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Marketing Research: Getting Information for Marketing Decision Making To Accompany Basic Marketing, 14th Edition by William D. Perreault, Jr. and E. Jerome McCarthy Your host: David J. Urban Professor of Marketing Virginia Commonwealth University Key Topics in Marketing Research Marketing Research What is it? Why is it important? How is it done? Marketing Research Defined Marketing Research consists of the procedures to develop and analyze new information to help marketing managers make decisions. Marketing research gets the "facts" not already available in the marketing information system. Who Does “Custom” Marketing Research Marketing Research Suppliers In-house research departments Custom research firms Consulting firms Advertising agencies Syndicated services Colleges and universities Internationalization of Marketing Research The Importance of Marketing Research Reason #1: Not getting the right information is the fastest path to marketing disaster. • Base marketing strategies on valid evidence and analysis Don’t blow it! The Importance of Marketing Research Reason #2: research is often done poorly … and with serious consequences • Managers may not know much about research • Quality of suppliers is highly variable • Research is often done on a crisis basis The Importance of Marketing Research Reason #3: big changes are underway because of technology • Instant feedback and rapid change • “Real time” data • Lack of understanding about how to use the tools • Changes do not happen all at once Ethical Issues in Marketing Research Ethical Issues Withheld information Acceptability of Findings Research vs. Selling “Lying” with Statistics Marketing Research Process – Step 1 Early Identification of Solution Defining the Problem • Most important and difficult part of the process • What do we need to know? • What pieces of information will give us what we need? • Manager and researcher must work together Researcher – Manager Collaboration That overpaid yuppie is clueless--she doesn’t even know how a chisquare is computed That marketing research geek doesn’t understand my business--she doesn’t even know my competitors! Marketing Research Process – Step 2 Early Identification of Solution Defining the Problem Analyzing the Situation • What information is already available • Expert interviews and case studies • Secondary data Feedback to Previous Steps An Example of Secondary Data Marketing Research Process – Step 3 Early Identification of Solution Defining the Problem Analyzing the Situation Getting ProblemSpecific Data Feedback to Previous Steps Primary Data -- Qualitative Primary Data - Quantitative Questioning Mail, telephone, face-to-face, and internet surveys Primary Data - Quantitative Questioning Mail, telephone, face-to-face, and internet surveys Observation Human or machine observers Primary Data - Quantitative Questioning Mail, telephone, face-to-face, and internet surveys Observation Human or machine observers Experiments Cause and effect relationships The Research Proposal A good research proposal keeps the process on track What it will cost How long it will take What data will be collected Research Proposal Quality control standards that will be used How it will be collected From whom Who will analyze it Marketing Research Process – Step 4 Early Identification of Solution Defining the Problem Analyzing the Situation Getting ProblemSpecific Data Feedback to Previous Steps Interpreting Data Data Interpretation Key Issues Is the sample representative? Is the data reliable? Is the data valid? Are the statistical techniques appropriate? Data Interpretation Marketing Research Process – Step 5 Early Identification of Solution Defining the Problem Analyzing the Situation Getting ProblemSpecific Data Feedback to Previous Steps Interpreting Data Solving the Problem Information Enters a Database Information Sources Questions and Answers Market Research Studies Internal Data Sources External Data Sources Inputs Databases Decision Maker Results Support Systems Interact with the Database Market Research Studies Internal Data Sources External Data Sources Questions and Answers New Information Information Sources Decision Maker Marketing Models Answers ? Inputs Databases Decision Support System (DSS) Information Processing Specialists Results Decisions and Outcomes Market Research Studies Internal Data Sources External Data Sources Questions and Answers New Information Information Sources Decision Maker Results Marketing Models Answers ? Inputs Databases Decision Support System (DSS) Marketing Manager Decisions Information Processing Specialists Feedback Outcomes Marketing Strategy Planning Process Narrowing down to focused strategy with quantitative and qualitative screening criteria Customers Needs and other Segmenting Dimensions Company Mission, Objectives, & Resources Targeting & Segmentation S. W. O. T. Positioning & Differentiation Competitors Current & Prospective External Market Environment Technology Political & Legal Social & Cultural Economic