MAR3023 Using Market Research to Assess Needs Marketing Research process of designing gathering analyzing and reporting information that may be FALL2013 EXAM 2 used to solve a marketing problem o TQM movement 1980s is customer oriented Research to find customers reactions to products compare products with competitors and find o Be able to discuss how marketing research is the means by which firms acquire information about customers which informs the strategic decisions they make o Be able to articulate and give examples of how marketing is far more empirical quantitative than most problems people believe Types of Marketing Research Studies o Applied research designed to solve a specific problem usually for a specific company o Basic research designed to extend knowledge of marketing phenomena Marketing Research Process o Problem definition focuses on uncovering the nature and boundaries of a situation or question related to marketing strategy or implementation o Research design an overall plan for obtaining the information needed to address a research problem or issue Exploratory research qualitative helps in problem solving as it allows the researcher to better define the problem by getting a look at it first hand uses the design to clarify the problem using secondary data focus groups observations Descriptive research clarifies the characteristics of certain phenomena to solve a particular problem associated with regression and surveys who buys what they buy when where how much Experimental research make casual inferences about relationships causal cause and effect Types of Data Primary data observed and recorded or collected directly from respondents Secondary data compiled both inside and outside the organization for some purpose other than the current investigation o Data gathering Population all the elements units or individuals of interest to researchers for a specific study Sample a limited number of units chosen to represent the characteristics of a total population Sampling the process of selecting representative units from a total population Probability sampling every element of the population being studied has a known chance of being selected o Random sampling all units have an equal chance of appearing in the sample and the various events that can occur have an equal or known chance of taking place o Stratified sampling the population is divided into groups with a common attribute and a random sample is chosen within each group Nonprobability sampling there is no way to calculate the likelihood that a specific element of the population being studied will be chosen o Quota sampling researchers divide the population into groups and then divide the population into groups and then arbitrarily choose participants Surveys consider bias depth accuracy and resources Human o Telephone survey questionnaire recorded by an interviewer on the phone MAR3023 EXAM 2 FALL2013 o Focus group interview in small groups to observe interaction when members are exposed to an idea or concept o Personal interview survey respond to questions face to face Machine o Crowdsourcing taking tasks usually performed by marketers and outsourcing them to a crowd or potential market through an open call Self report o Mail survey questionnaire sent through mail o Online survey answer questionnaire through email or website o Data analysis Regression a technique that is used to predict a dependent variable with one or more independent variables We can predict sales using the relationship between past sales and an independent variable it is useful when a precise association between variables can be estimated Cannot be used with new products but does help with segmentation Statistical interpretation an analysis of what is typical and what deviates from the average Cluster analysis statistical analysis technique that identifies customer segments The researcher measures things like price sensitivity and importance of quality and on time delivery Cluster analysis identifies groups segments of customers that have similar characteristics Firms can then plot the segments against their core competencies and target the groups with the highest probability of purchasing their products MDS map o Report preparation usually is a formal written document including summaries and recommendations Segmentation and Positioning Market segmentation process of dividing up a market into smaller groups The segments are designed to have similar wants and needs The idea is that firms can use their marketing mix to tailor products for each segment Target marketing selects certain segments for emphasis Using cluster analysis firms can plot the segments against their core competencies and target groups with the most sales potential Targeting process o Segment o Target Undifferentiated single mass market it the target 1 mix because of homogenous needs Differentiated two or more segments multiple mixes Concentrated single well defined market segment one approach Demographics describe characteristics of a population gender age ethnicity education religion Geographic region city size urban vs rural region Prism Psychographics personality motives lifestyles Behavioristic usage vs volume benefits loyalty price sensitivity Use related explained by VALS Usage heavy medium light non Awareness unaware aware interested enthusiastic Sales forecast The amount of a product a company expects to sell during a specific period at a specified level of marketing activities Brand loyalty none some strong MAR3023 EXAM 2 FALL2013 Forecasting methods can be scientific or arbitrary and vary in complexity and expense Depends on costs product market characteristics time span purpose of forecast historical sales data and many other variables Time historical sales data to discover patterns Trend analysis Using aggregate sales data from many years to determine general trends Cycle analysis Analyzing sales for three to five years to assess consistent fluctuations Seasonal analysis Analyzing daily weekly or monthly sales to assess seasonal influences o Position Test market making a product available to buyers in one or more test areas and measuring purchases and consumer responses popular in Jacksonville FL because it is representative of the entire US population Information about customers actual purchase behavior Effective at estimating sales of new products Time consuming and expensive Multiple forecasting methods used for diverse product lines Product positioning
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