Marketing Research (W1) Flashcards
Marketing
The process of planning and executing the marketing mix to create exchanges to satisfy customer needs and organisational goals
Marketing research
The planning, collection and analysis of data relevant to the marketing decision making and the communication of these results
What is the marketing research orientated around?
Customers
Goals
Systems
What is the value of research?
Competitive advantage Understanding the environment Developing strategy Targeting groups Customer satisfaction - loyalty
Applied research
Research aimed at solving specific problems e.g. why something failed
Pragmatic research
Research to develop marketing options through market segmentation, analysis and attitude
Selective research
Research to test decision alternatives
Evaluative research
Research to assess program performance
Basic/ pure research
Research aimed at expanding knowledge
Data
Facts recorded measures of certain phenomena
Information
Data formatted to support decision-making
Market intelligence
The subject of data and information that actually has some explanatory power
Use of market research in business models
Ansoffs products and markets matrix
4P’s
Levitts product lifecycle
Strategic marketing management process
Identify and evaluate opportunities
Analyse market segments
Plan and implement
Analyse firm performance
Exploratory research
Limited understanding about a situation
Descriptive research
Gathering and presenting statements
Diagnostic research
Explanation of data or actions
Predictive research
Using descriptive and diagnostic research to predict results
How did market research develop?
Inception: 1800s - reports and mail surveys
Early growth: 1900s - mass production lead to the need to understand consumer behaviour and habits
Adolescent years: 1950s - application of research to commercial problems
Mature years: late 1900s - change from sellers to buyers market
Today: big data/ technology
Big data examples/ process
Amazon/ Ebay/ Netflix Amazon: Track your behaviour Use ratings to find your opinions Filter based on the above Netflix produced House of Cards based on this
Benefits of big data
Quicker access to business intelligence
Can respond quicker to customer needs
Easy to do follow-ups
Cuts labour/ time
Impact of the Internet on market research
Things produced virtually Easy to distribute information Easy collaboration between researcher/ client Data management/ analysis Publishing
Emerging trends in marketing
Technology (communication - social media)
Economics (financial crisis/ budgets)
Competition (global)
When not to conduct research
Limited resources Un-useful results Opportunity has passed Decision has been made Information already exists Costs outweigh benefits Market size/ profit margin
Example of in-house marketing research
SurveyMonkey
Advantages of in-house marketing research
Flexible
Responsive
Secure data
Cheap
Advantages of third party market research
Up-to-date knowledge/ tools
Can effectively minis costs and maximise value
High volume of responses
Quick turn around
Disadvantages of third party market research
Don’t know ins and outs of firm
Difficult to communicate information with managers
Costly
Sample may not represent clients company
Marketing research ethics
Moral principles governing the conduct of a group
Name the market research ethics
Deontology Utilitarianism Casuist Low ball pricing Subjectivity Abuse Selling unnecessary research Confidentiality
Respondent rights
Rights to... Choose Safety Be informed Privacy
Utilitarianism
The ability to predict the consequence of an action, choosing that with the highest benefits to the most people is ethically correct
Deontology
People should adhere to their obligations within society
Casuist
Compare current ethical dilemmas with past dilemmas
Low ball pricing
Quoting an unrealistically low price to secure business, then substantially raising it
