Conducting Marketing Research and Forecasting on Demand - L05

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Conducting Marketing Research and Forecasting on
Demand - L05

• ON THE BOARD
• Add one major finding from each of the 11 areas
  your researched (pest-nd 5 forces)
• Label each either opportunity or threat
• Include your team name or
• Dont Duplicate What Another Team Has Posted!!!

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L05 - Marketing Research

• The systematic design, collection, analysis, and
  reporting of data and findings relevant to a
  specific marketing situation facing the company.

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Creative Research Means
Check out rivals
Internet sources
Rivals
Marketing partners
Student projects
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Wake-up Question

1. What constitutes good marketing research?

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Characteristics of Good Marketing Research
1. Scientific method
2. Research creativity
3. Multiple methods
4. Interdependence of models and data
5. Value and cost of information
6. Healthy skepticism
7. Ethical marketing
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Former marketing research executive for General
Foods concluded that Star Wars would fail at the
box office. The film grossed 4.3 billion in box
office receipts.
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Marketing Research Process
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Purpose of Your Survey

• Ask Yourself
• WHY do I want to/need to do a survey?
• WHAT do I want to learn?
• WHO is my audience?
• HOW will I use the information I gather?

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Before You Plan to do a Survey...

• Think About Available Resources
• What information is already available from
  non-survey sources?
• Have any surveys already been done on this
  question?

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Plan of the Research

• Primary versus secondary data
• Secondary data - Previously collected data that
  could be used for problem at hand
• Usually more cost-effective
• May not always be available for strategy-specific
  questions
• Primary data - Collected for specific problem
  under investigation

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Plan of the Research

• Qualitative versus quantitative data
• Qualitative - Typically involves face-to-face
  interviews
• Focus groups
• Long interviews
• Quantitative - Systematic procedures to obtain
  and analyze numerical data
• Observational research
• Survey research
• Experimental research
• Mathematical modeling research

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Collect the Information
Online surveys
Telephone surveys
Interviews
In-home surveys
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THREE TYPES OF RESEARCH DESIGNS
Research design is a set of advance decisions
that make up the master plan specifying the
methods and procedures for collecting and
analyzing the needed information.

• Exploratory Research
• Descriptive Research
• Causal Research

• Cross-sectional studies (typical)
• Sample Surveys
• Longitudinal Studies (optimal)
• Traditional panels
• Omnibus panels

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Prediction

• Two General Approaches
• Extrapolation
• Predictive Model
• How to Determine the Goodness of a Forecast
• Analysis of Residuals
• MULTIPLE REGRESSION ANALYSIS
• The regression equation in multiple regression
  has the following form
• y a b1x1 b2x2 b3x3 bixi
• where
• y the dependent, or predicted, variable
• xi independent variable i
• a the intercept
• bi the slope for independent variable i
• n the number of independent variables in the
  equation In SPSS, SAS, Excel,
  etc.

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Wake-up Questions

1. What constitutes good marketing research?
2. What are the best metrics for measuring marketing
   productivity?
3. How can marketers access their return on
   investment of marketing expenditures?

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Marketing Metrics
Marketing Performance
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Strategic Marketing Metrics

• External
• Awareness
• Market share
• Relative price
• Number of complaints
• Consumer satisfaction
• Total number of customers
• Perceived quality/esteem
• Loyalty/retention
• Relative perceived quality

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A Comparison of Data Collection Methods Used in
Marketing Research
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A Comparison of Data Collection Methods Used in
Marketing Research
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For Next Class
Creating Long-term Loyalty Relationships K K -
Ch. 5 Customer Satisfaction Fables (PDF)
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Some References

• Babbie, Earl (1990), Survey Research Methods.
  Wadsworth Publishing CA.
• Cox, B., et. al., (1995), Business Survey
  Methods. Wiley NY.
• Dillman, D.A. (2000), Mail and Internet Surveys
  The Tailored Design Method 2nd ed. Wiley NY.
• Dillman, D.A. (1991), The Design and
  Administration of Mail Surveys. Annual Review
  of Sociology, 17225-249.
• Fink, Arlene (1995), How to Sample in Surveys.
  Sage CA.
• Fowler, Floyd J. (1993), Survey Research
  Methods. Sage CA.
• Fowler, Floyd J. (1995), Improving Survey
  Questions. Sage CA.
• Sudman, Seymour and Bradburn, Norman (1982), A
  Practical Guide to Questionnaire Design.
  Jossey-Bass San Francisco.
• Tourangeau, R., and Smith, T.W. (1996), Asking
  Senstive Questions The Impact of Data Collection
  Mode, Question Format, and Question Context,
  Public Opinion Quarterly, 60275-304.
• See also
• Course Descriptions and Syllabi the Joint
  Program in Survey Methodology (University of
  Maryland, University of Michigan, and Westat) at
  http//www.jpsm.umd.edu/classinfo.htm