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Marketing Research

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Marketing Research 4.04 Marketing Information Management 4.04 Vocabulary Attitude Research Data Analysis Database Marketing Database Experimental Method Forced-choice ... – PowerPoint PPT presentation

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Title: Marketing Research


1
Marketing Research
  • 4.04

2
Marketing Information Management
  • How are decisions made to introduce new products
    and delete old ones?

3
4.04 Vocabulary
  • Attitude Research
  • Data Analysis
  • Database Marketing
  • Database
  • Experimental Method
  • Forced-choice Questions
  • Market Intelligence
  • Marketing Research
  • Marketing Information System
  • Media Research
  • Observation Method
  • Open-ended Questions
  • Point-of-sale Research
  • Primary Data
  • Problem Definition
  • Product Research
  • Quantitative Research
  • Qualitative Research
  • Reliability
  • Sample
  • Secondary Data
  • Survey Method
  • Validity

4
4.04 EssentialQuestion
  • How does marketing information and research
    affect business and marketing decisions?

5
Essential Question 1 Marketing Research
  • What is the role of marketing information
    management?

6
What is Marketing Research?
  • Obtaining information about the preferences,
    opinions, habits, trends, and plans of potential
    customers.
  • Helps to determine what customers want and need.

7
Marketing Research
  • the systematic gathering, recording and
    analysing of data about problems relating to the
    marketing of goods and services
  • American Marketing Association

8
Why is Research Important?
  • Businesses that do not pay attention to what
    consumers are buying, are likely to make costly
    mistakes.
  • Information obtained from research helps
    businesses to plan for the future.

9
Why is Research Important?
  • Helps to anticipate or solve problems in the
    marketplace.
  • Helps a company keep track of what is happening
    in its markets.

10
Purpose
11
Essential Question 2 Marketing Research
  • How does each type of research differ from each
    other?

12
Types of Marketing Research
Advertising Research
  • Focuses on the effectiveness of the advertising
    message and the effectiveness of media placement.

13
Types of Marketing Research
  • Product Research
  • Used to evaluate product design and acceptance,
    competitive products, package design, and product
    usage.

14
Types of Marketing Research
  • Market Research
  • Studies customer behavior (customer analysis) to
    gather information about customer attitudes.

15
Types of Marketing Research
  • Market Research
  • Studies the behavior of a consumer market (market
    analysis) to investigate the potential markets
    for a product and to define the target market.

16
Types of Marketing Research
  • Sales Research
  • The study of sales data to determine the
    potential sales for a product and to solve
    problems related to future sales.

17
Essential Question 3 Marketing Research
  • What are the steps in the marketing research
    process?

18
The Marketing Research Process
  • Step 1 - Defining the Problem
  • Identify and clearly state what the problem is
    and what can be done to solve the problem.
  • Determine which problems are the most important
    to solve at a given time.

19
The Marketing Research Process
  • Step 2 - Obtaining Data
  • Collect and examine information in terms of the
    problem being studied.
  • Primary data can be used and/or
  • Secondary data can be used.

20
The Marketing Research Process
  • Step 3 - Analyzing the Data
  • Compiling, analyzing, and interpreting the
    results of primary and secondary data.
  • The results of each question can be clearly read
    and interpreted.

21
The Marketing Research Process
  • Step 4 - Recommending Solutions to the Problem.
  • Solutions are usually presented in a well written
    report.
  • Recommendations must be clear and supported by
    the research data.

22
The Marketing Research Process
  • Step 5 - Applying the Results
  • The required form of action is decided upon and
    put into place.

23
The Marketing Research Process
  1. Set objectives
  2. Define research Problem
  3. Assess the value of the research
  4. Construct a research proposal
  5. Specify data collection method
  6. Specify techniques of measurement
  7. Select the sample
  8. Data collection
  9. Analysis of results
  10. Present in a final report

24
Essential Question 4 Marketing Research
  • What are the differences in primary and secondary
    data?

25
Types of Data
  • Primary data Data obtained for the first time
    and used specifically for the particular problem
    or issue under study collected firsthand.
  • Secondary data Data already collected for some
    purpose other than the current study already
    exists, desk research.

26
Primary Research
27
Market Research
  • Primary Research
  • First hand information
  • Expensive to collect, analyse and evaluate
  • Can be highly focussed and relevant
  • Care needs to be taken with the approach and
    methodology to ensure accuracy
  • Types of question closed limited information
    gained open useful information but difficult
    to analyse

28
Secondary Research
29
Internal Sources
  • Company Accounts
  • Internal Reports and Analysis
  • Stock Analysis
  • Retail data - loyalty cards, till data, etc.

30
External Sources
  • Federal Government Statistics (i.e. census, labor
    dept, etc.)
  • Local Chamber of Commerce, Economic Development,
    City County Government, etc.
  • Trade publications
  • Commercial Data - Gallup, Mintel, etc.
  • Household Expenditure Survey
  • Magazine surveys
  • Other firms research
  • Research documents publications, journals, etc.

