journal entry “consumers accept only ____out of every 10 new products introduced into the...
TRANSCRIPT
Journal EntryJournal Entry
““Consumers accept only ____out of Consumers accept only ____out of every 10 new products introduced every 10 new products introduced into the marketplace. Why do you into the marketplace. Why do you
think this is?” think this is?”
Key Terms and Main IdeasKey Terms and Main Ideas
Terms:Terms: Marketing ResearchMarketing Research
Marketing Marketing Information Information ManagementManagement
Database marketingDatabase marketing
DatabaseDatabase
Essential Questions?Essential Questions? Purpose of MRPurpose of MR
Purpose of Marketing Purpose of Marketing Information SystemInformation System
Procedures for Procedures for gathering gathering information using information using technologytechnology
Reasons Products FailReasons Products Fail Poor/_______ productsPoor/_______ products
Customer __________to Customer __________to another product another product
Inferior __________Inferior __________
Poor____________Poor____________
Misleading / ____ nameMisleading / ____ name
High priceHigh price
Unclear image of Unclear image of the products’ the products’ intended use intended use
What is Marketing What is Marketing Research?Research?
Involves marketing function that Involves marketing function that links____________,_____________, & public to the links____________,_____________, & public to the marketer through informationmarketer through information
Gathering,___________, & ___________of information Gathering,___________, & ___________of information about problems related to marketing about problems related to marketing
Why should MR matter to us as Why should MR matter to us as marketers?marketers?
To obtain To obtain information about:information about:
*_____________*_____________
*_____________*_____________
*_____________*_____________
*_____________*_____________
*& plans of potential *& plans of potential customers…ANDcustomers…AND
What can MR do?What can MR do? Determine what Determine what
customers________customers________
Minimize _________when Minimize _________when introducing a new introducing a new productproduct
Increase _______/profitsIncrease _______/profits
Solve problemsSolve problems
______________________
http://www.leancuisine.com/ProductBuzz/
Example=StouffersExample=Stouffers
Almost 13 years of MR to Almost 13 years of MR to develop Lean Cuisine develop Lean Cuisine product lineproduct line
Studied trends in Studied trends in health/dietinghealth/dieting
Success of $125 million in Success of $125 million in sales after the first year sales after the first year of national distributionof national distribution
Who uses MR?Who uses MR? _____businesses_____businesses
_____businesses_____businesses
______for profits______for profits
GovernmentGovernment
Entertainment BusinessEntertainment Business
Financial ServicesFinancial Services
Marketing Information System
• Set of _______& ___________that___________,___________, analyzes, & distributes marketing information used in making decisions
What’s included in a marketing information system?
• ________ records– sales, expenses, supplier data
• __________ records- such as prices, products, locations, market share
• Customer data– buying behavior, shopping patterns, demographics, lifestyles research
• ______________data– price trends, laws/regulations
• Marketing research reports– Primary & secondary
Marketing Databases
• Focus on ___________ ______________Management (CRM)
• Related info on specific topic:
Characteristics & ________patterns
• Companies use info to send special offers or to sell to other companies
( Ethical?)
Marketing Databases
• CRM- process of___________,_______, & managing customer lists
• List include:
info on individual _____________& transactions w/ business
•Lists developed from touch points:
-______ to face sales-direct ___ responses-phone/internet purchase-website visits
Consumer Privacy
• Gov’t has regulations to protect ______of consumers– Companies offer the
choice of being added to mailing list
– Banks offered detailed privacy statements
Ways to Collect Data• Create a
“_________customer card”
• Adds customer ______to the purchase
• Receive special______• Company analyzes info
to better understand ____________/ buying behaviors
TYPES OF MARKETING RESEARCH
Attitude Research
Market Intelligence Research
Media Research
Product Research
TYPES OF MR 1 & 2
1. Attitude
_____________research
How people___________ about product, company, or ideas
Customers rate “How satisfied” with product/company
Opinion polls by Gallup on politics, economy, & social issues
______Groups- consumer panels
Ex. Attitude of the general public on clean energy or going green
2. _____________Intelligence
Size, location, and make-up of the market for particular product/service
Before product is __________ and during__________________
Uses customer and market analysis to obtain data…
Helps to identify potential target markets
CUSTOMER & MARKET ANALYSIS
Customer Analysis: study of customer behavior
_________________& ________________about buying motives etc.
Market Analysis: study of ___________of consumer market; investigate potential market for a product and define market characteristics
WHEN WE CONDUCT MARKET RESEARCH, WE
USE…
1. Sales Forecasting
1. Estimates future sales of product
2. Calculate total market and individual product
3. Then try to make changes to increase market share
Economic Forecasting: attempt to predict future economic conditions
1. Extensive economic knowledge
2. Done by federal agencies
TYPES OF MR 3 & 4
3. ____________
Focus on media selection & frequency
Which Media mix to use to reach target market
Studies brand awareness, ad recall, brand image, audience size
4. ______________
Centers on product design, usage, and consumer acceptance of products
Done to test new and existing product packages
Also done to collect info on competitors products
Click on TV for YouTube Funny Commericals (7 min) AD recall after video