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Market & Marketing Research

Market & Marketing Research. Lecture 4 Karen Knibbs Marketing Practice – U14210. Lecture Objectives. By the end of the lecture, you should be able to: Define the differences between mark et and mark eting research Understand the role and use of MR information in marketing decision making

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Market & Marketing Research

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  1. Market & Marketing Research Lecture 4 Karen Knibbs Marketing Practice – U14210

  2. Lecture Objectives By the end of the lecture, you should be able to: • Define the differences between market and marketing research • Understand the role and use of MR information in marketing decision making • Explain the stages of the MR process and elements of a M(K)IS

  3. “Not everything that can be counted counts, and not everything that counts can be counted” Albert Einstein

  4. Useful statistics?!! • Only one person in two million will live to be 116 or older. • Artificial Christmas trees have outsold real ones every year since 1991 • The hundred billionth crayon made by Crayola was Periwinkle Blue • 40% of McDonald's profits come from the sales of Happy Meals. • On average, 12 newborns will be given to the wrong parents daily. • Most lipstick contains fish scales. • American Airlines saved $40,000 in 1987 by eliminating one olive from each salad served in first class. • Odds of being killed by a dog are 1 in 700,000

  5. Definitions of MR I Market Research Society (Sept. 2003) - UK Market Research is: The application of scientific research methods to obtain objective information on peoples attitudes and behaviour based usually on representative samples of the relevant populations. The process guarantees the confidentiality of personal information in such a way that the data can only be used for research purposes.” www.mrs.org.uk

  6. Definitions of MR II Kotler & Keller (2006) Marketing Research involves: “the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company.” Brassington & Pettitt (2006) Marketing Research: “links the organisation with the environment… and involves specifying the problem [and opportunities], gathering data, then analysing and interpreting… information to identify, define…, generate, refine, and evaluate marketing actions, monitor marketing performance and improve understanding of marketing as a process…. It implements the research plan and [defines how]… the findings and their implications can be communicated.”

  7. Definitions of MR III Chisnall (2004) “… there was originally a difference between the scope of activities [covered by market and marketing research]… The responsibilities ofmarketingresearch extend comprehensively, whereas market research is limited to findings out information about the market for a particular product.” • (Even the textbook gets it the wrong way around and contradicts itself! See page 7!) • MR has a wider management focus and utility for the whole organisation • MR should be: systematic, applied, scientific, pragmatic, objective, impersonal, factual

  8. MR definition summary • Market Research aims to describe and analyse markets • size, structure, growth etc • Strictly speaking, Marketing Research is broader than Market Research • Marketing Research covers a much broader range of topics • customers, products, competitors, channels, suppliers etc

  9. The Marketing Research Process Baines and Chansarkar (2002), as cited in Baines et al, (2008), p143

  10. Major Components of Research Design Baines et al (2008), p153

  11. MR Research Dimensions • Continuous versus Ad hoc • On-going research vs • One-off • Qualitative versus Quantitative • Qual: Why? (motivations, attitudes, behaviours) • Quant: How many, how often? • Secondary versus Primary • Data that already exists and was collected for another purpose vs • Data collected for the specific purpose at hand

  12. Qualitative vs. Quantitative Baines et al (2008), p152

  13. Primary collection methods • Primary data can be collected in 4 ways: • observational research • focus-group research • survey research • experimental research • 2 main research instruments used are: • questionnaires (open-end and closed-end) • mechanical instruments • e.g. Eyetracking of screen use on internet/TV

  14. Secondary Sources e.g. • Internal sales records, MIS, Market plans, databases, customer feedback, experienced employees • Government reports / Chambers of Commerce • often available on gov.uk website • Prof. bodies / Trade Associations • MRS, ESOMAR etc.. • MR Agencies: Industry Reports & Country-based reports • Mintel, AC Nielsen, NOP/GfK etc. • GMID/Euromonitor (available via www.port.ac.uk/library) • The internet: sources identified using search engines, blogs and discussion groups. • Online marketing area specific articles/reports • e.g. promotions: WARC, brandrepublic, CIM

  15. Marketing Research in practice • Marketing research is concerned with investigating and understanding buyer behaviour • Buying behaviour is merely one element of human behaviour; it is complex and influenced by many factors • Motivations may be a mixture of business specific, personal, economic, psychological, sociological and demographic variables • Behavioural sciences give insights into consumption