31
Essential Question 5 Marketing Research
  • What methods are used to collect primary and
    secondary data?

32
Data Collection
  • Primary data can be obtained by
  • - the survey method
  • - the observation method
  • - the experimental method
  • Secondary data can be obtained by a number of
    agencies.
  • - Internet Sources
  • - US and Government Sources
  • - Specialized Research Companies
  • - Business Publications and Trade Organizations

33
Essential Question 6 Marketing Research
  • How are population, sample, bias, and error used
    in marketing research?

34
Data Sampling
  • When designing a survey, marketers must determine
    the number of people to include in their survey.
  • Population The entire target group of people
    under study.
  • Sample Part of the target population that
    represents it accurately.
  • Sampling - studying part of a population to
    learn about the whole
  • Bias Inaccuracies introduced into the results
    due to errors in measurement, coverage, and
    nonresponsive.
  • Error Determined by the sample size with respect
    to the population. The greater the
    sample size, the lower the margin of error.

35
Sampling Methods
36
Market Research
  • Sampling Methods
  • Random Samples equal chance of anyone being
    picked
  • May select those not in the target group
    indiscriminate
  • Sample sizes may need to be large to be
    representative
  • Can be very expensive

37
Market Research
  • Stratified or Segment Random Sampling
  • Samples on the basis of a representative strata
    or segment
  • Still random but more focussed
  • May give more relevant information
  • May be more cost effective

38
Market Research
  • Quota Sampling
  • Again by segment
  • Not randomly selected
  • Specific number on each segment are interviewed,
    etc.
  • May not be fully representative
  • Cheaper method

39
Market Research
  • Cluster Sampling
  • Primarily based on geographical areas or
    clusters that can be seen as being
    representative of the whole population
  • Multi-Stage Sampling
  • Sample selected from multi-stage sub-groups
  • Snowball Sampling
  • Samples developed from contacts of existing
    customers word of mouth type approach!

40
Terminology of Marketing Research
  • Quantitative research - statistical basis
  • Qualitative research - subjective and personal

41
Market Research
  • Quantitative and Qualitative Information
  • Quantitative based on numbers 56 of 18 year
    olds drink alcohol at least four times a week -
    doesnt tell you why, when, how
  • Qualitative more detail tells you why, when
    and how!

42
Essential Question 7 Marketing Research
  • What are techniques are used in marketing
    research?

43
Marketing Research Techniques
  • Interviews
  • face-to-face
  • telephone
  • postal questionnaire
  • Attitude measurement
  • cognitive component (know/believe about an
    act/object)
  • affective component (feel about an act/object)
  • conative component (behave towards an object or
    act)

44
  • Likert scale
  • strongly agree
  • agree
  • neither agree nor disagree
  • disagree
  • strongly disagree
  • Semantic differential scales - differences
    between words e.g. practical v impractical
  • Projective techniques
  • sentence completion
  • psychodrama (yourself as a product)
  • friendly martian (what someone else might do)

45
  • Group discussion and focus group
  • Postal research questionnaires
  • Diary panels - sources of continuous data
  • In-home scanning - hand-held light pen to scan
    barcodes
  • Telephone research
  • Observation
  • home audit
  • direct observation
  • In-store testing

46
What is MKIS?
  • MKIS (MIS) is a set of procedures and methods
    for the regular, planned collection, analysis and
    presentation of information for use in marketing
    decisions
  • American Marketing Association

47
The components of a computerised MKIS
Data Bank
Statistical Bank
MKIS
Display unit
Marketing Manager
Model Bank
48
The components of a computerised MKIS
  • Data bank - raw data e.g historical sales data,
    secondary data
  • Statistical bank - programmes to carry-out sales
    forecasts, spending projections
  • A model bank - stores marketing models e.g
    Ansoffs matrix, Boston Matrix
  • Display unit - VDU and keyboard

49
Essential Question 8 Marketing Research
  • What are the advantages disadvantages of
    marketing research?

50
Market Research
  • Advantages of Market Research
  • Helps focus attention on objectives
  • Aids forecasting, planning and strategic
    development
  • May help to reduce risk of new product
    development
  • Communicates image, vision, etc.
  • Globalisation makes market information valuable
    (HSBC adverts!!)

51
Market Research
  • Disadvantages of Market Research
  • Information only as good as the methodology used
  • Can be inaccurate or unreliable
  • Results may not be what the business wants to
    hear!
  • May stifle initiative and gut feeling
  • Always a problem that we may never know enough to
    be sure!

52
Essential Question 9 Marketing Research
  • What are the trends and limitations in marketing
    research?

53
Research Trends
  • Trends in research
  • Global Marketplace
  • Due to increased international competition, US
    companies must improve or change products
    frequently to hold on to customers.
  • Product quality and customer satisfaction are
    keys to business success and research that
    measures these qualities are the fast form of
    marketing research.
  • Business Management
  • Many businesses are using internal and external
    information to improve business operations.

54
Research Limitations
  • Limitations in research
  • Money
  • Time
  • Customers saying one thing and doing another

55
Market Research
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