MARKETING RESEARCH TYPES, TRENDS AND LIMITATIONS Chapter 28.2

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MARKETING RESEARCH TYPES, TRENDS AND LIMITATIONS
Chapter 28.2
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Issues in Marketing Research

• By the end of class, students will be able to
• Identify the two main types of marketing
  research.
• Differentiate between the four methods of
  conducting marketing research.
• Discuss trends and limitations in
  marketing research.

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BRAIN WARMER
PREDICT What would happen if marketing research
was not used in product development?
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Marketing Research Terminology

• quantitative research
• qualitative research
• attitude research
• market intelligence
• media research
• product research

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Two Types of Marketing Research
Two Broad Types of Research
QUANTITATIVEResearch
QUALITATIVE Research

• Quantitative Research
• Marketing research that answers questions that
  begin with how many or how much. It often
  gathers information from large random samples.

• Qualitative Research
• Marketing research that focuses on smaller
  numbers of people and tries to answer questions
  that begin with why or how.

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How might a company use Marketing Research?

• TACO BELL used new product development research
  to uncover the potential sales and market for a
  new version of the taco. Doritos Locos Tacos was
  the MOST successful product in 2012 with over 370
  million sold. Thats over 1 Million Tacos daily!
  Doritos Locos Tacos Commercial
• VW performed customer satisfaction research on
  its Volkswagon Beetle convertibles which sparked
  the idea for the following commercial
• VW Convertible Commercial

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Types of Marketing Research
Attitude Research
AttitudeResearch
The Gallup Poll has measured and tracked the
publics attitudes concerning virtually every
political, social and economic issue of the day
in more than 140 countries.

• Mail surveys
• Telephone interviews
• Opinion polls

• Attitude Research
• Also known as opinion research designed to
  obtain information on how people feel about
  certain products, services, companies, or ideas.

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Types of Marketing Research
Market Intelligence
Learning about competitors products is a key
component of marketing intelligence.
MarketIntelligence

• Sales forecasting
• Economic forecasting
• Competitive products

• Market Intelligence
• Also known as market research concerned with the
  size and location of a market, the competition,
  and segmentation within the market for a
  particular product.

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Types of Marketing Research
Media Research
MediaResearch

• Brand awareness
• Advertisement recall
• Brand image
• Effectiveness of advertising copy
• Audience size

• Media Research
• Also known as advertising research focuses on
  issues of media effectiveness, selection,
  frequency, and ratings.

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Types of Marketing Research
Product Research
ProductResearch

• New product research includes concept testing
• Existing product research includes questionnaires
  and interviews

• Product Research
• Research that centers on evaluating product
  design, package design, product usage, and
  consumer acceptance of new and existing products.

Research shows that about half of new products
introduced into the marketplace fail within the
first two years of their product launch.
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Types of Marketing Research
Product Research Continued
ProductResearch

• New product research includes concept testing
• Existing product research includes questionnaires
  and interviews

• Stouffers performed research for 13 years before
  launching Lean Cuisine. They were so successful
  that they had 125 million in sales their first
  year!
• Some companies are so quick to get in the
  game that they may not do their research. For
  example

Research shows that about half of new products
introduced into the marketplace fail within the
first two years of their product launch.
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Types of Marketing Research
Qualitative Quantitative Research
AttitudeResearch
MarketIntelligence
MediaResearch
ProductResearch

• Mail surveys
• Telephone interviews
• Opinion polls

• Sales forecasting
• Economic forecasting
• Competitive products

• Brand awareness
• Advertisement recall
• Brand image
• Effectiveness of advertising copy
• Audience size

• New product research includes concept testing
• Existing product research includes questionnaires
  and interviews

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Issues in Marketing Research
Trends in Marketing Research
Global Trends in Marketing Research
Globalization of the marketplace means increased competition.
Product quality and customer satisfaction are more important than ever.
Use of internal and external information for managing a business is mandatory.
Research of other cultures is important to a products success in a foreign market.

• MCDONALD'S EGYPT COMMERCIAL

• MCDONALD'S JAPAN COMMERCIAL

• MCDONALD'S INDIA COMMERCIAL

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International Marketing Research

• Global Corporations like McDonalds perform
  intensive new product development research before
  launching new menu items in the marketplace.

• McDonald's Menu Items From Around the World

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Issues in Marketing Research
Limitations of Marketing Research
The amount of information that can be gathered is
limited by money and time.
Favorable customer reviews do not guarantee a
products success.
Fast-changing markets may not allow time for
research.
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Chapter 28 - Marketing Research Review

• MARKETING RESEARCH QUIZ
• Directions
• Read the statements about marketing research and
  determine whether each is true or false. Write
  TRUE or FALSE in the space before each statement.
  
• IF an answer is FALSE, please re-write the false
  statement to make it true.