MARKETING RESEARCH MARKETING ESSENTIALS CHAPTER 28 OBJECTIVES Describe
MARKETING RESEARCH MARKETING ESSENTIALS CHAPTER 28
OBJECTIVES § Describe the purpose of marketing research. § Explain the characteristics and purposes of a marketing information system. § Identify procedures for gathering information using technology. § Identify the methods of conducting marketing research. § Discuss the trends and limitations in marketing research.
MARKETING INFORMATION
DEFINING MARKETING RESEARCH § Marketing Research involves the process and methods used to gather information, analyze it, and report findings related to marketing goods and services.
DEFINING MARKETING RESEARCH § Market vs Marketing Research § Market research is a type of marketing research - market sizes and trends
WHY IMPORTANT? § Prevent new product failure § Increase sales and profits - What to produce (gauge acceptance) - How to price - Who will buy - How to promote - Analyze trends
INFORMATION VALIDATION § § § § Willingness to act Accuracy Level on uncertainty avoided with information Variation in results Level of willing consumer risk Reaction of competitors Cost of information (time and money)
WHO USES RESEARCH? § Small business (owners, managers, employees) § Medium to large (contract) § Large (in-house R and D) § Full service: - design/conduct surveys - tabulate/analyze data - prepare reports
MARKETING INFORMATION SYSTEMS § MIS defined is a set of procedures and methods to generate, store, analyze and distribute information for decision making. § Data includes: - Customer profile data - Company records - Competitors records - Government data - Research reports
MARKETING INFORMATION SYSTEMS § Database Marketing AKA Customer Relations Management (CRM) - Designing, creating and managing customer lists - Developed from customer touch points § Database=collection of information about a topic
USING TECHNOLOGY § Customer Loyalty Programs - Benefit business - Benefit customer § Computer Software - Cookies - Data-mining software § Consumer Privacy
CHECK FOR UNDERSTANDING
- Slides: 12