Download Marketing Research

Marketing Research
Chapter One
A Decision Making
Perspective on
Marketing Intelligence
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What is marketing intelligence?
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What is Marketing Intelligence?
Market intelligence (MI) is, “the process of acquiring and
analyzing information in order to understand the market
(both existing and potential customers); to determine the
current and future needs and preferences, attitudes and
behavior of the market; and to assess changes in the
business environment that may affect the size and
nature of the market in future.”
- Cornish S. L
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Business Intelligence
Business Intelligence
Financial
Intelligence
Management
Intelligence
Marketing
Intelligence
....................
Customer Relationship
Marketing/ Database Marketing
Marketing
Research
Primary Sources
Accounting
Intelligence
Secondary Sources
Standardized Sources
Provide data on
Prospects
Customers
Competition
Products/Markets
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Need for Marketing Intelligence
• Producers have little direct contact with consumers
(geographical distance and channel layers).
• Channel has little knowledge about customer attitudes,
preferences and changing tastes.
• Need to understand competition, without spying on
them.
• Management goals involve sales targets and market
share achievement.
• Need to identify successful new product developments
early in the process to ensure growth and revenue
maximization by finding a balance between costs and
prices of products.
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Domains of Marketing Intelligence
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Product decisions
Customer segmentation decisions
Brand and pricing decisions
Keeping stakeholders happy
Market estimation, competitive
benchmarking & distribution
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What is marketing research?
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Marketing Research
• Marketing Research is the function that Links
consumer, customer, and public to the
marketer through information used to:
– Identify and define marketing opportunity and
problems
– Generate, redefine and evaluate marketing
actions
– Monitor marketing performance
– Improve understanding of marketing as a
process
(from AMA’s official definition of Marketing Research)
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P & G Luring Women with
their Feminine Toothpaste
• P & G has came out with “Rejuvenating Effects” a gender
specific toothpaste targeting the female customers, who
do 82% of the grocery shopping.
• The flavor and package of the product was decided on
the basis of the results from a customer survey filled out
by women.
• Though the product is priced slightly higher than the
other brands P & G hopes to make women think about
the toothpaste in the same light as skin care lotions and
shampoo.
• Toothpaste: unisex product feminine product
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Four Stages of Marketing
Planning Process
Situation
Analysis
Strategy
Development
•Understand the environment and the market
•Identify threats and opportunities
•Assess the competitive position
•Define the business scope and served
market segments
•Establish competitive advantages
•Set performance objectives
Marketing
Program
Development
Implementation
•Product and channel decision
•Communication decisions
•Pricing
•Personal selling decisions
•Performance monitoring
•Refining strategies and program
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Ethics Issues in Marketing
Research
Ethics of the Sponsor
– Overt and covert purposes
– Dishonesty in dealing with suppliers
– Misuse of research information
Ethics of the Supplier
– Violating client confidentiality
– Improper execution of research
Abuse of Respondents
– Falsifying answers
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Questions
• How to find a good research topic?
• Where can we search references?
• How to structure a thesis/paper?
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Situation Analysis
Analysis of
– Market environment
– Market characteristics
– Consumer behavior
Research Approaches
– Organize information obtained from prior studies
(secondary)
– Focus groups
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Strategy Development
Market Research Provides Information to
Assist Management With Three Critical
Decisions:
– What business should we be in?
– How will we compete?
– What are the objectives for the business?
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Marketing Program Development
Representative Decisions that Draw on Marketing
Research:
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Segmentation decisions
Product decisions
Distribution decisions
Advertising and promotion decisions
Personal selling decisions
Price decisions
Branding decisions
Customer satisfaction decisions
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Implementation
• Starts with decision to proceed with a new
program or strategy
• Set specific measurable objectives for all
elements of marketing program
• Shift research focus to :
– "Did the elements achieve their objectives?"
– “Should the marketing program be continued,
discontinued, revised or expanded?"
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