Marketing Research Marketing research jobs are expected to grow more than most other jobs in the next few years Often times consumers aren t aware of what s best for them especially if its about projects that don t exist yet Marketing research reporting information so it can be used to solve a marketing problem this is the process of designing gathering analyzing and o Product development women are purchasing more vehicles than men so they have to develop products that are more attractive to women o Pricing strategy people see higher priced wine as better so in this case it may be a better strategy to keep the product at a high price o Customer satisfaction explained waits seem longer whereas unknown wait times seem longer than known waits Customers see longer wait times as higher quality like waiting for a table at a restaurant Saturday night TQM movement shifted away from transaction based to customer reaction orientation Compared products to competitors This helps managers answer a lot of important questions Unhappy customers share their complaints to many people It s 5 times as costly to attract new customers that it is to retain old ones Freestyle coke machines record data to see what sodas are selling or being combined and loyalty cards can keep track of what type of person makes what type of purchases Research is the foundation for marketing strategy decisions Cluster analysis statistical analysis technique that identifies Types customer segments o Applied research research designed to solve a specific problem usually o Basic research research designed to extend knowledge of marketing for a specific company phenomena Receiving bad service Are you gonna complain to them How do firms get potential customers and why do customers leave Marketing Research process firms o Problem definition need to start with an exploratory research qualitative research helps researchers get a really good look at that the problem is o Research design Explore with very open ended questions Exploratory describes less structured data collection methods Used to clarify the problem First step in the research Descriptive describes the charachteristics of a population Generally associated with surveys Answering things like who buys the products which products how many when etc Causal identifies cause and effect between variables Experiments let you manipulate variables to see what the relationship is between variables Often confusing Correlation with causation Focus group flexible group discussion of a product ad or concept Secondary data information that has been collected for a purpose Primary data information that has been gathered specifically for the other than the research at hand research objectives at hand o Sampling o Data gathering o Data analysis o Report preparation Segmentation and Positioning 1 market segmentation dividing a huge market into smaller groups This is the process of finding groups with unique needs and wants and marketing to them separately The groups are designed to have similar wants and needs lucrative groups of consumers firms then develop new products or reposition old ones to target 2 Targeting i undifferentiated entire market is target market 1 marketing mix theoretical Homogeneous market with similar needs two or more segments more than 1 marketing mix single market segment 1 marketing mix a targeting strategies ii differentiated iii concentrated b segmentation bases i demographics describe characteristics of a population gender age ethnicity education religion ii geographic iii psychographics iv behavioristic region city size urban rural region personality motives lifestyles usage volume benefits loyalty price sensitivity c use related segmentation usage rate heavy users medium users light d VALS value and lifestyle survey Helps classify customers based on users nonusers awareness status unaware aware interested enthusiastic brand loyalty none some strong psychological characteristics that are correlated with purchasing behavior and related to key demographics provides market research and target marketing Offers prism a geo demographic segmentation tool Can be used to look for a good store location targeted advertising etc e Nielsen s Clarita a Sales forecast the amount of a product a company expects to sell during a specific period at a specified level of marketing activities These methods can be scientific or arbitrary This depends on the cost product 3 Forecasting b Time series analysis market time purpose and historical sales data firms sales using historical sales data to discover patterns in the using aggregate sales data from many years to i Trend analysis determine general trends ii Cycle trends fluctuations assess seasonal influences iii Seasonal analysis analyzing sales for 3 to 5years to assess consistent analyzing daily weekly or monthly sales to c d Test market predicting sales based on finding a relationship regression analysis between past sales and one or more independent variables Allows you to predict the demand Also requires the use of historical sales data Cant use this for new products and measuring purchases and consumer responses Purchase behavior is legitimate and not just speculated Effective at estimating sales of new products but its time consuming and expensive Like Jacksonville because the demographics are very close to the country as a whole e Most firms use some combination of forecasting methods and making a product available to buyers in one or more areas techniques to accommodate different products and or different time frames to help confirm or refine the forecasts 4 Positioning a Product positioning the process of developing and maintaining a product image in the minds of consumers high or low price luxury or economy A product s position results from customers perceptions of a product s attributes relative to those of competing products in this space according to relative similarities or customer preferences Products can be positioned according to ratings on both objective and perceived measures done with multidimensional scaling Position objects b Perceptual mapping 5 Repositioning making consumers think differently about a product they think they understand Understanding buyer behavior 1 Consumer irrationality a Dan Ariely behavioral economist b When we have high involvement consumers are relatively rational lot of cognitive processing But were not thinking a lot with low involvement so consumers aren t always rational
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