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Exploring Marketing Research

Exploring Marketing Research. Chapter 1: The Nature of Marketing Research . Learning Objective. Know the steps in the decision making process. The Business Decision Making Process. Decision making involves choosing from among available alternatives:

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Exploring Marketing Research

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  1. Exploring Marketing Research Chapter 1: The Nature of Marketing Research

  2. Learning Objective • Know the steps in the decision making process.

  3. The Business Decision Making Process Decision making involves choosing from among available alternatives: 1. Identifying problems or opportunities 2. Diagnosing causes; identifying and evaluating alternatives (courses of action) 3. Selecting and implementing a course of action 4. Evaluating the course of action

  4. Learning Objective • Be able to give or recognize examples of how marketing research relates to the marketing concept

  5. Marketing Concept ACHIEVING THE ORGANIZATION’S OBJECTIVES DEPENDS ON IDENTIFYING AND SATISFYING THE NEEDS OF PROSPECTIVE CUSTOMERS MORE EFFICIENTLY AND EFFECTIVELY THAN THE COMPETITION.

  6. Marketing Orientation • The corporate culture existing for firms that practice the marketing concept. It emphasizes: • customer orientation, • profitability over short-term profits, • relationship marketing, and • a cross-functional perspective.

  7. Marketing Research and the Marketing Concept • Customer Orientation • Identifying Customer Needs • Aiding Development of Products and Services • Long Run Profitability & Building Long Term Customer Relationships • Measuring Customer Satisfaction/Dissatisfaction • Test Marketing • Cross Functional Perspective • Measuring Employee Satisfaction • Efficiency Studies • Quality Improvement Studies

  8. Learning Objective • Be able to give or recognize examples of how marketing research relates to the strategic marketing process.

  9. The Strategic Marketing Process Slide 2-32

  10. How Marketing Research Helps Marketing Managers • Strategic Marketing Process - Planning Phase: • Monitoring the External Environment • Identifying Market Segments and Target Markets • Designing the Marketing Program: • Product - Product Development and Maintenance • Pricing - Setting Price and Planning Price Promotions • Distribution - Locating Stores, Plants and Facilities; Monitoring Marketing Channels • Promotion - Measuring Effectiveness; Designing Advertising and Promotions; “Image” Research

  11. Market Segments for Wendy’s, Burger King, & McDonald’s Restaurants based on usage BURGER KING McDONALD’S WENDY’S Sole restaurant Percentage of respondents 100 80 60 40 20 0 17.0% 31.6% 42.3% Primary Secondary Prospects Non- prospects 9.4% Users 60.6% 12.5% 9.9% 41.7% 32.1% Non-users 12.4% 12.4% 12.4%

  12. Learning Objective • Be able to give or recognize examples of how marketing research relates to the 4Ps of marketing.

  13. How Marketing Research Helps Marketing Managers • Strategic Marketing Process - Planning Phase: • Monitoring the External Environment • Identifying Market Segments and Target Markets • Designing the Marketing Program: • Product - Product Development and Maintenance • Pricing - Setting Price and Planning Price Promotions • Distribution - Locating Stores, Plants and Facilities; Monitoring Marketing Channels • Promotion - Measuring Effectiveness; Designing Advertising and Promotions; “Image” Research

  14. How Marketing Research Helps Marketing Managers • Implementation Phase: • Resource Allocation Decisions • Control Phase: • Monitoring Marketing Results (Sales and Market Share) • Monitoring Competitors and Competitive Actions • Evaluating and Explaining Marketing Results

  15. Learning Objective • Understand the characteristics of scientific research.

  16. Marketing Research Defined The application of the scientific method in searching for the truth about marketing phenomena. Scientific method - The analysis and interpretation of empirical evidence (facts from observation or experimentation) to confirm or disprove ideas or prior conceptions. Scientific research is: • Systematic • Objective • Critical

  17. A Summary of the Scientific Method

  18. Learning Objective • Understand the difference between applied and basic research and be able to recognize examples.

  19. Marketing Research Types Basic research - Attempts to expand the limits of knowledge. Not directly involved in the solution to a pragmatic problem Applied research - Conducted when a decision must be made about a specific real-life problem

  20. Basic or Applied Research? • What are the major factors that contribute to employee absenteeism? • What can Entergy Corporation do to reduce employee absenteeism? • What are the causes and consequences of air pollution? • What impact will reducing automobile emissions by 20% by the year 2015 have on the incidence of respiratory disease in Atlanta over the next thirty years? • What are the factors that limit the speed at which silicon based microprocessors can operate? • How can Intel build a faster microprocessor for the next generation of computers?

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