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EXAM 2 STUDY GUIDELECTURE ONE- What is marketing research?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 strategyo Cluster analysis statistical analysis technique that identifies customer segments  The researcher measures things like price sensitivity and importance of quality an on time delivery  Cluster analysis identifies groups (segments) of customers that have similar characteristics Companies who make products know the hot places that they will be purchased by 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 pricingo 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 customero 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 orientationo Research to find customer reaction to producto Research to compare product competitorso Research to find problems with product - Types of Researcho 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: consultingo 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 companyo If you implement strategy for staff to be friendly, customers don’t care about the obesity - Marketing research processo 1. Problem definitiono 2. Research designo 3. Samplingo 4. Data gatheringo 5. Data analysiso 6. Report preparation - The problem definitiono “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, ACSIo 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 marketingo used to understand the problem - Use:o Focus groups a flexible, group discussion of a product, as, or concept o Observationo 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 - really want to see the affects of one thing on another- Use: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 Populationo Sample: make


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FSU MAR 3023 - EXAM 2 STUDY GUIDE

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