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Marketing Research
- The process of collecting and analyzing information in order to recommend actions.
- Marketers conduct marketing research to reduce risk and improve marketing decisions
- Five-Step Marketing Research Approach
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Step 1
- Define the problem
- Set research objectives
- Identify possible marketing actions
- Measures of Success
- Criteria or standards used in evaluating proposed solutions to a problem
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Step 2
- Develop the research plan
- Specify constraints
- Identify data needed for marketing actions
- Determine how to collect data
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Step 3
- Collect relevant information by specifying
- Secondary Data
- Primary Data
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Data
- Facts and figures related to a problem, are divided into two main parts
- Secondary Data
- Facts and figures that have already been recorded before the project at hand
- Primary Data
- Facts and figures that are newly collected for a project
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Observational Data
- Facts and figures obtained by watching, either mechanically or in person, how people behave
- Mechanical
- TV ratings (People Meter)
- Personal
- People who collect information on product or services
- Mystery / Secret Shopper
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Questionnaire Data
- Facts or figures obtained by asking people about their attitudes, awareness, intentions, and
- behaviors
- Two types: Idea Generation & Idea Evaluation
- Idea Generation: Coming up with ideas (Focus Groups)
- Idea Evaluation: Testing an Idea (Using personal mail, telephone, e-mail, fax, or
- Internet surveys)
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Panels & Experiments
- Panel is a sample of consumers or stores from which researchers take a series of measurements.
- Ex: Collects data about certain products; includes price, location purchased, type of
- product, season
- Experiments involves obtaining data by manipulating factors under tightly controlled conditions
- to test cause and effect.
- Often involves the marketing mix (4 P’s)
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Sales Drivers (figure 8-6, pg. 178)
- Factors that influence product or brand sales. All these drivers must be considered in designing
- an effective marketing program
- Products
- Advertising (TV, Print, Internet, Radio)
- Distribution
- Consumers
- Competition
- Special Promotions
- Price
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Step 4
- Develop Findings
- Analyze the Data
- What does the information collected say about your service or product
- What are some ways to improve and grow
- Present the Findings
- Findings should be clear and understandable
- Managers should deliver the results in clear pictures and often in a single page.
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Step 5
- Take Marketing Actions
- Put your findings into effect and monitor how the decisions turn out.
- Make Action Recommendations
- Implement the Action Recommendations
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Sales Forecast
- Total sales of a product that a firm expects to sell during a specified time period under specified
- conditions
- 3 Types:
- Judgments of the decision maker
- Surveys of knowledgeable groups
- Statistical methods
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Sales Forecast cont…
- Judgments of the decision maker
- 99% of all sales forecasts are simply the judgment of the person who must act on the
- results of the forecast
- Surveys of Knowledgeable groups:
- Surveys of buyers: asking customers if they would consider buying the product in the
- future
- Statistical methods
- Trend Extrapolation: extending a pattern observed in past data into the future
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