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Bell Ringer

Bell Ringer. List some reasons why you think that some new businesses have almost immediate success while others fail miserably. The main idea:

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Bell Ringer

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  1. Bell Ringer • List some reasons why you think that some new businesses have almost immediate success while others fail miserably. The main idea: Successful companies must be able to understand the needs and wants of customers. Marketing research provides information to help a business plan, solve problems and make decisions regarding its products and services.

  2. Marketing Information Systems Marketing Co-Op: Chapter 28.1

  3. Define Marketing Research • The process and methods used to gather information, analyze it, and report findings related to marketing goods and services

  4. What is it used for? • Identify opportunities in marketing • Solve marketing problems • Implement marketing plans • Monitor marketing performance and effectiveness

  5. Company’s can use the research to: • Determine customer attitudes and preferences • Test product features • Determine market size and growth potential • Learn about competitors • Determine buying cycles • Understand company’s public perception

  6. Why is Market Research Important • If businesses don’t pay attention to marketing research they could make costly marketing mistakes about: • What products to produce • What price to sell product for • Who will buy the product • How to promote the product

  7. Who uses Marketing Research? • Individual Businesses • Various manufacturers • Wholesalers • Retailers • Local, state and federal governments • Non-profit organizations

  8. Lean Cuisine • Marketing Research Example: • Stouffers:13 years doing research before starting Lean Cuisine • They studies consumers interest and health dieting • They studied panelist to determine what people liked/disliked about their healthy meals • When they launched the Lean Cuisine line it was a major success with $125 Million in sales in the first year

  9. Marketing Information Systems • Define: What is database marketing? • A process of designing, creating and managing customer lists • Identify: What data should be included in marketing information systems? • Customer profile data, company records, competitors records • Analyze: What are some uses for customer lists? • Locating, selecting and targeting customers with special programs

  10. Database Marketing • Database marketing, or customer relationship management, is the process of designing creating and managing consumer lists • Database marketing lists are developed from the following: • Face-to-face sales • Direct mail • Telephone or email purchases • Service requests • Website visits

  11. What do companies do with this information? • The information collected about consumers is stored in computer databases • Example: American Express • Their database includes what customers buy, where they buy it, where they dine out and how much money they spend • The company uses this info to send their card members special customized offers on products, hotels, restaurants, etc

  12. Using Technology to Gather Information • Customer Loyalty Programs • Many businesses use loyalty programs • The program offers discounts and other rewards to shop at a specific retailer • Companies use the loyalty to cards to compile information in their databases

  13. Types, Trends, and Limitations of Marketing Research Marketing Co-Op 28.2

  14. Quantitative vs. Qualitative Quantitative Qualitative Focuses on small number of people Answers questions as to “why” or “how” • Answers questions has to “how many” or “how much” • Relies heavily on questionnaires to obtain info

  15. Attitude Research • Also known as opinion research -designed to obtain info on how people feel • For example: Best Buy Geek Squad • Calling after service to see how satisfied the customer was with their service

  16. Market Intelligence • Concerned with: • the location and size of a market • the competition • segmentation within the market for a particular product • Data is used to assemble a profile of: • Present and potential customers • Competition • The overall industry • Helps define target markets for particular products and services

  17. Media Research • Also know as advertising research • Determines the effectiveness of various media to advertise a good or service • Can be conducted before or after a media campaign • Media Research measures: • Audience – number of people exposed to the media • Frequency – number of times a viewer is exposed to the media • Reach – percentage of the target audience that sees the media • Ratings – total number of audience impressions delivered over a set period of time

  18. Product Research • Evaluates a products design, packaging and usage • Information is also collected about competitors products • Product and packaging is designed, tested, and changed if needed

  19. Limitations of Marketing Research • The amount of information that is gathered is limited by the amount of money and time a company can afford to spend • Test markets may give feedback, but it doesn’t mean they will buy the product later

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