Marketing research Marketing research The collection analysis and

Marketing research

Marketing research The collection, analysis and interpretation of data/information Information is carefully extracted and marketing decisions are made based on it Intuition – decisions made based on personal experience or instincts What can you do with this information? Create marketing strategies or solve a marketing problem

Marketing research Required when: 1. expanding business 2. demographics 3. investigating local interests

Secondary Data Secondary by others data – information collected and published Secondary research – using secondary data to better one’s marketing efforts Sources of secondary data: 1. books 2. databases 3. internet 4. consultants

Primary data – unanalyzed, but current information collected by a researcher 1. Qualitative research – used to measure reactions, responses or feelings toward something Ex: people are brought in for a blind taste test 2. Quantitative research – used to make predictions about opinions and behaviours Ex: Data is collected via surveys from the target market

Ways to collect Data Test marketing producing a limited quantity of a product and selling it in an area that is representative of your target demographic Examples: Private screenings – movie endings can be changed due to reactions Placing the same product in two retail stores and monitor sales Use different promotional strategies

Test marketing Disadvantages: Competitors can dramatically lower their price if they know a new product is under “testing” Skewed results due to consumers simply wanting to try something new

Ways to collect Data Internal Sales information sources kept by businesses records Inventory records Advertising and promotional records Production records Data mining – research process used to look for connections/patterns in data collected

Marketing research Read “Environics Research group” on page 122. Answer question 1 Read page 126 – 127 Answer question 1 Read page 133 Answer question 1 Complete 132 question 1 a, b, c in the ICE activity on page

Independent work Begin reading your textbook at page 138 - 143. And make notes to answer the following: Surveys: What are open ended and closed-ended questions? Random sampling: Why is it important? Focus-Group interviews: What is a focus group? How are they useful? Begin reading your textbook at page 145. And make notes to answer the following: Consumer research: what is it? Awareness, attitude, and usage studies: What is it? How is this information useful to marketers? What is consumer segmentation analysis and market dimension analysis?

Independent work Begin reading your textbook at page 145. And make notes to answer the following: Consumer research: what is it? Awareness, attitude, and usage studies: What is it? How is this information useful to marketers? What is consumer segmentation analysis and market dimension analysis?

Independent work Complete Do the ICE activity on page 143 only: 1 A, B and C 2 A 3 A Read “Short Message Service” on page 147 – 148 Complete question 1