Market Research Methods Lesson 1-WEB

Kevin Passmore: 

Kevin Passmore

Marketing Research Methods: 

Marketing Research Methods Lesson One: Introduction and Course Overview Kevin Passmore

Lesson Outline: 

Lesson Outline THE ROLE OF MARKET RESEARCH IN MANAGEMENT DESICISION MAKING Nature of Marketing Role of Market Research Whether to Conduct Market Research

Lesson Outline: 

Lesson Outline THE ROLE OF MARKET RESEARCH IN MANAGEMENT DESICISION MAKING Nature of Marketing Role of Market Research Whether to Conduct Market Research

The Role of Marketing Research in Management Decision Making: 

THE NATURE OF MARKETING To review the marketing concept and the marketing mix. Marketing : The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services. The Marketing Concept (1) a consumer orientation (2) a goal orientation (3) a systems orientation The Role of Marketing Research in Management Decision Making

“Marketing is the management process that responsible for identifying anticipating and satisfying customer requirements profitably” : 

“ Marketing is the management process that responsible for identifying anticipating and satisfying customer requirements profitably ” Charted Institute of Marketing UK

“Marketing is the process of planning and executing the conception pricing promotion and distribution of ideas goods and services to create exchange and satisfy individual and organisational objectives”: 

“ Marketing is the process of planning and executing the conception pricing promotion and distribution of ideas goods and services to create exchange and satisfy individual and organisational objectives ” American Marketing Association

“Marketing is about giving customers what they want”: 

“ Marketing is about giving customers what they want” Pettitt and Brassington

PowerPoint Presentation: 

The Role of Marketing Research in Management Decision Making To comprehend the marketing environment. Identifying Target Markets and Researching the Marketing Mix: The Opportunistic Nature of Marketing Research A marketing mix: The unique blend of product/service, pricing, promotion, and distribution strategies designed to reach a specific target market. THE NATURE OF MARKETING

Lesson Outline: 

Lesson Outline THE ROLE OF MARKET RESEARCH IN MANAGEMENT DESICISION MAKING Nature of Marketing Role of Market Research Whether to Conduct Market Research

PowerPoint Presentation: 

The Role of Marketing Research in Management Decision Making To comprehend the marketing environment. Altering the marketing mix because of changes: new consumers new businesses different tastes needs incomes lifestyles purchasing habits THE EXTERNAL MARKETING ENVIRONMENT

PowerPoint Presentation: 

The Role of Marketing Research in Management Decision Making THE ROLE OF MARKETING RESEARCH IN DECISION MAKING To define marketing research. Marketing Research Defined The planning, collection, and analysis of data relevant to market decision making and communication of the results of this analysis to management. The Importance of Marketing Research to Management descriptive function diagnostic function predictive function The Unrelenting drive for Quality and Customer Satisfaction

PowerPoint Presentation: 

Demographics of Coupon Users Average household size Average age female head Household income ($000) Female head attended college Average monthly grocery bill Female head does not work outside or works part time 3.6 3.2 3.4 43.1 45.2 41.9 $30.9 $29.1 $28.7 51% 50% 52% $334 $292 $303 65% 61% 55% Heavy (top 20%) Medium- Light Nonuser Table 1.1

PowerPoint Presentation: 

The Role of Marketing Research in Management Decision Making To understand the importance of marketing research. The Paramount Importance of Keeping Existing Customers Managers Must Understand the Ever-Changing Marketplace The Proactive Role of Marketing Research A proactive management: alters the marketing mix to fit newly emerging patterns in economic, social, and competitive environments new opportunities develops a long-run marketing strategy THE ROLE OF MARKETING RESEARCH IN DECISION MAKING

PowerPoint Presentation: 

Figure 1.1 Emergent Markets The Role of Marketing Research in Management Decision Making THE ROLE OF MARKETING RESEARCH IN DECISION MAKING

PowerPoint Presentation: 

The Role of Marketing Research in Management Decision Making Applied Research versus Basic Research Basic research hopes to provide further confirmation to an existing theory or to learn more about a concept or phenomenon. Most research undertaken by businesses is applied research because it must be: cost effective of demonstrable value to the decision maker To understand the importance of marketing research. THE ROLE OF MARKETING RESEARCH IN DECISION MAKING

PowerPoint Presentation: 

The Role of Marketing Research in Management Decision Making DECIDING WHETHER TO CONDUCT MARKET RESEARCH To learn when marketing research should and should not be conducted. A manager faced with several alternative solutions to a problem should not instinctively call for applied marketing research. The first decision to be made is whether to conduct marketing research at all. In a number of situations it is best not to conduct market research.

Lesson Outline: 

Lesson Outline THE ROLE OF MARKET RESEARCH IN MANAGEMENT DESICISION MAKING Nature of Marketing Role of Market Research Whether to Conduct Market Research

PowerPoint Presentation: 

The Role of Marketing Research in Management Decision Making DECIDING WHETHER TO CONDUCT MARKET RESEARCH A Lack of Resources Two situations: lack of funds insufficient funds to implement decisions from research Research Results Would Not Be Useful Clients may be hard-pressed to use the information To learn when marketing research should and should not be conducted.

PowerPoint Presentation: 

The Role of Marketing Research in Management Decision Making DECIDING WHETHER TO CONDUCT MARKET RESEARCH Poor Timing in the Marketplace Marketing research should not be undertaken if the opportunity for successful entry into a market has passed. The Decision Has Already Been Made Marketing research may be used improperly. To learn when marketing research should and should not be conducted.

PowerPoint Presentation: 

The Role of Marketing Research in Management Decision Making DECIDING WHETHER TO CONDUCT MARKET RESEARCH When Managers Cannot Agree on What They Need to Know to Make a Decision The wrong phenomena might be studied When Decision-Making Already Exists Further research may be redundant and costly When the Costs of Conducting Research Outweigh the Benefits Potential new products with large profit margins may have a greater potential To learn when marketing research should and should not be conducted.

PowerPoint Presentation: 

Deciding Whether to Conduct Market Research Table 1.2 Cost likely to be greater than benefit; e.g., eyeglasses replacement screw tire valve extension Small DON’T CONDUCT MARKETING RESEARCH Possible benefits greater than cost; e.g., ultraexpensive Lambeggehni-type sportswear PERHAPS CONDUCT MARKETING RESEARCH Market Size Small Profit Margin Large Profit Margin

PowerPoint Presentation: 

Benefits likely to be greater than costs; e.g., Stouffers frozen entries Crest’s tarter control toothpastes Large Benefits likely to be greater than costs; e.g., medical equipment high-definition TV CONDUCT MARKETING RESEARCH PERHAPS CONDUCT MARKETING RESEARCH Deciding Whether to Conduct Market Research Table 1.2 Market Size Small Profit Margin Large Profit Margin

How the information age is affecting researchers and decision makers:: 

25 Matter matters less. Distance matters less. Time matters more. Customization matters more. People matter more. How the information age is affecting researchers and decision makers:

PowerPoint Presentation: 

The Role of Marketing Research in Management Decision Making Ways to Use the Internet in Marketing Research Secondary source material Data collection Project management Report distribution General communication GOING ON- LINE Major internet use

McDonald’s Case Study: 

McDonald’s Case Study New Menu & Information Launched as Part of Ongoing Commitment to Informed Choice

Strategic Vision : 

Strategic Vision Marketing correctly builds complete solutions

Customer Value: 

Customer Value Customer value = perceived benefits – perceived sacrifice