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Transcript
Marketing Information and Research Unit 5 Starting with Information • You must have information about your market before can start the marketing planning process • Competitive and economic factors facing businesses today increase the need to gather and study information. Marketers Need to Understand…. • Consumer Differences o Most consumers have very different needs and wants o Most consumers will likely view product and service choices quite differently o Businesses must be able to determine the similarities and differences among market segments • Decide how they can best meet the unique needs and wants of those segments • Expanding Choices o Customer needs are changing o Consumers are able to satisfy basic needs more easily than in the past o They have moved beyond satisfying basic needs and are devoting more resources to satisfying their wants Marketers Need to Understand… • Competition o Gathering information about competitors’ products mad marketing activities in order to determine their strengths and weaknesses will make a business more competitive o Decision makers need information that enables them to make the best and most profitable product and service choices • Ones that will improve on competitors’ offerings • The Global Marketplace o Gathering information about the country and its people as well as new competitors can help determine how to become an effective global business. Decide on Information Needs • Approaches to Planning o How do you know whether a change in the marketing mix is warranted? o Are you basing the need for change off of a hunch or based off of factual data? • Categories of Information o Each type of business needs specific information • General categories: o Consumers o Marketing mix o Business environment Consumers • Age • Gender • Income • Education • Family size • Occupation • Attitudes • Primary needs • Purchase frequency • Brand preferences • Information needs • Media preferences • Shopping behavior Marketing Mix Business Environment • Basic products • Product features • Services • Product packaging • Guarantees • After-sale customer service • Product price • Discounts • Location and method of sale • Type of distribution used • Promotion and sales methods • Promotional message • Promotional media • Type of competition • Competitors’ strengths • Competitors’ strategies • Economic conditions • Government regulations • Consumer protection • Ethical issues • Tax policies • Proposed laws • International markets Collecting Information • There are many ways to collect information • But why? o Effective marketing information improves the decisions of businesses o Effective marketing information reduces the risk of decision making • If businesses can make better decisions… o It will increase the chance of making a profit o Therefore, any time or money spent gathering information is considered a good investment Activity • Your marketing research team works for a local movie theater. Your goal is to increase the number of moviegoers and the average amount each customer spends on concessions. • Determine 3 specific types of information you will need for each category: o Consumers, marketing mix, and business environment • Decide why each type of information is needed. • Create a presentation (min. 4 slides) Activity Example • If my goal was to increase the number of people that shopped at ABC’s Sporting Goods: • Consumers o Shopping Behavior • Preference for a particular retail price format (every day low price) vs. promotional price • Inclination to switch stores o Age • To determine if there is a large enough market in this community to support your store • To determine what promotional methods and ideas you will use to attract customers o Brand Preferences • To ensure your store stocks the preferred brands of you target market • How can we use brand preference to make our store more profitable? Sources of Market Information • Process for determining what information is needed and where to obtain it: o Identify the types of information needed o Determine the available sources of each type of information o Evaluate each source to determine if it meets the organization’s needs in terms of accuracy, time detail, and cost o Select the sources that best meet the identified needs o Enter the information into a marketing information system Internal Information Sources • Internal information: information developed from activities that occur within the organization • Businesses keep detailed records on production schedules and inventory levels • Example: Salesperson learns a lot from current and prospective customers o Perceptions of price, satisfaction with services, or requested changes to the company • 3 categories of important types of internal info.: o Customer records & sales info., production & operations reports, & performance info. Customer Records & Sales Information • Companies keep a record of all transactions they have o They record what is purchased, the dates of purchase, & quantities purchased o Detailed information of payments and credit is also recorded o Problems and complaints are also a part of their records • When customers stop buying the product, this info. Should not be discarded o Should be analyzed to determine why the customer was lost Production & Operations Reports • Products and services must be available when and where customers want them • Quality standards need to be met • Expenses need to be controlled in order to price products/services competitively • Info. about production and operations activities needs to be collected & shared regularly o Info about sales, costs, inventory levels, and production an delivery schedules Performance Information • The success of a business is judged by its performance • There are other performance measures than profit o Sales, costs, quality, and customer satisfaction • Performance is measured in three ways 1. Records of past performance 2. Compare performance with similar businesses 3. Comparison of actual performance with expected or planned performance External Information Sources • External information: provides an understanding of factors outside of the organization • Marketers cannot plan effectively without understanding consumers, competitors, the economy, and other changes around them • There are many valuable sources of external information External Sources • Government Reports o Supplying info. that businesses and consumers can use o There are a number of agencies that collect marketing information • U.S. Bureau of Census • Trade and Professional Associations o Organized to serve people and businesses with common interests • Members may be part of the same industry or job categories o Information may be published through websites, journals, newsletters, or detailed research reports. External Sources • Business Publications o Magazines and journals • The Wall Street Journal, Forbes, Business Week • Black Enterprise, Fast Company, E-Commerce Times o Gives current information on the economy, legislation, new technology, or business ideas • Commercial Data and Information Services o Businesses that collect, analyze, and sell data • Experian, Equifax, and TransUnion (three major credit reporting agencies) Marketing Information Systems • MkIS: an organized method of collecting, storing, analyzing, and retrieving information to improve the effectiveness and efficiency