Marketing Research Exam 1 Chapter 1 Marketing Research Notes Marketing evolving changing over time satisfaction becomes a key idea create exchanges with customers that satisfy the needs of both the customer and the marketer focus on the four P s product price placement promotion marketing concept a philosophy of dong business a customer orientation focusing in their needs and wants should be primary objective deliver value better than your competitors companies get in trouble because they abandon this concept customer Sentric market sentric b profit not sales people focus on top line sales but concept says to optimize your bottom line profit can always increase sales but increasing profit is hard c integrate all elements of marketing mix integrate four P s price product promotion placement d future orientation conditions are going to change customers change How do you react to this Change is hard Have to adapt Computer industry fashion industry really good at adapting others get blindsided by companies that have adapted to change Management this What do managers want to do Want to use their intuition but worst thing you can do don t do it Make decisions by the numbers ignore gut feeling Market Metrics numbers used to track how well we re doing research we overlook Evaluation how you do on a test Diagnostics figure out why you made a 70 the way you studied Management decisions research Decision making STP identifying target market and then positioning brand to those consumers segmentation subdividing a large market into segments based on needs wants or demand characteristics targeting targeting to a specific audience positioning how consumer views your brand compared to competition Positioning how consumer sees the brand compared to their competitors Projective Test word association is a prototype people have hidden in their subconscious what they really think of stimuli but not willing to reveal that to interviewer or not able to express it deliberately repressing tapping the psyche directly ambiguous stimulus get down to unconscious mind and reveal what s down there sentence completion test cartoon test asked to draw pictures and tell stories about their drawings What tools does manager use to position brand make decisions about the 4 P s Strategy ends goals means resources available ways actual ways you re going to implement resources starts with goals then resources available then how to implement them Marketing Research organization s formal communication link with the environment organization gathers and interprets data from the environment for use in developing implementing and monitoring the firm s marketing plans Increasingly important as world moves to global economy Three major categories of firms conduct MR 1 Producers of products and services tracking customer satisfaction usage patterns 2 Ad agencies help measure effectiveness of ad campaigns 3 Marketing research companies many companies specialize in conducting MR Who Any decision maker political research market researcher Purpose management Learning to be a smarter consumer of research results Q What s the first step in mr process A Determine the purpose in doing the research define marketing problem Review symptoms managerial problem opportunities strategic decision Every time launch a new initiative have to figure out projected sales determine if you can get a significant return on your investment Basic research understand underlying phenomenon Applied research to solve our problem Backward marketing research dummy tables pic in text3 3 if that s the info manager wants then let s do this If not there s a disjunction there s a problem techniques size of sample nature of survey and other details Syndicated research some firms provide this collect certain info on a regular basis which they then sell to interested clients Not custom designed and collected for particular client but sold to multiple clients Ex Nielsen Company TV ratings Arbitron Radio Ratings Data Information Action Data information knowledge wisdom o Data gather data o Info transform data into useful info that managers can use to make decisions o Knowledge guidelines how to use the info Insight didn t have understanding but now we do o Wisdom global wisdom on what it is What are the ethical responsibilities of marketers and market researchers Ethics are moral principles and values that govern the way an individual group conducts its activities Marketing research ethics principles values and standards of conduct followed by marketing researchers Advocacy research conducted to support a position rather than to find the truth about an issue fraudulent Sugging contacting people under the guise of MR when the real goal is to sell products or services Ex Coca Cola wanted to increase sales through BK restaurants Managers at BK were willing if they did test market indicating it would increase sales of value meals First week results were bad so Coke reps rigged the market test by giving 9000 in cash to kid s clubs to be used to buy value meals convinced BK to go forward with it it failed Chapter 2 Symptom will tell us if there s an underlying problem Common symptoms declining sales slow growth competitors you re leaving a void in marketplace and they re seeing the opportunity changing behavior increasing sales expenditure Managerial problem vs managerial opportunity defining the problem process of trying to identify specific areas where addt l information is needed about the marketing environment managers face situations with negative ramifications for organization unexpected decrease sales managers might face situations with positive results for organization researchers developing new product that has advantages over competing products both situations require good information about marketing environment before making important decisions Managerial problem didn t make your numbers something s not going as planned didn t accomplish your goal failed tracking and monitoring brand sales over time thinking of ways to make changes in marketing strategy Managerial opportunity looking for new markets and uses for products refreshing advertising choices about what new ads will look like organic growth trying to sell more existing products to existing customers Discovery oriented decision problem common with unplanned changes researchers can offer facts and figures that help shed light on the basic problem Strategy oriented decision problem aims more directly at
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