IUB BUS-M 300 - Marketing Research (3 pages)

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BUS M 300 1nd Edition Lecture 5 Outline of Last Lecture I Why Segment Markets II Steps in Segmenting and Targeting Markets A Step One Group Potential Buyers into Segments B Step Two Group Products to Be Sold into Categories C Step Three Develop a Market Product Grid and Estimate the Size of Markets D Step Four Select Target Markets E Step Five Take Marketing Actions to Reach Target Markets III Positioning the Product Outline of Current Lecture I What is Marketing Research II The Five step Marketing Research Approach A Define the Problem B Develop the Research Plan C Collect Relevant Information D Develop Findings E Take Marketing Actions III Research Types A Exploratory B Descriptive C Casual Current Lecture I What is Marketing Research Process of defining a marketing problem and opportunity Systematically collecting and analyzing information and recommending actions Marketing research is done because o Sellers want customers to buy their products or services II o Learning what customer wants makes it easier to sell them products o Helps sellers know how to attractively present product or service The Five step Marketing Research Approach A Define the Problem Set research objectives Identify possible marketing actions Research should be specific Don t confuse symptoms with real problem falling sales are symptom Examples awareness preference competitive strengths B Develop the Research Plan Specify constraints Identify data needed for marketing actions Determine how to collect data Research design specifies what information will be collected and what type of study or research type would be best used C Collect Relevant Information Obtain secondary data information already collected prior to the project o Internal company records budgets actual sales records customer communication records o External government data sources annual reports o Benefits low cost less effort less time o Limitations no control over data collection may be outdated may not meet data requirements