LECTURE ONE What is marketing research EXAM 2 STUDY GUIDE o Marketing research a process of designing gathering analyzing and reporting information that may be used to solve a marketing problem Gathering info about key marketing phenomena to get an advantage The more info and quality info that you have the more advantage it gives you in the market Info affects stock o Ex product development pricing studies customer satisfaction assessments distribution analysis promotion effectiveness studies Product development Dunkin tests each breakfast item before putting them on the market Pricing studies trying to find the perfect price point that consumers will pay Most thing you use gets tested Why marketing research o It is the foundation of marketing strategy o Cluster analysis statistical analysis technique that identifies customer segments The researcher measures things like price sensitivity and importance of quality an on Cluster analysis identifies groups segments of customers that have similar Companies who make products know the hot places that they will be purchased by time delivery characteristics using cluster analysis If you know where people live you can promote better in those areas using money wisely o The more the people you want to target know about your product the better Ex Cat Treat Map of US Why is it important o Firms can then put the segments against their core competencies and target the groups with the highest probability of purchasing their products They can ignore the groups that are least likely to purchase their product Saves them money Identify customer basis most attractive to them target They are worth spending resoruces on Think about the implication of the MDS map Perceptual map company gets a sense of how people perceive their brand o Ex Ford can see their primary competitor Toyota o Influences pricing o Indication of increasing sales by changing marketing mix how can mazda increase its market share If mazda wants to get out of categories with lexus they can promote value and affordable pricing and move towards Nissan New and old companies are looking for holes in the map because those are where needs are wanted There are opportunities there o Big data drives current strategies Companies have lots of data and don t know what to with it so they need people to look into all that data and get the important info Ex Walmart is analyzing social media chatter to come up with new products Ex CVS Using info to fine profitable customer o Their valuable customers are at the pharmacy o Names their hypothetical customer Beth Where did it come from o Comes from any source in our history where we cared about knowing the customer Transition from the production to marketing age o 1980s TQM Movement Deming Juran Total Quality Management Satisfy customer by knowing about them Customer orientation o Research to find customer reaction to product o Research to compare product competitors o Research to find problems with product Types of Research o Applied research research designed to solve a specific problem usually a specific company Doing the research for a particular company for a specific purpose Ex consulting o Basic research research designed to extend knowledge of marketing phenomena Not specific Ex Do research on service complaining Not many people do it JM JMR JCR MS JR JAMS Ex interplay between a firms outward affiliations with a religious group and customers reactions to a service failure Transgressions Chick Fil A having religious affiliation does not hurt them with negative customer reactions Ex Research done that looks at how obese frontline personnel influence customer reactions to service encounters How customers view obese frontline employees o Negative stereotype for the company o If you implement strategy for staff to be friendly customers don t care about the obesity Marketing research process o 1 Problem definition o 2 Research design o 3 Sampling o 4 Data gathering o 5 Data analysis o 6 Report preparation The problem definition o a problem well defined is half solved exploratory research qualitative research helps in problem solving as it allows the researcher to better define the problem by getting a look at it first hand explore problems and analyze things to solve them hardest part is identifying the problem requires managers to realize what they are doing wrong The research design o Two types of data 1 Secondary data information that has been collected for a purpose other than the research as hand Data gathered by someone else for another purpose ex best brands ACSI o ACSI publix is number one in customer satisfaction since the ACSI was created 2 Primary data information that has been gathered specifically for the research objectives at hand researcher gathers data for a specific purpose ex survey monkey o information scale where you stars with the research design depends on the info Less information exploratory describes less structured data collection methods used in design to clarify the problem techniques people associate with marketing o used to understand the problem Use o Focus groups a flexible group discussion of a product as or concept o Observation o Secondary data Moderate information descriptive Think you have identified the problem describes the characteristics of a population generally associated with surveys who buys what they buy when and how much o measure the info you have in the survey Use o Surveys Mail Answer questionnaire though mail Telephone Answers are recorded by interview on the phone More common in politics not very popular anywhere else Online Answer questionnaire via e mail or website Very popular Personal interview survey Respond to survey face to face Business to business surveying o Regression More information casual You are very confident you have identified the problem identifies cause and effect between variables Use really want to see the affects of one thing on another o Experiments Isolate cause of x variable on y variable Ex affects of advertising on sales o Run an experiment that allows you to control other variables than sales Ex controlling mood setting price Sampling the Population o Sample make it look exactly like the overall customer base but smaller Generalization of the customers buying the product o Population o Sample o Sampling Elements units or individuals of interest to researchers for a specific study A limited number of units chosen to represent the total population Selecting
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