Lectures 1 and 2 Flashcards
marketing research
the specification, gathering, analysis, and interpretation of information to help management understand the environment, identify problems and opportunities, and develop and evaluate courses of marketing action
why do marketing research?
Provide Market Intelligence
Aid Decision Making
Minimize Risk
why not just make educated guesses?
you’re likely to be pretty wrong (quotes)
where to do marketing research?
Understand customer, competitor, and company Set the right marketing mixes: -Product - Price -Promotion -Place -Segmentation, targeting and positioning
When was the first example of marketing research?
First Recorded Marketing Research Survey
-Election poll in 1824 by Harris Pennsylvanian
issues to consider related to marketing research
sample size, margin of error, sample bias, nonresponse
bias, etc.
Mature Years - 1950-Present
Change from seller’s market to buyer’s market is key
Market segmentation techniques develop
1960s predictive and descriptive mathematics employed
1990s OTC software enables masses to analyze data
Early Growth - 1900-1920
Curtis Publishing started first research department in 1911
Recall measures and scaling introduced
Adolescent Years - 1920-1950
A.C. Nielsen begins research in 1922
1940s focus groups and random sampling selection begin
WWII gets social scientist into marketing research
Inception - Pre-1900
Harrisburg, PA - first research survey in 1824
Mail surveys introduced in 1895 with 10% response rate
programmatic
Research conducted to develop marketing options
through market segmentation, market opportunity
analyses, or consumer attitude and product usage
studies.
selective
Research used to test decision alternatives such
as new product concept testing, advertising copy
testing, pretest marketing, and test marketing.
evaluative
Research done to assess program
performance.
marketing research industry structure
- Corporate, organizational marketing departments
- Media companies
- Research suppliers: Ad-hoc to full service
suppliers - Field service or specialized service firms
the research process
- formulate the problem
- determine the research design
- design the data collection method and forms
- design the sample and collect data
- analyze and interpret the data
- prepare the research report
formulate the problem
Whose problem?
decision-managers perspective
research-researchers perspective
determine the research design
what are we looking for?
insights, generalizability, causality
design the data collection method and forms
can we use secondary date? (availability, level of fit) if not collect primary data
primary data
interviews, observation, questionnaire
design the sample and collect data
sampling:
sample size, population, sample frame, probability vs. nonprobability
analyze and interpret the data
coding, tabulation (frequencies, descriptive statistics, cross-tabs), statistical tests
prepare the research report
make it clear, accurate, and professional.
interpret findings and tailor to audience
why is it important to have an understanding of marketing research?
without it, you have to take recommendations from others-putting career in the hands of others
where do marketing problems come from?
Planned change
- Desired change to help business grow
- Problem: How change can be brought about?
Unanticipated change
- Change in environment
- Problem: What is happening and why?
How do we take advantage of opportunity?
Decision problem
the problem facing the decision maker for which the research is intended to provide answers
Research problems
A restatement of the decision problem into what information is required by the decision problem. Usually there are multiple research problems corresponding to a decision problem.
example Decision Problem
Should YouTube offer movie rental for a fee?
example research problem
Who are YouTube’s major competitors? What are they offering?
What are their market shares?
Who are YouTube’s customers? their perceptions of and attitudes
toward YouTube and competitors? Would this service offer change
the brand image of YouTube?
Is there a segment of customers who are willing to pay for movie
rental on YouTube? And their price sensitivity?
What movies that YouTube select to rent for a fee? How to
distinguish from competitors?
Channel of communication?
discovery oriented decision problems
associated with unplanned change
-what is going on?
-why is it going on?
research findings provide insights which lead to more research
strategy oriented decision problems
associated with planned change -how should we do this? -where should we do this? -to whom should we do this? research findings lead directly to action
marketing analysis
Customer (needs), Company (resources), Competitors
capabilities), collaborators (activities), Context (forces
marketing strategy
market segmentation, target market selection, and product/service positioning
when not to conduct research
- research costs exceed expected benefits
- insufficient time/budget
- new product with radical innovation
- outcome “decided” in advance
what is the most important step of the marketing research process?
defining the problem (step 1)
