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Seek and Find Marketing Research Marketing-Information Management LAP 5 Objectives Describe marketing research and its role in business decision-making. Describe the steps of the marketingresearch process. Objective Describe marketing research and its role in business decision-making. • Marketing researchers use a systematic process similar to the scientific method. • Marketing research is extremely important for decision-making about: Products Prices Promotions Competitors Target markets • With this knowledge, marketers contribute to business success. Important Facts About Marketing Research • Marketing research is the systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern. • It helps marketers keep up with trends and consumers. • It’s an important component of a marketing-information management system. • It helps businesses to make better decisions. • It can vary in size and complexity. The Role of Marketing Research in Decision-Making • Contributes to business success through informed, effective decision-making • Allows decisions to be based on facts, not opinions, gut reactions, or past experiences How Marketing Research Is Used • To solve specific marketing problems • To identify problems that may or may not be readily apparent • To help implement the marketing concept Marketing concept: a philosophy of conducting business that is based on satisfying customer wants and needs while achieving company goals Marketing research helps identify those wants and needs. How Marketing Research Is Used • To develop a customer profile Age Income Education Spending patterns How Marketing Research Is Used • To analyze the business’s sales and market share How well is the business performing? How do its sales compare with industry sales? What is its market share? How Marketing Research Is Used • To describe the target market Who? How many? Where? Likes? Purchases? How Marketing Research Is Used • To determine how to reach the target market What messages appeal to the target market? How frequently should the business communicate with the target market? Which promotional methods appeal to the target market? What advertising media are likely to be successful? How Marketing Research Is Used • To forecast sales and trends To predict future sales and trends, businesses need to know what customers are buying. How Marketing Research Is Used • To be more competitive How are we doing compared to our competitors? What could we do to beat the competition? What do customers expect of us and our competitors? What characteristics do customers associate with different brands? How Marketing Research Is Used • To prevent unnecessary financial losses What markets should be targeted? What products should be offered? What sales channels should be used? What prices should be charged? What packaging should be used? How much inventory should be carried? How should products be promoted? How Marketing Research Is Used • To keep up-to-date Trends Styles Buying patterns How Marketing Research Is Used • To maintain or determine image What are customers saying about the business? Are they satisfied? The Characteristics of Marketing Research • Systematic Step-by-step • Accurate Essential in all aspects of marketing research Exact Precise The Characteristics of Marketing Research • Objective Unbiased • Thorough Sufficient • Timely Due on a specific date The Characteristics of Marketing Research • Reliable Producing the same data every time • Valid Measuring what the researcher intends to measure Who Uses Marketing Research? • Businesses of all types and sizes The business’s size usually determines how it does marketing research. • Large businesses Usually have their own marketingresearch departments May also hire outside research consultants Who Uses Marketing Research? • Small businesses Generally carry out marketing research on their own Use data that they have on hand Gather data from published reports and other sources Survey customers to learn about customers’ wants and needs Objective Describe the steps of the marketing-research process. The Marketing Research Process: Identify the Reason for the Research • Identify the problem, issue, situation, or concern to be researched. • Determine: What kind of data to collect How much data to gather Why the data are needed Whether lessons learned from the research will be worth the potential cost The Marketing Research Process: Set Research Objectives • Objectives: Objectives fall Specific into one goals or more for the research project categories based on the reason for the research: To explore the current situation (a.k.a. exploratory research) Helps researchers to clearly define reasons for research Involves the collection of qualitative data—respondents’ opinions and personal interpretations The Marketing Research Process: Set Research Objectives • Objectives fall into one or more categories based on the reason for the research: To define the current situation (a.k.a. descriptive research) Is used to gather specific data related to the identified research problem Involves the collection of quantitative data—facts and figures that can be presented in the form of a chart or graph The Marketing Research Process: Set Research Objectives • Objectives fall into one or more categories based on the reason for the research: To test the situation (a.k.a. causal or conclusive research) Focuses on cause and effect relationships Tests “what if” theories Determines the impact that one thing has on another The Marketing Research Process: Set Research Objectives • Objectives fall into one or more categories based on the reason for the research: To predict future situations (a.k.a. predictive research) Helps to forecast future business developments The Marketing Research Process: Develop a Hypothesis • Hypothesis: a statement of the expected outcomes of the research Testable Based on the research objective(s) The Marketing Research Process: Determine the Research Design • Involves creating a written master plan for how the research will be carried out • Helps to keep the project on track • Helps ensure that the business and the researcher have the same information The Marketing Research Process: Determine the Research Design • Addresses the following questions: What types of data are needed? Secondary data Are collected for purposes other than the project at hand Can be accessed quickly Are relatively inexpensive Sometimes meet researchers’ needs May not directly apply to the problem at hand The Marketing Research Process: Determine the Research Design • Addresses the following questions: What types of data are needed? Primary data Up-to-date Relevant Gathered specifically for the project at hand The Marketing Research Process: Determine the Research Design • Addresses the following questions: How much data will be collected? The project’s scope affects the amount of data needed. The Marketing Research Process: Determine the Research Design • Addresses the following questions: Where will researchers find the data? Sampling: the process of choosing a representative group of customers to survey Whom should researchers survey? How many should be surveyed? How should those to survey be selected? The Marketing Research Process: Determine the Research Design • Addresses the following questions: Where will researchers find the data? Internal data: Usually secondary data Found within the business The Marketing Research Process: Determine the Research Design • Addresses the following questions: Where will researchers find the data? External data External secondary data are found outside the business in publications written and published by others. External primary data are gathered specifically for the project at hand. The Marketing Research Process: Determine the Research Design • Addresses the following questions: What primary data-collection methods will be used? Survey Is the most popular data-collection method Involves developing and administering a questionnaire The Marketing Research Process: Determine the Research Design • Addresses the following questions: What primary data-collection methods will be used? Observation Involves gathering data by watching customers physically and/or electronically The Marketing Research Process: Determine the Research Design • Addresses the following questions: What primary data-collection methods will be used? Experiment Tests cause and effect relationships Includes test marketing The Marketing Research Process: Determine the Research Design • Addresses the following questions: How will the data be analyzed? The way in which researchers plan to review and evaluate data affects the amount of data collected. If analyzed by hand, the amount of data must be limited. If analyzed by computer, researchers can collect much more data. The Marketing Research Process: Collect the Needed Data • Involves surveying, observing, and/or experimenting • Is the most expensive step in the research process • Can be tedious, leading to mistakes The Marketing Research Process: Analyze the Data • Data must be analyzed to be useful. Data by themselves are just a collection of facts. Data must be evaluated to determine how they relate to the research objectives. Data that have been interpreted and transformed into a useful form become information. • Data analysis software and statistical programs can quickly determine what raw data really mean. The Marketing Research Process: Make Recommendations Based on Findings • When research is complete, researchers prepare a written research report and suggest a course of action for the business. • The research report includes: The original research objectives and hypothesis The research methodology Research results Limitations to the research The researchers’ recommendations for the business • Think about your school’s extracurricular activities, CTSOs, or school-based enterprises. Do any of the groups conduct marketing research? If so, what types of data do they collect? How do they collect the data? How do they use the data? • What group could benefit most from conducting marketing research? Why should the group conduct research? What data should it collect? What data-collection methods should it use? • Certaine wants to hire the Harrison & Hayes (H & H) marketingresearch firm to conduct research on some of its newer products. • Certaine is offering ample funding. • There are strings attached: Certaine wants to select the research sample. H & H cannot publicize any derogatory data about the company or its products. • H & H is tempted to sign the contract. The firm could make lots of money The project could put H & H on the “A” list of marketing researchers. • What would you do if you were Harrison and Hayes? • Would you accept Certaine’s offer? MBAResearch Acknowledgments Original Developers Christopher C. Burke, April J. Miller, MBAResearch Version 1.0 Copyright © 2010 MBA Research and Curriculum Center® Digital-based photography sources: DIGITAL VISION LTD. Teenager Today Obj. B: #130271 Photos copyright Digital Vision Ltd., all rights reserved. 833 Fourth Ave. SW, Suite 800 Calgary, AB, Canada T2P 3T5 Copyright: All photographic digital images on this CD are owned by the aforementioned photographic resources or their licensors and are protected by the United States copyright laws, international treaty provisions, and applicable laws. No title to or intellectual property rights to the images on this CD are transferred to you. These sources retain all rights and are not to be used, digitally copied, transferred, or manipulated in any way. To do so is a violation of federal copyright laws.