Marketing Research Marketing DecisionMaking and Marketing Decisions Presentation

Marketing Research Marketing Decision-Making and Marketing Decisions Presentation for Marketing Research Module Bangor Transfer Abroad Programme

Marketing Research The Knowledge Age • Huge volumes of information now available • Managers need to be selective and systematic • As data is drawn from multiple sources, needs to be combined analysed for it to be of value Bangor Transfer Abroad Programme

Marketing Research Decision levels in organisations Strategic Business direction Market decisions Investment decisions New product development Positioning Operational Tactical Marketing mix decisions Customer service levels Competitive responses Campaigns Bangor Transfer Abroad Programme

Marketing Research Information processing Input Output/input DATA Output INFORMATION Value added Uninformed Minimum cost Total uncertainty INTELLIGENCE Value added Informed Maximum cost Less uncertainty Bangor Transfer Abroad Programme

Marketing Research Typical applications for marketing research • Market analysis • New product/service development • Selection of brand names and packaging • Pricing decisions • Advertising and promotion decisions • Sales decisions • Service support and complaint handling decisions Bangor Transfer Abroad Programme

Marketing Research Typical data requirements: Market analysis • • Market size Market profitability Market growth trends Main products in the market Customer attitudes and buying behaviours Major competitors and market shares Distribution patterns Marketing strategies used in the market Bangor Transfer Abroad Programme

Marketing Research Typical data requirements: Product research Long range economic studies Satisfaction levels and trends with current products Gap between current products & perception New products Consumer research Competitor research Research from international markets Source: Hines Bangor Transfer Abroad Programme

Marketing Research Bangor Transfer Abroad Programme

Marketing Research Typical data requirements: Pricing decisions • Competitor product prices • Consumer attitudes to price – what would they expect to pay? – what would they be prepared to pay • Cost/price/volume - what quantities are likely to sell at different price levels? Bangor Transfer Abroad Programme

Marketing Research Typical data requirements: Advertising and promotion • Size of potential market • Demographic characteristics of users • Demographic profiles of segments • Behaviours and attitudes of different segments • Language used by customers in talking about product • Share of mind compared with competitors Bangor Transfer Abroad Programme

Marketing Research Bangor Transfer Abroad Programme

Marketing Research Typical data requirements: Sales decisions • Sales territories • Sales personnel efficiency • Sales statistics • Sales forecasts • Sales incentives • Distributor policy Bangor Transfer Abroad Programme

Marketing Research Summary • Marketing Research generates data and analysis for Marketing Decisions • Four types of decision area: : - Market Research - Product Policy Research - Pricing Research - Communications Research Bangor PGDM Transfer Abroad Programme

Summary Marketing Research Primary objective of researcher is to provide: - Timely - Accurate - Relevant Data and analysis to Marketing Management Key word is ‘Robust” Bangor Transfer Abroad Programme