Basic Marketing Concepts Test 2 Chapter 5 What is Marketing Research Process of designing gathering analyzing and reporting information that may be used to solve a marketing problem o Not only information about your products but competitors products o i e product development pricing studies customer satisfaction assessments most common type distribution analysis promotion effectiveness studies o i e every time you put your credit card through a machine at any retailer you are giving them market research They are learning a lot about you just from that swipe of your credit card Customer Satisfaction o Increase wait times can signal higher quality o Unknown waits seem longer than known waits o Explained waits seem shorter o i e if you go to a restaurant and there isn t a wait its considered a low quality restaurant Where did it come from 1980 s TQM Deming JURAN Total Quality Movement o Customer orientation Research to find customer reaction to product Research to compare product to competitors Research to find problems with product Why is it important It gives managers answers to important questions o It decrease customer reaction by 5 you can increase profits o One unhappy customer tells 9 12 others o Its five times as costly to attract new customers than it is to o On average U S firms lose half of their customers ever five by 25 100 retain old ones years o Heat map yellow red green where people walk the most Want to put your fast moving products on the outside o Loyalty card you put in your info and then when you use your card the company gets your demographics Types of Research o Coca cola freestyle machine you pick out whatever soda you It s the foundation for marketing strategy decisions Cluster Analysis statistical analysis technique that identifies customer want segments o The researcher measures things like price sensitivity and importance of quality and on time delivery o Cluster analysis identifies groups segments of customers that have similar characteristics Applied Research research designed to solve a specific problem usually for a specific company e g consulting o So if your pringles and you have problems with a specific sale you can hire someone to figure out what s going on and come up with a solution o Bud Light A Rita Basic Research research designed to extend knowledge of marketing phenomena This goes on in universities Usually free of charge o Q Have you ever had a bad service experience and not complained about it o If not why not o McDonald s Receives 2 200 complaints day Of those 70 1890 are service related Of those half 945 receive follow up Of those 1 3 315 were dissatisfied with the recovery So 33 630 of the daily service complained are addressed The real problem what if 1 890 only represents 5 of the dissatisfying experiences o Why consumers complain and why they don t complain Service Provider Responsiveness 35 they aren t going to listen so why waste your time Sacrifice 25 too much time too much effort too much hassle Switching 15 too much time going to walk away Sympathy 9 don t want to make the person feel bad A bank in Canada gives their customers a dollar if they give them a complaint This tells you that they are very serious and appreciative Marketing Research Process 1 Problem Definition define the problem in hand what s going on 2 Research Design a blueprint on how the research is going to unfold 3 Sampling you take a smaller subset of the population and ask them what they thing 4 Data Gathering 5 Data Analysis 6 Report Preparation The Problem Definition 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 o A lot of different techniques involved Possible tasks involved o Manager interviews o Expert interviews o Secondary data o Qualitative research most common The Research Design o Two types of Data 1 Secondary Data information that has been collected for a purpose other than the research at hand a Rate my professor trying to figure out who the best professor is at FSU we can look at rate my professor 2 Primary Data information that has been gathered specifically for the research objectives at hand a Where do we start It depends i Information 1 Exploratory open ended and designed to see a lot of different possible causes Used in the design to clarify the problem a Focus groups most common a flexible group discussion of a product ad or concept b Observation with video cameras c Secondary source 2 Descriptive surveys very structured you have questions that you want answers to Describes the characteristics of a population Generally associated with surveys who buys what they buy when where how much a Cross tabs b Regression variables 3 Causal identifies cause and effect between a Experiments b Correlation and causation Survey Research Mail Telephone o Respondents answer questionnaire through mail o Respondents answers are recorded by interviewed on the phone Online most common now o Respondents answer questionnaire via e mail or website Personal Interview Surveys most common now o Participants respond to survey questions face to face Basic Research A recent paper looks at the interplay between a firm s outward affiliation with a religious group of customers reactions to a service failure Do customers give companies a break when they have a service failure They do compared to a company that isn t outwardly religious Chick fil a religious and In N Out religious customers do give them a break Frontline technology Results suggest countervailing effects o Technology benefits negative encounters and harms positive encounters o Credit card chip scanner if you are having a nice conversation with an employee you are not paying attention to the new technology being used so it is a question if you really liked it or not Chapter 6 Segment 1 A Brief Introduction to Consumer Behavior Using Consuming What Is Conspicuous Consumption Definition Visual consumption in order to show off one s status Why do people engage in conspicuous consumption Keeping up with the Joneses keeping up with the trends o Social needs signal wealth and status that comes along with wealth Rich people Successful intelligent Less Friendly More competent but cold Poor people Less successful Friendly Honest Warm but Less Competent These are instant judgments that people make What about the Conspicuous Sellers Depends on the Relationship Norm o
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