Introduction to Marketing: Lecture 1

Question 1

What is marketing?

Answer 1

Marketing is the activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. It’s about your entity, your business.

Question 2

What is marketing research?

Answer 2

Marketing research is the process of designing, gathering, analyzing, and reporting information that may have been used to solve a specific marketing problem. Systematic gathering of information to solve a problem, being used from a marketing standpoint.

Question 3

How did Charles Coolidge Parlin advertise?

Answer 3

Sent surveys to magazine subscribers to assess who was reading magazines for Saturday Evening Post; helped them sell better.

Question 4

Growth of Marketing Research

Answer 4

Industrial Revolution and WWII is where marketing research boomed with manufacturers producing goods for distant markets. Tech advances made it easier to reach people.

Question 5

How did marketing research progress?

Answer 5

First door to door, then telephone surveys in the 60s, decline in 90s with call display, online surveys began in 90s with home computers, geotracking smartphones in 2000s.

Question 6

Marketing Research Today

Answer 6

$31 billion annually globally.
$1 billion Canadian.
2000 ppl employed full time in CAD.

Question 7

Research Suppliers

Answer 7

Internal suppliers: department within a firm that supplies marketing research. Formalized… Bell MTS, MPI doing traffic research.
External suppliers: firm outside organization hired to fulfill marketing research needs.

Question 8

Challenges to Marketing Research

Answer 8

Many companies use DIY approach leading to poor research and outcomes.
Respondents are mistreated with over surveying or overly long surveys.
Companies are too focused on techniques and creating and selling tools rather than developing new research.

Question 9

Marketing Research Certification

Answer 9

Previously governed by MRIA (Marketing Research Intelligence Association) but now governed by CRIC (Canadian Research Insight Council).
Individual designation is CAIP (Canadian Analytics and Insights Professional) but not sought after or highly valued so doesn’t mean a lot.

Question 10

In order to market…

Answer 10

People need to be able to make decisions.
You need objective, accurate and timely research. Think Colgate and their frozen meal options 25 yrs ago. Accuracy is asking the right questions.

Question 11

Descriptive Research

Answer 11

Gathering and presenting statements of fact. Attitudes toward a product or eating habits. Nothing about why or where. ex. my foot hurts.

Question 12

Diagnostic Research

Answer 12

Explains actions or data. What influences how often people eat pizza. Ex. why does my foot hurt

Question 13

Predictive Research

Answer 13

Ability to understand future attitudes and behaviours to make planned marketing decisions. Ex. if we give medication what will happen with your foot?

Question 14

Uses of Marketing Research

Answer 14

• Identify market opportunities or problems.
• Generate, refine, and evaluate marketing actions (identifying target markets)
• Product research: idea generation, product testing
• Pricing research
• Promotion and advertising research
• Marketing mix (distribution) research

Question 15

More uses of marketing research

Answer 15

Used to monitor marketing performance. You can analyze product sales, behaviour changes, image analysis of a company, customer satisfaction studies.

Question 16

Marketing Research is not infallible

Answer 16

Think of Stella Artois (roses ad in America),
Seinfeld (wrong target audience used), Coca-Cola Blak (what did it replace), Honda Element (middle aged moms had the same needs and different cares about looks).

Question 17

Marketing Research Process Step 1

Answer 17

Establish the need for marketing research! Do we already have it? Is it worth the money to be spent?

Question 18

Step 2

Answer 18

Define the problem. All else is wasted if not done right.

Question 19

Step 3

Answer 19

Establish research objectives.

Question 20

Step 4

Answer 20

Determine research design: Exploratory, descriptive, diagnostic, prescriptive, causal.

Question 21

Step 5

Answer 21

Identify information types and sources: Primary vs secondary

Question 22

Step 6

Answer 22

Determine methods of accessing data: three main choices: have a person ask questions, use computer assisted or direct questioning, allow respondents to answer questions themselves with no computer assistance.

Question 23

Step 7

Answer 23

Design Data Collection Forms: questionnaire must be worded clearly, objectively and without bias.

Question 24

Step 8

Answer 24

Determine sample plan and size, how will you select ppl (representativeness) and how many elements of populations should be surveyed (accuracy).

Question 25

Step 9

Answer 25

Collect Data. Watch out for errors here like non-sampling errors during data collection or data collection errors.

Question 26

Step 10

Answer 26

Analyze Data with statistics.

Question 27

Step 11

Answer 27

Prepare and present the final research report. You must properly communicate results to clients as it is often the only component they will use.