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introducing MARKETING RESEARCH

Winter 2013. introducing MARKETING RESEARCH. Overview Marketing Research. 1. 3. 2. Marketing Research and it’s impact. Examples of Mkt Research studies. Relationship btw research and planning. What goal are we all trying to achieve?. BUSINESS GOAL.

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introducing MARKETING RESEARCH

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  1. Winter 2013 introducingMARKETING RESEARCH

  2. OverviewMarketing Research 1 3 2 Marketing Research and it’s impact Examples of Mkt Research studies Relationship btw research and planning What goal are we all trying to achieve?

  3. BUSINESS GOAL The true competitive advantage comes from the understanding you have of your customer, that your competitors don’t have. This information HAS TO come from the customer. We obtain this information through marketing research.

  4. COMPETITVE ADVANTAGE Get the Customer. Keep the Customer. Grow your Customer. The difference between competitors is how we achieve these goals.

  5. 1 Marketing Research Definition, Purpose, and Impact

  6. Why? Marketing Research Businesses make millions of decisions that impact the success or failure of their business. These decisions require additional information in order to be effective. Marketing Research is what those businesses use to obtain, analyze, and interpret information. In situations where the outcome is negative it can help figure out what went wrong. Information reduces uncertainty. This job is more difficult with the explosion of information over the last decade.

  7. CRM Developing long term relationships with customers helps businesses succeed. Having knowledge of both your customer and your market makes key decisions easier. Information including: Demographics and Psychographics Buying and Service Histories Preferences Complaints Proper marketing research can make this information readily available. Customer Relationship Management

  8. Why? Decisions Aided by Research Target Decisions Who are our target customers? What are their demographics? Should we aim towards more than one target audience? What are the strengths and weakness of our competitors who court the same audience? Product Decisions What modifications should be made? What products should be added or deleted from our line? What changes need to be made in packaging? Should we expand, contract, or maintain our present line? The answers to these question can mean the difference between an iPod and a Zune.

  9. Why? Decisions Aided by Research Price Decisions Should we price at, above, or below the competition? What special price incentives should we use to stimulate sales? Will the market bear a price sufficient to yield a profit? Promotion Decisions What kinds of advertising appeal, slogan and theme should be used? What media should we use? How large should the budget be? How effective is our advertising? The answers to these question can mean the difference between an iPod and a Zune.

  10. How Many? What are companies actually doing

  11. 2 RelationshipResearch and Planning Necessary to have accurate information to make the correct decisions.

  12. Planning and Decision Making Framework Questions that can be answered by research are usually broad in nature. Questions can include: Which new markets should we penetrate? What products should we introduce? What new opportunities should we pursue Decisions that can be made from the information gathered are usually more narrow in nature and can help determine items such as: Advertising Effectiveness Product Positioning Sales Tracking & Performance Monitoring Anticipating & Initiating changes in Marketing Practices. These types of decisions guide a business to success.

  13. Decision Making Marketing Research Tasks MARKETING PLANNING MARKETING RESEARCH TASK Marketing Analysis Opportunity Assessment Market Segmentation Benefit and Lifestyle Studies Competitive Analysis Performance Analysis Target Marketing Target Marketing Analysis Positioning Perceptual Mapping New Product Planning Concept, Product, Testing Distribution Decisions Cycle Time, Retailing, Logistic Research & Assessment Pricing Decisions Demand Analysis Sales Forecasting Integrated Marketing Comm. Advertising Effectiveness Studies Attitudinal Research Sales Tracking Program Implementation Performance Analysis Marketing Control Product Analysis

  14. Marketing Research Activities PROBLEM IDENTIFICATION PROBLEM SOLVING Marketing potential research Segmentation research Market share research Product research Image research Pricing research Market characteristics Promotion research Sales analysis research Distribution research Forecasting research Business trends research

  15. Stages Product Life Cycle Planning and Research Process for a New Product Identify Opportunity Focus Groups Market Definition Study Idea Generation Design Consumer Measurement Product Engineering Forecasting Sales Potential Launch Tracking Studies Evaluate Market Response Analysis Store Audits Product Refinement Tests

  16. 3 Samples Marketing Research Marketing Research should be conducted when the value exceeds the estimated cost.

  17. BAD Examples • The Worst Survey Question in Existence • This question was on an application form for the Northwest International Women’s Conference. There were no instructions on how many choices to check.

  18. BAD Examples • And another worthy example: • The instructions stated the following: • Your participation in this National Survey on marine mammals is requested. You will find the questions easy to answer. Estimated to complete the survey is 2-3 minutes. Please mark your answers in the space provided.

  19. Qualities Good Researcher • To get the information you need: • You need to do the following: • Listen • Select among viable alternatives • Fit the technique to the problem and not vice versa • Communicate effectively • Avoid complicating scenarios • Be careful and conscientious

  20. Conclusions / In Class Assignment / Homework CONCLUSIONS What is Marketing Research? Why is it important? When to do and when not to do research? IN CLASS ASSIGNMENT You will be conducting a survey on one of the following topics: Gun Control Immigration Abortion Fiscal Cliff Intelligent Design Once you’ve chosen your topic, come up with the following: Target Demographic Expected Outcomes Take that information and go to the street—ASK THEM! Once you’ve questioned at least 20 people in your target. Collate the information and provide the following for homework week 2.

  21. Homework STREET ANALYSIS For week 2 I would like you to provide a written analysis of the information you collected. Provide your original field notes, an informational graph that gives a visual representation of your outcomes and an analysis of the information and your conclusions. Initially I would recommend providing some background on your topic and the target demographic and expected outcomes you originally assumed. Make sure to note if they were correct and did the information back you up or not. Explain why you believe it did or didn’t. Your analysis should be typewritten, MLA format and make sure to SPELL CHECK. I will collect them at the beginning of next week’s class.

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