Session One 🥳 Flashcards
What can marketing research help with?
Guide and help improve managers’ marketing decisions.
Marketing:
Processes for creating, communicating, delivering, and exchanging offerings that have value for customers.
What are some elements that are marketed?
- Goods
- Services
- Organizations (HKU)
- Places (Capilano Suspension Bridge)
- Persons (Artists)
- Ideas
- Information (Scam safety)
The information collected in marketing research is used to:
- Find market opportunities and problems (to find solutions for)
–> For example: Selecting a market and finding the right marketing mix to satisfy their wants and needs (may change due to the opportunities and problems). - Help decided if a marketing action is good, and refine them.
- Monitor one’s marketing performance.
- Improve one’s marketing process.
Example of a product research question:
Product research: What are the motives for purchasing hybrid cards?
Motivation for purchasing a product.
Price research:
Understanding consumer’s reactions to different levels of prices.
Promotion research:
Researching to see the effects of a campaign.
For example: If a campaign increased product awareness or not.
Placement research:
Researching if its a good idea to put a product in a specific location.
For example: Should we expand our stores to another country?
What does “improving our understanding of marketing as a process:”
- Defining and classifying marketing phenomena.
- Developing theories that describe, explain, and predict marketing phenomena.
Marketing Research Process (General): Step 1:
Step 1: Establish the need for the marketing research.
Marketing Research Process (General): Step 2:
Step 2: Define the problem.
Marketing Research Process (General): Step 3:
Step 3: Establish the goals of the research.
Marketing Research Process (General): Step 4:
Step 4: Determine the design of the research.
Marketing Research Process (General): Step 5:
Step 5: Collect data.
Marketing Research Process (General): Step 6:
Step 6: Analyze and interpret the data.
Marketing Research Process (General): Step 7:
Step 7: Report the results.
Step 1: Establish the need for marketing research
There are costs and benefits to do marketing research. Evaluate if doing so would be worth it.
Benefits:
- Decreased uncertainty on whether a decision is good idea or not.
- Improved marketing performance and higher profits by going with the decision that was chosen based on the research.
Costs:
- Cost of doing the research.
- Delay of choosing marketing decisions and the information might get revealed to competitors.
Step 2: Define the problem: Problems
Problems: Situation where managers need to choose between different alternatives.
Problems in marketing can be identified by external sources, top management or consumers too.
There are two parts to problems: Recognizing the problem and then determining what decisions need to be made.
Step 2: Define the problem: Recognize the situation: Two main sources of problems:
One can find the problems in marketing (situations needing decision-making to improve):
1) Failure to meet objectives.
2) Opportunities
Step 2: Define the problem: Determine what decisions need to be mad:
Determine all the decision alternatives (possible actions the manager thinks may resolve or take advantage of the problem).
-> Ex: Modifying the product, promotion, changing the price, adjusting the distribution channels.
Compare them to one another by their consequences.
Step 3: Establish research objectives:
Research objectives: A statement or question that expresses what kind of information one wants to find to a solve a problem.
Example: To develop a marketing strategy for the American Red Cross -> To identify the incentives that would encourage students to donate blood.