of marketing decisions • Each business develops its own MkIS. • Has to be complete, accurate, easy to use, timely, affordable, and cost-effective. • All effecting MkIS contain five elements: o Input, storage, analysis, output, and decision making The 5 Elements of an MkIS • Input—Information that goes into the system for decision making o Routine information that is collected about customers, competitors, and business operations all used for marketing decisions • Storage—Resources used to maintain info. so that it can be used when needed o If info. is lost or damaged it is not useful o Some information is very confidential—only authorized people should have access o Should be organized so information is easy to locate when needed Five Elements Cont. • Analysis—Process of summarizing, combining, or comparing information o Example: in order to plan a promotional budget, a manager may examine the budgets for other products or for past years • Output—The result of analysis given to decision makers o Most important part of an MkIS o Usually written information or graphics o Should be well organized and easy to understand • Decision Making—The purpose of an MkIS is to improve decision making o Includes who is involved in the decision, when decisions need to be made, and policies or procedures that should be considered, & info needed Activity • Search the internet to find 3 examples of external information and provide a description of each • Example: o U.S. Census Bureau reports (statistical Abstract of the U.S.) • Is the authoritative and comprehensive summary of statistics on the social, political, and economic organization of the United States. o The CIA World Fact Book • Provides information on the history, people, government, economy, geography, communications, transportation, military, and transnational issues for 267 world entities. Marketing Research • Marketing research—a procedure designed to identify solutions to specific marketing problems through the use of scientific solving o The scientific method is used to ensure that a careful and objective procedure is followed in order to develop the best possible solution Using Marketing Research Implementing a Marketing Strategy 1. Define the problem 2. Analyze the Situation 3. Develop a Data Collection Procedure 4. Gather and Study Information 5. Propose a Solution See the Problem Clearly • Define the problem o Clearly and carefully define the problem o This is not always easy o It is important to prepare a written statement of the problem and have several people review it to make sure it is understandable o The problem should be scientific enough to study whom to involve in the study, and the types of solutions or results Analyze the Situation • An important part is to understand the circumstances surrounding the problem well enough to determine how to solve it • Analyzing the situation allows the researcher to identify: o What is already known about the problem, o The information available, and o Possible solutions already attempted Develop a Data-Collection Procedure • What additional information is needed and how should it be collected • The researcher needs to know where to obtain information and the best and most efficient ways to obtain information o Primary Data—Information collected for the first time • Collected by the researcher with a specific goal in mind • Surveys, focus groups, in-depth interviews, or through experiments o Secondary Data—Information already collected for another purpose • Should come before collecting primary data. • Secondary data is cheaper and quicker to collect than primary data and can be more accurate. Last Two Stages • Gather Information o Select the participants • Population—all of the people in the group the company is interested in studying • Sample—a smaller group selected from the population o Collect data, analyze the data, prepare results, • Propose a Solution o Research reports—usually prepared orally and in writing • Effective communication is an important skill o Presenting research results • In a written report the results reported in tables, charts, and graphs that all have brief explanations Activity • Applying the principles of the scientific method to a personal scenario • ..\Activities\Chapter 5\Marketing_Scientific_Method_Activity.doc Collecting Primary Data— Conducting Surveys • Survey—a planned set of questions to which individuals or groups of people respond o Surveys can be oral or written o People can be surveyed in person, through e-mail, phone, or online • Closed-ended questions—offers two or more choices o o o o “yes” or “no” “agree” or “disagree” Select A, B, C, or D Scale of 1-10 where 10 is excellent and 1 is very poor Surveys Cont. • Open-ended questions—allows respondents to develop their own answers o When making purchases from a specific farmer/producer at a farmers’ market, what features do you find most appealing? o What is your primary motive in attending this farmers’ market? • Open-ended questions are often used when researchers are attempting to identify the problem • Researchers may discuss the problems with consumers using open-ended questions Making Observations • Observations—collects information by recording actions without interacting or communicating with the participant o The purpose of observation research is to see the actions of participants rather than have them recall or predict their actions • Using observations requires more time and expense than surveys o Observations must be carefully planned in order to keep from changing the participants actions • If people know they are being watched the may do things differently Performing Experiments • The most precise and objective information is obtained through experimentations o Experiments are carefully designed and controlled situations in which all important factors are the same except the one being studied o Research is done by planning and implementing experiments and then recording and analyzing the data • Marketers use experiments to determine whether changes in a single element of the marketing mix will affect customer behavior Test Markets • Test markets—specific cities or geographic areas in which marketing experiments are conducted o The test markets are selected because they reflect consumer and competitive characteristics important to the company • The companies try new product ideas or make marketing changes to the test markets o They collect data on the product performance for a period of several weeks or months and compare it with previously gathered information • This way they can attempt to predict the performance in the total market Simulations • Simulations—experienced where researchers create the situation to be studied o Examples: a business may want to see how children respond when playing with a toy o So rather than observing children playing in their homes or schools, they create a play center o In the play center they bring children in and observe them under more carefully controlled circumstances • Many simulations are done on computers, which allows participants to visualize a change and react to it Activity • Create a survey about one of the following: o o o o o Athletic shoes with attached in-line skates Peanut-butter-and-jelly flavored potato chips Electric powered scooter Shower sponge shaped like a microphone Soda can with a handle • Survey must have a minimum of 10 questions—using a variety of question types