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Marketing Research and Consumer Behavior Insights

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Marketing Research and Consumer Behavior Insights Chapter 1: The Nature of Marketing Research The Nature of Marketing Research Marketing research is one of the ... – PowerPoint PPT presentation

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Title: Marketing Research and Consumer Behavior Insights


1
Marketing Research and Consumer Behavior Insights
  • Chapter 1
  • The Nature of
  • Marketing Research

2
The Nature of Marketing Research
  • Marketing research is one of the principal tools
    for answering questions because it
  • Links the consumer, customer, and public to the
    market through information used to identify and
    define marketing
  • Generates, refines, and evaluates marketing
    actions
  • Monitors marketing performance
  • Underlines the understanding of marketing as a
    process

3
Marketing Research Defined
  • The systematic and objective process of
    generating information for aid in making
    marketing decisions

4
The Marketing Research Process
  • This process includes
  • specifying what information is required
  • designing the method for collecting information
  • managing and implementing the collection of data
  • analyzing the results and
  • communicating the findings and their implications.

5
I dont know if we should enter the Australian
Market?
  • Information
  • Reduces
  • Uncertainty

6
It aint the things we dont know that gets us
in trouble. Its the things we know that aint
so.
  • Artemus Ward

7
Marketing Research Types
Basic research Applied research
8
Basic Research
  • Attempts to expand the limits of knowledge
  • Not directly involved in the solution to a
    pragmatic problem

9
Basic Research Example
  • Do consumers experience cognitive dissonance in
    low-involvement situations?

10
Applied Research
  • Conducted when a decision must be made about a
    specific real-life problem

11
Applied Research Example
  • Should McDonalds add Italian pasta dinners to its
    menu?
  • Marketing research told McDonalds it should not?
  • Should Procter Gamble add a high-priced home
    teeth bleaching kit to its product line?
  • Research showed Crest Whitestrips would sell well
    at a retail price of 44

12
Scientific Method
  • The analysis and interpretation of empirical
    evidence (facts from observation or
    experimentation) to confirm or disprove prior
    conceptions

13
Marketing Concept
  • Central idea in marketing
  • Evolved over time
  • Not production-oriented
  • Marketing-oriented

14
Marketing Concept
Consumer Oriented
Long Run Profitability
Cross-Functional Effort
15
Keeping Customers and Building Relationships
  • RELATIONSHIP MARKETING - the idea that a major
    goal of marketing is to build long-term
    relationships with the parties who contribute to
    the companys success.
  • Marketers want customers for life.
  • Managing the relationships that will bring about
    additional exchanges

16
Total Quality Management
  • Much in common with marketing concept
  • Focus on integrating customer-driven quality
    throughout the organization.
  • Stresses continuous improvement

17
Stages in Developing and Implementing a Marketing
Strategy
  • Identifying and evaluating opportunities
  • Analyzing market segments and selecting target
    markets
  • Planning and implementing a marketing mix
  • Analyzing market performance

18
Identifying and Evaluating Opportunities
  • Examples
  • Mattel Toys investigates desires for play
    experiences
  • Home cooking is on the decline. Purchase of
    precooked home replacement meals is on the rise.
  • Number of investors trading stock on the Internet
    is growing.

19
Analyze Market Segments and Select Target
Markets-Examples
  • Cadillac investigates buyers demographic
    characteristics
  • MTV, monitoring demographic trends, learns the
    Hispanic audience is growing rapidly
  • Sears learns women, age 25-54 with average
    household income of 38,000, are core customers.
    Targets this market with "The Good Life at a
    Great Price. Guaranteed. Sears."

20
Plan and Implement a Marketing Mix
  • Price Safeway does a competitive pricing
    analysis
  • Distribution Caterpillar Tractor Co.
    investigates dealer service program.
  • Product Oreo conducts taste test, Oreo cookie
    vs. Chips Ahoy
  • Promotion How many consumers recall the Life
    Tastes Good. Coca Cola! slogan?

21
Analyze Marketing Performance
  • This years market share is compared to last
    years.
  • Did brand image change after new advertising?

22
Performance-monitoring Research
  • Research that regularly provides feedback For
    evaluation and control
  • Indicates things are or are not going as planned
  • Research may be required to explain why something
    went wrong

23
Determining When to Conduct Marketing Research
  • Time constraints
  • Availability of data
  • Nature of the decision
  • Benefits versus costs

24
Determining When to Conduct Marketing Research
Time Constraints
Availability of Data
Nature of the Decision
Benefits vs. Costs
Is sufficient time available?
Information already on hand inadequate?
Is the decision of strategic or tactical
importance?
Does the information value exceed the research
cost?
Conduct Marketing Research
Yes
Yes
Yes
Yes
No
No
No
No
Do Not Conduct Marketing Research
25
Value versus Costs
  • Potential Value of a Marketing Research Effort
    Should Exceed Its Estimated Costs

26
Value Should Exceed Estimated Costs
Costs
Value
  • Research expenditures
  • Delay of marketing decision and possible
    disclosure of information to rivals
  • Possible erroneous research results
  • Decreased certainty
  • Increased likelihood of a correct decision
  • Improved marketing performance and resulting
    higher profits

27
Marketing Research in the 21st Century
  • Increased globalization
  • Growth of the Internet and other information
    technologies

28
Global Research
  • Business Research is increasingly global
  • Market knowledge is essential
  • A.C. Nielsen - more that 67 international
    business

29
Global Marketing Research
  • General information about country - economic
    conditions and political climate
  • Cultural and consumer factors
  • Market and competitive conditions - demand
    estimation

30
The Internet is Transforming Society
  • Time is collapsing.
  • Distance is no longer an obstacle.
  • Crossing oceans is only a mouse click away.
  • People are connected 24 hours a day, seven days a
    week.
  • "Instantaneous" has a new meaning.

31
Internet Research
  • Seeking facts and figures about an issue
  • Surveys on Web sites
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