STRATEGY
INTENTIONS, AND LIKELY BEHAVIOUR WITH RESPECT TO PRODUCT
LAUNCHES, PROMOTIONS AND THE LIKE?
18
SCOPE OF SITUATIONAL ASSESSMENT FOR A CONSUMER GOODS
MANUFACTURER
• MARKET CHARACTERISTICS:
E) COMPETITIVE PRODUCTS? THEIR NATURE AND NUMBER
F) CHANNEL MEMBERS? WHAT IS THE DISTRIBUTION OF SALES
THROUGH SUPERMARKETS AND OTHER OUTLETS? WHAT ARE THE
TRENDS? WHAT ARE THEY DOING TO SUPPORT THEIR OWN BRANDS?
19
SCOPE OF SITUATIONAL ASSESSMENT FOR A CONSUMER GOODS
MANUFACTURER
• CONSUMER BEHAVIOUR:
A) WHAT DO THEY BUT? A PRODUCT OR SERVICE? A CONVENIENCE,
SHOPPING, OR SPECIALTY GOOD? A SATISFACTION ….?
B) WHO BUYS? EVERYBODY? WOMEN ONLY? TEENAGERS (
DEMOGRAPHIC, GEOGRAPHIC,
PSYCHOGRAPHIC CLASSIFICATION)?
20
SCOPE OF SITUATIONAL ASSESSMENT FOR A CONSUMER GOODS
MANUFACTURER
• CONSUMER BEHAVIOUR:
C) WHERE DO THEY BUY? WILL THEY SHOP AROUND OR NOT?
OUTLET TYPES?
D) WHY DO THEY BUY? MOTIVATIONS, PERCEPTIONS OF PRODUCT
AND NEEDS, INFLUENCE OF PEERS, PRESTIGE, INFLUENCE OF
ADVERTISING, MEDIA?
21
SCOPE OF SITUATIONAL ASSESSMENT FOR A CONSUMER GOODS
MANUFACTURER
• CONSUMER BEHAVIOUR:
E) HOW DO THEY BUY? ON IMPULSE, BY SHOPPING (PROCESS THEY
GO THROUGH IN PURCHASING)
F) WHEN DO THEY BUY? ONCE A WEEK? EVERYDAY? SEASONAL
CHANGES?
22
SCOPE OF SITUATIONAL ASSESSMENT FOR A CONSUMER GOODS
MANUFACTURER
• CONSUMER BEHAVIOUR:
G) ANTICIPATED CHANGES? INCIDENCE OF NEW PRODUCTS, SHIFTS
IN CONSUMERS’ PREFERENCES, NEEDS?
23
STRATEGY DEVELOPMENT
• MARKETING RESEARCH SHOULD FOCUS ON THE FOLLOWING:
A) WHAT BUSINESS SHOULD WE BE IN?
B) HOW WILL WE COMPETE?
C) WHAT ARE THE OBJECTIVES FOR THE BUSINESS?
24
STRATEGY DEVELOPMENT
• ABOUT DIFFERENTIATION, MARKETING RESEARCH SHOULD ANSWER:
1. WHAT ARE THE ATTRIBUTES OF THE PRODUCT OR SERVICE THAT
CREATE VALUE FOR THE CUSTOMER?
2. WHICH ATTRIBUTES ARE MOST IMPORTANT?
3. HOW DO WE COMPARE TO THE COMPETITION?
25
• DEVELOPING THE MARKETING PROGRAM – REPRESENTATIVE
DECISIONS THAT DRAW ON MARKETING RESEARCH
26
1. SEGMENTATION DECISIONS
• WHICH SEGMENT SHOULD BE THE TARGET?
• WHAT BENEFITS ARE MOST IMPORTANT FOR EACH SEGMENT?
• WHICH GEOGRAPHIC AREA SHOULD BE ENTERED?
27
2. PRODUCT DECISIONS
• WHAT PRODUCT FEATURES SHOULD BE INCLUDED?
• HOW SHOULD THE PRODUCT BE POSITIONED?
• WHAT TYPE OF PACKING IS PREFERRED BY THE CUSTOMERS?
28
3. DISTRIBUTION DECISIONS
• WHAT TYPE OF RETAILERS SHOULD BE USED?
• WHAT SHOULD BE THE MARKUP POLICY?
• SHOULD A FEW OUTLETS BE EMPLOYED OR MANY?
29
4. ADVERTISING AND PROMOTION DECISIONS
• WHAT APPEALS SHOULD BE USED IN THE ADVERTISING?
• IN WHICH VEHICLES SHOULD THE ADVERTISING BE PLACED?
• WHAT SHOULD BE THE BUDGET?
• WHAT SALES PROMOTION SHOULD BE USED, AND WHEN SHOULD IT BE
SCHEDULED?
30
5. PERSONAL SELLING DECISIONS
• WHAT CUSTOMER TYPES HAVE THE MOST POTENTIAL?
• HOW MANY SALESPEOPLE ARE NEEDED?
31
6. PRICE DECISIONS
• WHAT PRICE LEVEL SHOULD BE CHANGED?
• WHAT SALES SHOULD BE OFFERED DURING THE PAST?
• WHAT RESPONSE SHOULD BE MADE TO COMPETITOR’S PRICE?
