Download Marketing Research - Lindbergh School District

Journal Entry
 If you were developing a new candy bar,
what type of things would you want to
know before marketing it?
Marketing Research
Section I
What is Marketing Research?
 Involves the process and methods used to
gather information, analyze it, and report
findings related to marketing goods and
services
 Used to:
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Determine consumers’ attitudes and preferences
Test product features
Determine market size and growth potential
Learn about competitive products
Determine buying cycles
Understand how the company is perceived by the
public
Why is marketing research
important?
 Helps businesses plan for new products
 Solve marketing problems
 Keep track of trends in the marketplace
 Determine prices
 How to promote products
 Who is the target market
Who uses marketing research?
 Small firms-marketing research done by
owners, managers or employees or hire
outside services
 Large companies-in-house marketing
research department or contract with a
specialty marketing research firm
 Federal & state governments and trade
associations
Marketing Information Systems
 Set of procedures and methods that
regularly generates, stores, analyzes and
distributes marketing information.
 Includes
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company records (sales data)
competitor’s records(prices, location)
customer profile data (buying behavior)
government data (price trends, economic
projections)
How do you use research in planning
and implementing marketing
strategies?
 Database marketing or customer relationship
marketing (CRM) is a process of designing,
creating and managing customer lists
– Obtain data thru:
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Face to face sales
Direct mail responses
Telephone/email purchases
Service requests
Web site visits
Rewards cards
Types of Marketing Research
 Two types of research:
– Qualitative research:
small number of
respondents answer
questions like “why” and
“how”
– Quantitative research:
large numbers of
respondents answer
questions such as “how
much” and “how many”
How do you design and conduct
and marketing research?
 (1)Attitude research
– Designed to obtain
information on how
people feel about
certain products,
services, companies or
ideas
– Random samples can
then be applied to the
entire population
 (2)Market Intelligence
– Concerned with size
and location of a
market, the
competition, and the
segmentation within
the market for a
product
– Helps develop a
customer profile
Market Intelligence
 Sales forecasting
– Total estimate of
market
– Analyze company and
competitor sales
– Individual share is
estimated
 Economic forecasting
– Predict future economic
conditions for a city,
region, country, etc
– Use of key economic
indicators
• New building
construction
• Inflation rates
• Money supply
• Unemployment
• Price indexes
(3) Media Research
 Designed to measure: effectiveness,
selection, frequency, and ratings
 Looks at: brand awareness, advertising
recall, brand image, effectiveness of ad
copy, and audience size
Media Research terms
 Audience-number of
homes or people exposed
to a particular medium
 Frequency-number of
times viewer sees or hears
an ad
 Reach-percentage of the
target audience that will
see or hear an ad at least
once
 Ratings-total number of
impressions delivered of a
set period of time
Researching in media
 Broadcast-
Nielsen ratingsprovide audience
measurement for TV
Arbitron Ratings-data
on radio advertising
 Print– Audit Bureau of
Circulation-provides
circulation data for
newspapers and
periodicals
 Internet
– Tracking
• Web-centric
• User-centric
(4)Product Research
 Evaluating product design
and acceptance, package
design, product usage, and
consumer acceptance.
– Concept testing, product
positioning and pricing
studies usually done with
focus groups or in-depth
interviews
Trends in Marketing Research
 Due to global marketplace, research that
measures product quality and customer
satisfactions are key
 Internal and external information
management such as TQM or Total Quality
Management
Limitations of Marketing
Research
 Money
 Time
 No guarantee on
customer responses
 Fast-changing markets
 Lag time