Marketing Research MAR4613 Exam 1 Review Chapter 1 Marketing Intelligence CRM Database Marketing o Analyzing marketing data to know customers better o Growing because more information is becoming available to companies o Ex Frequent Flier Miles Hilton Rewards Marketing Research o Focuses on the collection of data and use of information on customers buyer o Provides information about a market in order to improve marketing decisions Market place where consumers and suppliers meet Decisions strategy who where to sell Improve increase market share revenue to become more profitable Context of Marketing Planning Situation Analysis consumers and competitors of the company Strategy Development Big decision Google getting into the mobile phone game Marketing Program Development Small decisions four p s segmentation Implementation Execute Then start over 4 P s Price low high price Product blue red label Place community nation wide Promotion funny serious ad When to Do Marketing Research o Is it relevant or actionable o Is info already available o Can it be done in a timely manner life cycles are getting smaller and smaller o Are resources available enough people people with expertise o Will it be accurate enough to be useful large enough sample size o Is the info worth the cost of the study Two errors can be made 1 Spend money when it s not worth the spending 2 Don t spend money when it is worth the spending most common Respondents Rights o The right to privacy and safety o The right to know the true purpose of the research and to see the results o The right to not participate in the research or in any particular question Extras Research does not guarantee success ex New Coke Ethics is more important in marketing than in finance accounting Chapter 2 Marketing Decision Support Systems Database System storage facility for all primary and secondary data Decision Support System DSS o Reports Displays graphs o Analysis Package o Models mathematical representation of 4 p s impact through optimal decisions In House Research vs External Suppliers o Does our firm have necessary skills to do research ourselves o Is it cheaper for us to do research or to hire another company o Is there a need for special facilities or competencies o Are there any political or legal concerns Types of External Services o Custom customized work for individual clients o Syndicated routinely collects information on several different issues o Standardized standard pre specified manner o Field Service survey at the mall phone o Selective Services one or two types of research o Branded companies that developed a data collection program Chapter 3 The Research Process Research Purpose o Threat or opportunity something changes in the world smartphone invention o Something is expected to happen o Marketing decision that needs to be made o Ex New technology allows digital books to be viewed go digital or not o Ex Competitor lowers their price lower our price or keep it Research Objectives o There are some missing pieces of information if we find the missing pieces then we can make a marketing decision o To find what information is needed o 3 components Research Question Specifies what answers a researcher needs to achieve the research purpose Ex What would be the market share of our new restaurant Ex Do Canadians like the red or blue label Hypothesis Is a possible answer to a research question Ex Share 10 Ex More than 50 of Canadians like red label Scope or Research Boundaries Hypothesis o A priori hypothesis made before study o Post hoc hypothesis made after study o Explicit clear confirmed or not no ambiguity no gray area tends to use math to explain o Falsifiable a good hypothesis is capable of being wrong or else it is a waste of time if we know it is always right Chapter 4 Types of Marketing Research Exploratory o No hypothesis don t know the missing pieces of information o Initial Stages just introduced to the market to generate hypothesis o Informal looser rules o Main goal is to figure out what we don t know o Figure out the possibilities o Ex Participant observation live in with family or a simple interview Descriptive surveys o Snap shot of the market picture of the market o Has a hypothesis o Single variable o Ex Lemonade stand see how many cups on average a customer buys Casual Experiments why o Two or more variable o Have to find out why people do this or that o Ex Why do people buy my product Two Broad Categories of Data Collection Primary Secondary o To solve research purpose mall data o Explicit purpose in mind one purpose o New data fresh data to collect o Already exists already available o Ex U S Census sales receipts website traffic data Research Particulars Measurements o 10 point scale or 5 point scale o What we measure is driven by the missing pieces of information o Measure things that will help find the missing pieces of information Sampling Plan o Not able to ask everyone so we must sample o Can be risky and tricky so we must get it right the first time Anticipate the analysis o Before you get far plan what kind of analysis we will be taking on o If you anticipate which analysis you will be doing then you can avoid problems during the research process Sections of the Research Proposal Executive Summary o Overview Research Purpose Research Objectives Research Design o Primary Secondary Data o Qualitative casual Time Cost Estimates Appendix Chapter 5 Basic Secondary Data Pros o Cheaper easier o Save money time o Skip data collection process Cons o Lack of control o Inaccuracies It s done cannot edit revise data is already produced Face to face people tend to just agree with anything People on the phone will simply hang up o Inconvenient Format o Different purposes Say we needed data in quarters but the data available is on months What was the original purpose of the secondary data Does it match our purpose Internal Databases and CRM CRM o Customer Relationship Marketing o Relation between the buyer and the seller The Rise of Direct Channels o The rise of services technology o Ex Websites Personalization o Personalized coupons for different types of customers o You and your neighbor may receive different coupons Customer Equity Data Mining o Some customers are more valuable than others o Ex Frequent fliers compared to seasonal fliers o Sample used to discover customer relationship o Computer figures it out Web Log Data IP Address 205 188 209 138 Time 15 Feb 2003 10 31 29 500 Page they went to GET csearch
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