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Chapter One The Strategic Role of Marketing Research Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-1 Learning Objectives Describe and explain the impact marketing research has on marketing decisions Demonstrate how marketing research fits into the strategic planning process Provide examples of marketing research studies Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-2 Learning Objectives Understand the scope and focus of the marketing research industry Understand emerging trends and new skills associated with marketing research Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-3 Marketing Research Defined Marketing research can be defined as: … the function that links an organisation to its market through the generation of information. This information allows for the identification and definition of market-driven opportunities and problems ... Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-4 Marketing Defined Marketing can defined as: … a business process that seeks to maximise the return to owners of the firm by developing and implementing strategies to create a sustainable differential advantage and build relationships of trust with high-value customers ... Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-5 The Marketing Research Context Marketing seeks to shift a firm towards attractive markets and position the firm in a competitive way to create a sustainable differential advantage using the positioning process. This entails planning and executing the development, pricing, promotion and distribution of products Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-6 Marketing Research and Strategic Planning The marketing plan is the cornerstone of strategic planning These are the planning processes that focus on the utilisation of marketing resources and capabilities in attractive markets Marketing research is the basis of a superior marketing plan Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-7 Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-8 Market Segmentation Analysis Information on how to divide an attractive market into meaningful segments, using benefit and lifestyle studies The objective is to: Collect information about customer characteristics, product benefits, brand preferences and demographics These are related to purchase patterns, to develop market segmentation profiles Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-9 Customer Analysis Helps determine: Which market segments to serve The most efficient way of serving the targeted group, through target market analysis Provides information on: New product opportunities Demographics User profiles The effectiveness of current strategies Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-10 Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-11 Competitor Analysis Helps determine which market segments to serve: Entails evaluating competitors’ strategies, strengths, limitations and future plans Asks consumers to identify the key attributes, and their relative importance, that drive purchase behaviour. May include: Price, product performance, quality, service outcomes and convenience Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-12 Dynamic Potential Analysis of the External Environment Involves collecting information on market segments to forecast potential changes Three approaches to collect data: Content analysis In-depth interviews Formal rating procedures Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-13 Brand Development The process of establishing a general meaning or definition of the product offering that is consistent with the benefits customers need Accomplished by combining elements of the marketing mix to meet or exceed targeted customers’ expectations Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-14 Product Portfolio Strategy Focuses on the total product line: To assist in making decisions about reducing costs, and altering marketing mixes and product lines Includes: Customer satisfaction studies focusing on the marketing mix strengths and weaknesses Service quality studies focusing on the degree to which firms meet service expectations Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-15 New Product Planning Research tasks relate to: Concept and product testing Test marketing The purpose is to determine: How the product performs for the customer How the product can be improved to exceed customer expectations Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-16 Distribution Strategy Relates to examining strategies that link producers with end users Includes: Cycle time research Retailing research Logistic assessment Total cost analysis Service sensitivity analysis Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-17 Pricing Strategy Involves: Pricing new products, establishing pricing levels for test marketing, modifying prices for existing products Seeks to establish potential demand, price sensitivity, non-price factors and sales–price interactions Includes: Demand analysis Sales forecasting Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-18 Integrated Marketing Communications Relates to returns for promotional investment Includes: Advertising effectiveness studies, including awareness generated and perceived product benefits Attitudinal research, including cognition, affect and behavioural outcomes Sales tracking Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-19 The Marketing Research Industry Research providers may be internal or external: Internal providers allow for method consistency, shared information and minimised spending with actionable results External providers allow for increased objectivity, specialised service provision and a project-by-project basis with greater flexibility Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-20 Changing Skills for a Changing Industry Fundamental skills include: Communication, interpersonal skills and statistical skills Emerging trends: A shift from analytical to executional requirements in the marketing research industry This includes a shift from primary data collection to knowledge management systems Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-21 A Changing View of the Marketing Research Process Issues include: Growing emphasis on secondary data collection, analysis and interpretation Shortening time frame for marketing information Changing demographic profiles, and privacy concerns and safeguards Globalisation Changing role of marketing research within the strategy development process Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-22 Copyright 2004 McGraw-Hill Pty Ltd PPTs t/a Marketing Research by Lukas, Hair, Bush and Ortinau Slides prepared by Tony Peloso 1-23