Mkt 3010 1st Edition Lecture 9 Outline of Last Lecture Ch. 9Step 4: Select Target Market- Undifferentiated, Differentiated, Concentrated, MicromarketingStep 5: Identify and Develop Positioning StrategyPositioning StrategiesRepositioningCh. 10Marketing research- objectives and considerationsOutline of Current Lecture Ch. 10Step 1: Define objectives and research needsStep 2: Designing the researchStep 3: Data collectionSecondary data: internal/externalPrimary data: Qualitative/quantitativeCurrent LectureFeb. 12, 2015Chapter 10: Marketing Research Process- Step 1: Define Objectives and Research Needso What is needed?o Cost vs. Benefit analysis: how can we get the best information for the least amount of money?These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.- Step 2: Designing the Researcho Specify Constraints- restrictions (time, money)o Type of Data- what kind will lead to the best marketing action?o Type of research- what do we need to do to get the right data?- Step 3: Data Collection Process***usually most expensive step and prone to most erroro Secondary data- data that has already been collected prior to when you need it. (Can save a lot of time and money**look at this first) External sources: census, trade publication, magazines, etc.- Syndicated data- data that other firms collect and sell to companies. Notspecified for that company but this can be used instead of having a research department.- Credibility issue- make sure sources are credible Internal sources: within the firm- Data Warehouse: credit card lists, purchase history, etc.- Data Mining: using statistical techniques to figure out tendencies in behavioro Primary data- data that the firm collects on there own to address a specific research project*** takes more time and costs more Qualitative research- with this data we gather information, define problems, andsuggest hypotheses. Performed when the firm isn’t really sure what to do with the data.- Observation: examine purchase and consumption behaviors—personal or videoo Ethnographic research: observing consumers in their own natural habitat- In-depth Interviews: ask one person questions, record answers, ask follow up questions **time consuming so make sure you get the most out of the interview- Focus Groups: small group of people (8-12) that are paid to be in a conversation guided by a moderator, recorded and observed by the firm- Social Media- lots of free data, meaningful insights about customer preferenceso Sentiment mining: collecting consumer comments online and analyzing how they are talking about the brand, also can get some competitor’s products Quantitative research- used to confirm preliminary insights, test hypotheses from qualitative research and more structured responses statistically tested- Survey Research- find out knowledge, attitude, and behavior about buying a product (usually a questionnaire: structured or unstructured questions) **People are more willing to take web surveys and are more truthful- Experimental Research- systematically manipulate one or more variables—determine casual effect on other variables- Scanner Research- uses data from UPC codes (bar codes)- Panel Research- Collect information from a group over