MARK 3321 1st Edition Lecture 8 Outline of Last Lecture I Steps in Segmenting Markets II Types of Targeting Strategy a Undifferentiated b Concentrated c Multi segment III Positioning a Bases IV Business Marketing V Major Categories of Business Consumers VI Demand in Business Markets VII Types of Business Products Outline of Current Lecture I Roles in the Buying Center II Evaluative Criteria for Business Buyers III Buying Situations a New buy b Modified rebuy c Straight rebuy IV Marketing Research V Steps in a Marketing Research Project VI Observational Research VII Traditional forms of Survey Research VIII Advantages of Internet Surveys IX Other Popular Research Approaches X Scanned based Research XI Customer Relationship Management XII Video Case Nederlander Organization XIII CRM Cycle Current Lecture Roles in the Buying center o Initiator The person who suggests the purchase 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 o Influencers o Gatekeepers o The person who negotiates the purchase Users The person with the power to choose or approve the selection Purchaser o Group members who regulate the flow of information often the purchasing agent Decider o Helps define specifications and provide information for evaluating options Members of the organization who actually use the product Evaluative criteria for business buyers o Price o Service o Quality Buying situations o o New buy A situation requiring the purchase of a product for the first time Highest level of involvement Modified rebuy o A situation where there purchaser wants some change in the original good or service Straight rebuy A situation in which the purchaser reorders the same goods or services without looking for new information or investigating other suppliers CH 9 Marketing Research Marketing research o The process of planning collecting and analyzing data relevant to a marketing decision The role of marketing research o Descriptive o Diagnostic o Explaining data Predictive Gathering and presenting factual statements What if Steps in a Marketing Research Project o 1 Identify and formulate the problem opportunity Management decision problem Marketing research problem o o A broad based problem that uses marketing research in order for managers to take proper actions Determining what info is needed and how that info can be obtained efficiently and effectively 2 Plan the research design Which research questions must be answered How and when will data be gathered How will the data be analyzed 3 Specify the sampling procedures Probability samples Simple random sample Systematic sample Stratified sample Cluster sample Non probability Convenience sample Judgment sample Quota sample Snowball sample o 4 Collect the data Provides a better answer to the research questions in most cases More up to date Secondary data Research that has already been conducted Faster and cheaper to collect Bigger issues with quality 5 Analyze the data o 6 Prepare and present the report o 7 Follow up Observational research o o o Primary data Mystery shoppers Researchers posing as customers who gather observational data about a store Personal approach Behavioral targeting BT A form of observation marketing research that uses data mining coupled with identifying Web surfers by the IP addresses Mechanical approach Traditional forms of survey research o In home interviews o Mall intercept interviews o Telephone interviews o Mail surveys o Executive interviews o Focus groups Advantages of internet surveys o Rapid development real time reporting o Reduced costs o Personalized questions and data o Improved respondent participation o Contact with the hard to reach Other popular research approaches o Social media monitoring o Ethnographic research o Virtual shopping o Experiments o The researcher alters one or more variables while observing the effects of those alterations on another variable Used to gather primary data Mobile research o A system for gathering info from a single group of respondents by continuously monitoring the advertising promotion and pricing they are exposed to and the things they buy o Behavior scan o Research program that tracks the purchases of 3000 households through store scanners in each research market Info scan Sales tracking service for the consumer packaged goods industry Customer relationship management o 26 of surveys now conducted this way Scanner based research Researchers act as participant observers A company wide business strategy designed to optimize profitability revenue and customer satisfaction by focusing on highly defined and precise customer groups Video case the Nederlander organization o Used behavioral targeting by seeing who clicked on the presale and retargeted them via email to buy before the sale was over o Created their database by customers opting in for the newsletter Customer relationship management cycle o 1 Identify customer relationships o 2 Understand interactions with current customer base o 3 Capture customer data based on interactions o 4 Store and integrate customer data during IT o 5 Identify best customers o 6 Leverage customer info