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Introduction to Marketing Research MAR 6648: Marketing Research January 4, 2010 Welcome! • Today’s agenda: – Introduce ourselves! – Go over the syllabus – Get our feet wet So what is Marketing Research? • A vague, official definition: – “Marketing Research is the function that links the consumer, customer, and public to the marketer through information” • Basically, figuring out what consumers want and expect from your company • This information is used to: – Identify and define marketing opportunities and problems – Generate, refine, and evaluate marketing actions – Monitor marketing performance The Marketing Research Industry • A $12 billion industry • Biggest marketing research company: – The Nielsen Company ($5B)—they do more than TV • Large CPG companies have internal research departments • Marketing Research skills are always in high demand by organizations Marketers and Marketing Researchers Marketing Decision Maker Customers Marketing Decision Maker/Research Marketing Researche r Competition Traditional Company & environment Customers Competition Emerging Company & environment The Marketing Planning Process Marketing Strategy Marketing Program Evaluation Marketing Mix Plan Refinement Segmentation Decision Assess Opportunities & Threats Targeting Positioning Customer Analysis Analysis & Research Market Situation Analysis Product Analysis Price Analysis Customer Satisfaction Promotion Analysis Performance Monitoring Competitor Analysis Company Analysis Distribution Analysis Qualitative Research • Usually done to get a feel for a problem before really digging in analytically – Projective techniques – Individual Interviews – Focus groups and group interviews – Ethnographic consumer research Quantitative Research • More systematic investigation of quantitative properties and their relationships – Descriptive research • Syndicated data sources • Surveys and attitude measurement • Statistical techniques – Causal research • Experimentation Technology and Marketing Research • New technology means new techniques • Some “traditional” approaches – Focus groups – Design questionnaires and sample a set of your customers – Recall tests – Phone interviews Technology and Marketing Research • Some modern approaches – Use customer databases to analyze customer behavior • Frequent shopper databases • Direct Mail Databases – Monitor web discussion forums – Monitor social networks, blogs, etc. Technology and Marketing Research • Some really modern approaches – Forecasting • Track downloads and other activity on peer-to-peer file-sharing networks • Prediction markets – Live tracking of customer behavior • TiVo • RFID The Four Ps • Product • Place • Price • Promotion Some key lessons to anticipate • Modern marketing research is much more than focus groups! • Marketing research is an integral part of the Marketing Planning Process • The best managers use marketing research as a key tool in decision making • The future/the present: Marketing research and marketing will be intertwined • Maybe the most important class you’ll take in marketing! What this class will do (I hope!) • Convince you that Marketing Research is fun, cool, and invaluable • Add a variety of Marketing Research techniques to your toolbox • Help you identify, think through, and solve marketing problems Summary • Marketing Research is vital to the success of any firm • There are many tools in a Marketing Researcher’s toolbox—let’s add to them! • Welcome to class!