information management and market research. marketing research links…. consumer, customer, and...
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Information Management and Market Research
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Marketing Research Links….
Consumer, Customer, and
Public
Marketer through
informationMarketing Research: Involves the process & methods used to gather information, analyze it, & report findings related to marketing goods and services.
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Marketing Research
• What is the primary purpose of Marketing Research?– To obtain information about the preferences,
opinions, habits, trends, and plans of current and potential customers.
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Marketing Research
• Marketing Research Answers:
– What products should be produced
– Where the product should be sold
– How the products will be promoted
– At what price the products will sell
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Marketing Research
• Marketing Research has three roles– Descriptive
• Gathering and presenting factual statements
– Diagnostic• Explaining data
– Predictive• Addresses the “What if” questions
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Marketing Research
• What does Marketing Information Systems do?– Generates– Stores– Analyzes– Distributes……
…marketing information for use in making marketing decisions.
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Marketing Research
• What information do companies track?– Company records– Competitors’ records– Customer profile data– Government data– Marketing research
reports
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Marketing Research
• What do they use this information for?– Sending out catalogs– Special offers– Selling information to other businesses
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Market Research
• The type of research a business conducts depends on the problem they are trying to solve.
– Quantitative Research: Answers questions that start with “how many” or “how much”. This type of information gathers information from a larger group of people.
• Usually done through surveys
– Qualitative Research: Focuses on smaller numbers of people (usually less than 100) and tries to answer the question “why” or “how”.
• Usually done through interviews
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Market Research
• Research is not limited to products; it is also conducted to answer questions about – Attitudes & Behaviors– Market Segments– Advertising Media– Brands– Prices– Employees
………………..Basically every aspect of Marketing
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Types of Marketing Research
• Attitude Research– Also known as opinion research – how people feel about
products
• Market Research– Concerned with size, location, and makeup of the market for a
product
• Media Research– Focuses on media selection and frequency
• Product Research– Centers on evaluating product design, package design, product
usage, and customer acceptance of new and existing products.
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Goal of Market Analysis
• Study the behaviors, characteristics, and buying habits of a company’s target market.
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Forecasting
• Sales forecasting– Effort to estimate the
future sales of a product
• Economic forecasting– Attempt to predict the
future economic conditions of a city, region, country, or part of the world.
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Market Research
• Market Research is limited by:– The amount of information that can be
gathered is limited by the amount of money and time a company can afford to spend on the equipment
– The number of personnel needed to conduct the research
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Marketing Research Process:
1. Defining the problem
2. Obtaining data
3. Analyzing the data
4. Recommending solutions to the problem
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Types of Data
• Primary– Obtained for one
particular purpose
• Secondary– Already gathered for
another purpose
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Internal Data Measures:
• Monthly sales
• Geographic distribution of customers
• Customer buying habits
• Identify popular items on the market
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Secondary data sources:
• Internet
• U.S. Government
• Consumer and Business Information companies
• Business and Trade Publications
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Primary Data Sources:• Obtained by:
– Survey method– Observation method
• Fastest and most cost-effective– Experimental method
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Telephone Interviews
• Advantages– Quick– Efficient– Inexpensive
• Disadvantages– Unwilling to respond– Resent intrusion on personal time
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Mystery Shopper
• Researcher that poses as a customer and goes into a retail store to observe employees. A mystery shopper is someone hired by a
company to pose as a customer, to evaluate the services or purchase pre-selected
merchandise.Becoming a mystery shopper is free. It doesn't cost a penny to find out about
shopping opportunities
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Survey Questions• Survey questions
can be either __________ questions or ____________ questions.
open ended
Forced choice
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Forced-choice Questions
• Yes/no questions• Multiple choice questions• Rating scale questions• Level of agreement questions
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Filter Questions
• Used to guide respondents to answer questions that apply to them.– Two-choice question used the most