Mar4613 Exam 1 Marketing Research Chapter 1 The basic functions of marketing research are 1 To gather data 2 Transform the data into useful information that managers can use to make decisions 3 Take action The task of marketing is to create exchanges with customers that satisfy the needs of both the customer and the marketer FOUR P s 1 Product service 2 Price 3 Placement 4 Promotion Marketing Research the organization s formal communication link with the environment o Marketing research is the function that links the consumer to the marketer through information o The information is used to Identify and define marketing problems Generate refine and evaluate marketing actions Monitor marketing performance Improve understanding of marketing as a process The different Kinds of organizations that conducts marketing research 1 Producers of Products and Services Gather information relevant to the products and services they produce and the industry in which they operate Ex A theme park started advertising the same ads earlier in their farther away market than there core market cause they figured out that if takes the far away market 3 times longer to plan a trip 2 Advertising Agencies Conduct research primarily to test advertising and measure its effectiveness 3 Marketing Research Companies Some focus on very specific topics or aspects of the research process whereas others are more general in focus Number 1 in the world Nielsen Holding in the U S The Fundamental Challenge of Marketing Marketing investment Cost Profit Revenue profit Three reason for studying Marketing Research 1 Marketing research can be rewarding and fun Some students pursue careers in marketing research 2 All of us are consumers of marketing and public opinion research We need to be able to know how to evaluate the likely validity of the research 3 Managers need to know the research process including what to expect marketing research to be able to deliver Managers must understand what marketing research can and cannot do as well as what is involved in the process of conducting research The Research Process 1 Define the problem 2 Determine Research Design a Exploratory if only a little is known about the problem QUALITATIVE b Descriptive focuses on describing a pop Often emphasizing the frequency with which something occurs or extent to which 2 variables are related to each other QUANTITITAVITVE c Casual either of these descriptive casual if the problem is clearly stated and defined often used to identify cause and effect relationships between variables QUANTITATIVE 3 Then need to describe between Primary Data and Secondary Data a Secondary data that have already been collected for some purpose other than the question at hand i EX data the company already has in its system such as orders from wholesalers b Primary data collected specifically for the study Ex Lots of questions to be answered here Should the data be collected by observation or questionnaire Should observations be taken in person or electronically c This data is useless unless the info is interpreted and analyzed I light of the problem at hand 4 Finally its time to prepare the written research report that summarizes the research results and conclusions including graphical representation of data Only part anyone will ever see Why should researchers care about marketing research ethics Marketing Research Ethics principles values and standards of conduct followed by marketing researchers The goal of any marketing research project should be to uncover the truth Advocacy research is conducted to support a position rather than to find the truth about an issue EX coca cola changing results to their liking with BK when the real goal is to sell products or services is contacting people under the guise of marketing research Sugging Researchers must behave ethically because their jobs depend upon the trust and goodwill of research participants Chapter 2 Formulation of the Problem in the research process step 1 1 Poll Question The design of the poll question is to see how other students view the answer across universities The poll is live at the book web site This could also be done within a given class as a discussion point or a review question as the answer is available in the chapter Ex Strongly disagree 1 2 3 4 Strongly agree 2 Fun Facts designed to enhance the consumption of marketing research The more interesting aspect of these fast facts is they can be used multiple ways to spark class discussion 5 Problems VS Opportunities a Problem A process of trying to identify specific areas where additional information is needed about the marketing environment i EX Marketing manager might face a situation that has obvious negative ramification for the organization declining sales b Opportunity A process of trying to identify specific areas where additional information is needed about the marketing environment i EX marketing managers might face a situation with potentially positive results for the organization researchers have developed a new product with certain advantages over competing products Marketing managers must decides how to exploit these opportunities c We prefer to think of problems and opportunities as two sides of the same coin Both require good information about the marketing environment before managers make important decisions d Today s opportunity is tomorrow s problem if a company fails to take advantage of the opportunity but its competitors do 6 The Problem Formulation process 1 Meet with client to obtain o Management statement of problem opportunity o Background information o Management objectives for research o Possible managerial actions to result from research Planned versus Unplanned Change in environment o Planned Change Increase revenues introduce new products o Unplanned Change React to customer suggestions discover new uses for old products through customer feedback 2 Clarify the Problem Opportunity o One of the most important things a researcher can do for a manager is to provide a different perspective on the problem o This is the chance for the researcher to fully analyze the heart of the problem with the client s help o Normal thinking can be caused when a manager has been with a company for a long time and developed routine way of thinking which makes it hard for managers to figure out a problem by themselves 3 State the Mangers Decision Problem o Discover oriented versus Strategy oriented Decision Problems which is simply the basic
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