Introduction to Marketing Research

It aint the things we dont know that gets us in trouble. Its the things we know that aint so. Artemus Ward

Some Basics
What is marketing?

What is the concept of marketing?

What is marketing strategy?

What is Marketing? What is Marketing?

Marketing has been defined by the AMA as: organizational function; and a set of processes for:
creating, communicating and delivering value to customers managing customer relationships in ways to benefit the organization and its stakeholders.

What is the concept of Marketing?

Business philosphy that holds the key to:
achieving organizational goals
delivering, and communicating customer value to its chosen markets Better than your competitor

What is Marketing Strategy? What is Marketing Strategy?

A Marketing Strategy consists of: selecting a segment/ target.

designing the proper marketing mix

To meet the wants & needs of the consumers within the Target Market.

Marketing Strategy- Restaurant

Target market segment? Marketing strategy Location? Menu? Prices? Type? Advertising?

Key Points Key Point

managers must make decisions:
To practice marketing; to implement the marketing concepts; to implement marketing strategy.

Many decisions require additional information and marketing research is needed in order to supply that information.

Marketing Research Defined

Marketing research is the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem.
- by Bush & Burns

Marketing Research Defined

The American Marketing Association (AMA) redefined Marketing Research as:
The function which links the consumer, the customer, and public to the marketer through INFORMATION

contd
Used to identify and define market opportunities and problems
Generate, refine, and evaluate marketing performance

Monitor marketing performance

Improve understanding of marketing as a process

In a nutshell
Marketing research is the systematic and objective identification collection analysis dissemination and use of information

for the purpose of improving decision making related to the identification and solution of problems and opportunities in marketing.

To provide an understanding on 6Ws (What, When, Where, Who, Why and How) questions.

The Role of Marketing Research

The framework of the DECIDE model: D - Define the marketing problem E - Enumerate the controllable and uncontrollable decision factors

C - Collect relevant information

I - Identify the best alternative D - Develop and implement a marketing plan E - Evaluate the decision and the decision process

The Role of Marketing The Role of Marketing Research Research

Customer Groups Controllable Marketing Variables Product Pricing Promotion Distribution Assessing Information Needs Consumers Employees Shareholders Suppliers Uncontrollable Environmental Factors Economy Technology Laws & Regulations Social & Cultural Factors Political Factors

Marketing Research

Providing Information

Marketing Decision Making

Marketing Managers Market Segmentation Target Market Selection Marketing Programs Performance & Control

The Characteristics
Systematic Objective It involves the identification, collection, analysis, and dissemination of information

Marketing Research Mix

N. Bradley (Oxford University Press, Oxford) coined the term Marketing Research Mix in 2004 & published in 2007* Designed as a framework to assist researchers to design or evaluate marketing research studies. The name was deliberately chosen to be similar to the Marketing Mix - it also has four Ps.

Unlike the marketing mix these elements are sequential and they match the main phases that need to be followed.

Marketing Research Mix

The Four Ps of Marketing Research Mix are:
Purpose

Population
Procedure Publication

Marketing Research vs. Market Research

Market research is broader in scope and examines all aspects of a business environment Marketing Research is narrower intended towards Marketing Problems/Oppurtunity

Market Research asks questions about

competitors, market structure, government regulations, economic trends, technological advances, and numerous other factors that make up the business environment

Classification of Marketing Research

Problem Identification Research Research undertaken to help identify problems which are not necessarily apparent on the surface and yet exist or are likely to arise in the future. Examples: market potential, market share, image, market characteristics, sales analysis, forecasting, and trends research. Problem Solving Research Research undertaken to help solve specific marketing problems. Examples: segmentation, product, pricing, promotion, and distribution research.

Classification of Marketing Research The Role of Marketing Research

Marketing Research

Problem Identification Research

Problem Solving Research

Market Potential Research Market Share Research Market Characteristics Research Sales Analysis Research Forecasting Research Business Trends Research

Segmentation Research Product Research Promotion Research Distribution Research

Determining When to Conduct Marketing Research

Time constraints
Availability of data Nature of the decision

Benefits versus costs

Determining When to Conduct Marketing Research

Time Constraints Availability of Data
Yes

Nature of the Decision

Yes

Benefits vs. Costs

Is sufficient time available?

Info on Hand, Adequate within time?

Is the decision of strategic or tactical importance?

No

Yes

Does the information Yes value exceed the research cost?

No

Conduct Marketing Research

No

No

Do Not Conduct Marketing Research

Careers in Marketing Research

Career opportunities are available with marketing research firms (e.g., AC Nielsen, Burke Inc., Alliance research NY, IMRB) Careers in business firms and agencies with in-house marketing research departments (e.g., Procter & Gamble, Coca-Cola, AT & T) Advertising agencies (e.g., BBDO International, Ogilvy & Mather, J. Walter Thompson, Mudra Comm, Young & Rubicam) Positions: vice president of marketing research, research director, assistant director of research, project manager, field work director, statistician/data processing specialist, senior analyst, analyst, junior analyst, and operational

Always Remember!!
Marketing Research is a tool. It assists marketing managers in their decision making.

IT IS NOT A REPLACEMENT FOR MANAGERIAL JUDGEMENT!!

Thats all Folks!!!

Thank you