32
7. BRANDING DECISIONS
• WHAT SHOULD BE THE NAME, SYMBOL, LOGO, AND SLOGAN THAT
WILL BE ASSOCIATED WITH THE PRODUCT?
• WHAT IS THE POSITION THAT THE BRAND SHOULD ADOPT VIS-À-VIS
COMPETITOR
• HOW CAN BRAND LOYALTY BE INVREASED?
33
IMPLEMENTATION
• HERE THE FOCUS OF MARKETING RESEARCH SHIFTS TO QUESTIONS
SUCH AS:
• DID THE ELEMENTS OF THE MARKETING PROGRAM ACHIEVE THEIR
OBJECTIVES?
- HOW DID SALES COMPARE WITH OBJECTIVES?
- IN WHAT AREAS WERE SALES DISAPPOINTING? WHY?
34
IMPLEMENTATION
- WERE THE ADVERTISING OBJECTIVES MET?
- DID THE PRODUCT ACHIEVE ITS DISTRIBUTION OBJECTIVES?
- ARE ANY SUPERMARKETS DISCONTINUING THE PRODUCT?
35
IMPLEMENTATION
• SHOULD THE MARKETING PROGRAM BE CONTINUED, REVISED, OR
EXPANDED?
- ARE CUSTOMERS SATISFIED WITH THE PRODUCT?
- SHOULD THE PRODUCT BE CHANGED? MORE FEATURES BE ADDED?
- SHOULD THE ADVERTISING BUDGET BE CHANGED?
- IS THE PRICE APPROPRIATE?
36
FACTORS THAT INFLUENCE MARKETING DECISIONS
• RELEVANCE – RESEARCH IS NOT FOR SATISFYING
CURIOSITY OR CONFIRM THE WISDOM OF PREVIOUS
DECISIONS
• TYPE AND NATURE OF INFORMATION SOUGHT
• TIMING
• AVAILABILITY OF RESOURCES
37
ETHICS IN MARKETING RESEARCH
• ETHICS REFERS TO MORAL PRINCIPLES OR VALUES THAT GOVERN THE
CONDUCT OF INDIVIDUAL OR GROUP
• ETHICS IS APPLICABLE TO:
1. THE CLIENT WHO SPONSORS THE PROJECT
2. THE SUPPLIER WHO DESIGNS AND EXECUTE THE RESEARCH
3. THE RESPONDENT WHO PROVIDES THE INFORMATION
38
•MARKETING RESEARCH IN
BUSINESS
•AN INTERESTING NOTE
39
ARE U.S. CONSUMERS GLOBAL CUSTOMERS?
• A TYPICAL DAY IN THE LIFE OF AN AMERICAN:
• “HE DROVE HIS GERMAN CAR MADE OF SWEDISH STEEL AND
INTERIOR OF ARGENTINE LEATHER TO A GAS STATION, WHERE HE
FILLED UP WITH ARAB OIL SHIPPED IN A LIBERIAN TANKER AND
BOUGHT TWO FRENCH TIRES, COMPOSED OF RUBBER FROM SRI
LANKA
• AT HOME HE DROPPED HIS MOROCCAN BRIEFCASE, HUNG UP HIS
SCOTTISH TWEED COAT,
40
ARE U.S. CONSUMERS GLOBAL CUSTOMERS?
REMOVED HIS ITALIAN SHOES AND EGYPTIAN COTTON SHIRT, THEN
DONNED A HONG KONG ROBE AND MATCHING SLIPPERS FROM
TAIWAN.
MORE COMFORTABLE NOW, HE POURED A CUP OF HOT BRAZILIAN
COFFEE INTO AN ENGLISH COFFEE MUG, SET MEXICAN PLACEMAT ON
AN IRISH LINEN TABLECLOTH ATOP A DANISH TABLE VARNISHED WITH
LINSEED OIL FROM INDIA.
41
ARE U.S. CONSUMERS GLOBAL CUSTOMERS?
THEN HE FILLED HIS AUSTRIAN PIPE WITH TURKISH TOBACCO, LIT IT, AND
PICKED UP JAPANESE BALL POINT PEN WITH WHICH HE WROTE A
LETTER TO HIS CONGRESSMAN DEMANDING TO KNOW WHY THE
UNITED STATES HAS AN UNFAVOURABLE BALANCE OF TRADE.”
42
ASSIGNMENT 1 (MR)
• MOST COMPANIES HAVE ENTIRE MARKETING RESEARCH STUDIES, OR
PART OF IT, SUCH AS INTERVIEWING, DONE BY OUTSIDE SUPPLIERS.
• WHAT FACTORS WILL DETERMINE WHETHER A FIRM DECIDES TO
‘MAKE VS BUY’ – THAT IS, TO CONTRACT OUT MOST OR ALL OF A
STUDY OR CONDUCT IT THEMSELVES
43
ASSIGNMENT 2 (CB)
• MOST CELEBRITIES ACT IN THE CAPACITY OF PERSUASIVE ROLE
MODELS AND, THAT TOO, THEY USUALLY APPEAR IN TELEVISION
COMMERCIALS
• DISCUSS THE EFFECTIVENESS OF DEPLOYING A CELEBRITY SUCH AS A
POPULAR ACTOR OR SPORTSPERSON AS ITS AMBASSADOR
44