MARK 3000 1st Edition Lecture 7Outline of Last Lecture I. Segmentation II. Segmentation Targeting Process Outline of current Lecture I. Marketing Research II. The research Process III. Step 1: Defining objectives IV. Step 2: Designing the research V. Step 3: Data collection a. Types of Data b. Secondary Data Current Lecture Marketing Research: Set of techniques and principles for systematically collecting, recording, analyzing and interpreting data that can aid decision makes involved in marketing goods, services or ideas. - Marketing research is very profitable - It reduces the uncertainty under which firms operate - Marketing research provides a crucial link between firms and their environment - Firms can respond and quickly to competitor moves by constantly monitoring competitors The Research Process: 1. Define objectives and research needs 2. Design the research 3. Data Collection 4. Analyzing Data and developing insights 5. Action plan and implementation Step 1: Defining objectives and research needs: Since research is expensive and time consuming it is important to establish what problem needsto be solved 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.Involves clearly define the objectives of their marketing research projectWhat information is needed to answer a specific research question? How should that information be obtained? Step 2: Designing the Research: Involves the design Identify the types of data needed and determine the research necessary to collect it Objectives of the product drive what type of data is needed Step 3: Data collection Process: Begin to gather data that corresponds with the designTypes of Data: Data is collected from samples and then generalized about all customers with the same characteristics Samples: a group of customers who represent the customers of interest in a research study Primary data: Data that you create - Data collected Specifically for this research - Creating new information Secondary data: Already exists, looking things up - Pieces of information collected prior to this research projectSecondary Data: Inexpensive external secondary data: readily available at a low cost - Governments sources, census, - Often not adequate for researcher needs External Syndicated Data: Data available for fee from commercial research firms such as AC Nielsen - Provide information about shifts in brand preferences - Scanner data: used in quantitative research obtained from scanner readings of UPC labels at checkout counters - Panel data: information collected from a group of consumers, organized in to panels overtime. o Mix of primary and secondary data - Show firms what customers are buying or not buying Internal Secondary Data: The data that firms generate from their day-to-day operations- Data Warehouse: large computer files that store millions and even billions of pieces of individual data - Data Mining: uses a variety of statistical analysis tools to uncover previously unknown patters in data or relationships among variables - Many retailers try to customize product and service offering to match needs of customers o Ex. Grocery companies tracking the purchases of customers through loyalty cards and anticipating their future purchases o Can also help retailers know about complementary goods that customers buy together - Through data mining, companies reduce their Churn levels o Churn: number of customers who stop using a product divided by average number of consumers of that