  16. MR in the Marketing Process • MR information needed at all stages: • new product idea generation and product development • marketing testing • launch implementation • brand performance management • positioning and repositioning etc

  17. Main divisions of MR • Product • Customer • Pricing • Sales • Promotion

  18. Overview of MR divisions

  19. Typical Information Needs for marketing planning • Aggregated marketing information in quarterly, annual summaries • Aggregated marketing information around product/markets (e.g. sales data) • Analytical information for decision models (e.g. SWOT, segmentation analyses) • Internally focused marketing information (e.g. sales, costs, marketing performance indicators) • Externally focused marketing information (e.g. macro and industry trends) • Historical information (e.g. sales, profitability, market trends) • Future-oriented marketing information (e.g. environmental scanning • information) • Quantitative marketing information (e.g. costs, profit, market share) • Qualitative marketing information (e.g. buyer behaviour, competitor strategy information) (Ashill and Jobber, 2001). Baines et al (2008), p160

  20. Top 10 Marketing Metrics Baines et al (2008), p332

  21. Useful statistics? II

  22. Example Metrics – UK smoothies market share by brand by value Which is the worst performing brand? Source: Mintel report - Smoothies market - UK - October (2006)

  23. For your assessed presentations in week 6-7: • “Research needs – identify types of primary/secondary information needed to get a fuller understanding of the CSF you’ve chosen and environmental forces connected to it” Are the sources credible, reliable, rigorous? Consider which sources your group will use? Primary: what questions need to be asked of whom and how?

  24. MR: key criterion • MR information has the purpose of supporting marketing decisions • Organisations as they grow in size tend to lose close customer contact • New markets entered may be geographically distant and unfamiliar • New products require research into their potential appeal to customers • Communications need researching - are the right messages being given and received • Need to think clearly about the issue to be decided, before spending money on MR

  25. Marketing Information System (MIS) Effective system of organising, structuring and managing the storage, access and dissemination of market research data Brassington & Pettitt, 2006

  26. 1. Get the top management involved 2. Set the objective for the system carefully 3. Figure out what decisions your MkIS will influence 4. Communicate the benefits of the system to users 5. Hire and motivate the right people; 6. Free the MkIS from accounting domination 7. Develop the system on a gradual and systematic basis; 8. Run a new MkIS in parallel with existing procedures 9. Provide results from the system to users quickly after its initiation; 10. Provide information on a fast turnaround basis; 11. Tie the MkIS with existing data collection procedures; 12. Balance the work of the MkIS between development and operations; 13. Feed valid meaningful data into the system not useless information; 14. Design a security system to ensure different groups get different access to the information. Rules for Building a MKIS Marketing information systems (MKIS) – a system incorporating ad-hoc and continuous market and marketing research surveys, together with secondary data and internal data sources, for the purpose of decision-making by marketers. Baines et al (2008), p161

  27. Why MR is important • Traditionally, small firms have close links with their customers • Large-scale operations have widened the gap between producers and consumers • Modern communities are knowledgeable, experienced and critical • Effective penetration of markets requires specialised and sophisticated approaches to identify, assess and satisfy market demands. • Effective marketing information and research enables an organisation to make better decisions on the most appropriate market entry and competitive strategies.

  28. Summary • Marketing research aids decision making by providing management with specific kinds of information which should form the foundation of all strategic decision making and tactical planning • Marketing Research is vital in identifying, anticipating and satisfying customer needs profitably • Accurate information enables intelligent decision making in pursuit of organisational objectives • Information must be continuously collected, monitored, analysed and communicated all around the organisation (via a M(K)IS) • All businesses can conduct research, whether in-house or via an external consultancy

  29. Further reading suggestions Baines, Fill & Page (2008) Chapter 4, as per unit handbook. • Anon, (2003).The data protection act 1998 & Market Research: guidance for MRS members September 2003. Market Research Society. Online pdf access March 1st 2010 from: http://www.mrs.org.uk/standards/downloads/revised/legal/The%20Data%20Protection%20Act%201998%20and%20Market%20Research.pdf • Brassington & Pettitt, (2006). Principles of marketing. Harlow: Pearson. • Chisnall (2004), Marketing Research. Maidenhead: McGraw-Hill. • Doyle, P (2000), Value Based Marketing. Chichester: Wiley. • Kotler & Keller, (2006). Marketing management. New Jersey: Pearson International. • Euromonitor • GMID • Mintel • MRS.org.uk

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