Mark 3000 1st Edition Lecture 9Outline of Last Lecture I. Primary Data Collection techniques: a. Qualitative research b. Quantitative research II. Advantages and disadvantages of research Outline of Current Lecture I. Step 4: Analyzing Data and developing insights II. Step 5: Action plan and implementation III. Emerging technology and ethics of using customer information IV. Product V. Product Issues VI. Branding Current Lecture Step 4: Analyzing Data and Developing Insights Data is defined as raw numbers or other factual information that has limited value to marketers Information is organized, analyzed and interpreted data Converting data into information to explain a particular situation Step 5: Action plan and implementation Analyst prepares results and presents them to the appropriate decision makers A typical marketing research presentation contains the following: - Executive summary - Body: discusses research objectives, methodology used and detailed findings - Conclusions - Limitations - Supplements including tables, figures, appendences 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.Emerging technology and ethics of using customer information - Strong ethical orientation must be an integral part of a firm’s decision making process - AMA guidelines for marketing research: o Prohibit selling or fundraising under the guise of conducting research o Supports maintaining research integrity by avoiding misrepresentation and omission of pertinent research data o Encourages fair treatment of clients and suppliers- With more technology, potential threats to customers personal information grow as well - Stored data can be abused as shown by security breaches - Biometric data: includes one or more physical traits such as facial characteristics, iris scans, or fingerprints Product- Anything that is of value to a consumer and can be offered through a voluntary marketing exchangeo Includes goods, services, ideas, places people and communities o Core customer value: basic problem solving benefits that consumes are seeking form the product o Marketers convert the core customer value into the actual product o Associated services: non-physical attributes of the product including product warranties, financing, product support, and after-sale service. Product Issues- Types of products o Specialty: products for which customers express a strong preference that they will expend considerable effort to search for best suppliers  Expensive cars, legal services o Shopping: products or services for which consumer is willing to spend a fair amount of time comparing alternatives  Furniture, clothes, shoes o Convenience: Products for which consumer is not willing to spend any effort to evaluate prior to purchase  Commodities, bread, soap o Unsought: products consumers either do not normally think of buying or do not know about at all - Branding:o Brand is the identification of a producer o Brand an include names, logos, symbols, characters, slogans, jingles/sounds o Value of branding:  Facilitates consumer purchasing  Establishes consumer loyalty  Protects from competition  Reduces the cost of marketing  Brand name is an asset that has market value: can be protected with trademarks o Brand equity: set of assets and liabilities linked to a brand that add to or subtractfrom value provided by the product or service  The value of a brand  It is protected by the Lanham act o Brand relationships:  Brand awareness: how many consumers are familiar with the brand  Perceived value: the relationship between a product’s benefits and its cost  Brand associations: mental and emotional links a consumer makes between brand and product attributes  Brand loyalty: repeatedly buying one brad over alternatives  Love mark or brand love: Loyalty beyond reason - Consumers are very passionate about a brand - Ex. Chick Fila song o Brand Strategies:  Ownership: manufacturer brands/ national brands: developed by producer of product - Nike, Coke, Sony  Private label brands/ store brands: developed by retailers - Ex. Kroger o Naming brands and product lines  Family brand: A firm’s own corporate name used to brand its product lines and products - Kellogg’s - Individual brands benefit from overall brand awareness associatedwith family name- Same name for all products  Individual: Use of individual brand names for each of the firm’s products - Ex. P and G - Different brand names for different products from same company  Co-branding: Practice of marketing 2 or more brands together on the same package, promotion or store - Beneficial because it signals unobservable product quality throughlinks between firm’s brand and a well known quality brand - Ex. KFC and Taco Bell Restaurants together to attract more customers - Can fail when customers of each brand are very different ex. Burger king and Hagen