Launch your PollEV session: Text : UWMBUSINESS to 37607

1. Launch your PollEV session: Text: UWMBUSINESS to 37607 *Text LEAVE at the end of class* Alternate #: (747) 444-3548

2. Test 2 – concept questions?

3. STP chapter Perceptual Map of the soft drink industry

6. Mr = information for decisions • Marketing research consists of a set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can help marketing decision-makers

7. McD’s had a Problem!

8. The Marketing Research Process Problem (or Opportunity)

9. (Scores out of 100)

10. Types of data: FREE Secondary “External” Outside firm PAID FOR Qualitative Secondary “Internal” Primary Inside firm Quantitative

13. Focus group:

14. Primary Data Collection Techniques

15. Quantitative Research • Survey Research: • Most popular. A survey is a systematic means of collecting information from people using a questionnaire • Questions can be unstructured or structured

16. Unstructured, structured questions in a survey

17. Quantitative Research • Survey Research: • Since no company can ask every customer their opinions, researchers must choose a representative group of customers, known as the sample. Researchers will then generalize their findings to describe all their customers.

18. Results for 500 customers “Generalize” Population mean is approximately = 4.15 Sample Mean = 4.15

19. Quantitative Research • Panel and Scanner-based Research: • a firm can send e-mails to each participant in a panel with product images and descriptions of potential new products. • Panel members can respond with their opinions and whether they think the product should be carried in the stores

20. A B • Experimental Research: • This is a type of quantitative research that systematically manipulates one or more variables to determine which variables have a causal effect on another variable • For example McDonald’s can conduct price experiments

21. McDonald’s Price Experiment:

23. Step 4: Analyzing Data And Developing Insights • researchers analyze collected data in order to generate meaningful information • Data is defined as raw numbers or other factual information that, on their own, have limited value to marketers • When the data are interpreted, they become information; that is, putting the data into a form that is useful to marketing decision-makers

24. The Marketing Research Process Decision

26. Step 5: Action Plan and Implementation • In the final phase in the marketing research process, the researcher prepares the results and presents them to the decision-makers who use that information to formulate marketing strategies. A written report is also usually submitted • Marketing decisions

27. Decision time for McDonald’s:

28. Key concepts/ terms to know • Marketing research • Marketing research as a 5-Step process • Secondary data (know examples) • Primary data (know examples) • Syndicated data • Scanner data, panel data, how are they different? • Internal secondary data • Data mining, data warehouse • Customer lifetime value (CLV) • Exploratory research, conclusive research (both types are primary research) • Exploratory research techniques: Observation, Social Media, In-Depth Interview, Focus Group Interview • Conclusive research: Survey, Panel/ Scanner, Experimental • Survey research: unstructured, structured questions, online and offline surveys, sample, scale • Panel and scanner-based research used for primary data collection • Experimental research, causal effect • Data, information • An effective marketing research report

30. Environment GAP Seller Buyer GAP VALUE

32. The First ‘P’: Product, Branding, and Packaging Decisions Ref: Text, chapter 11

33. “PRODUCT Strategy Decisions” “PRODUCT” (Value) Seller Buyer VALUE

34. FROM CHAPTER 2:

35. In this topic, we will: • Identify what constitutes a product • Describe the types of consumer products • Explain the difference between a product mix’s breadth and a product line’s depth • Identify the advantages that brands provide firms and consumers • Describe the various types of branding strategies used by firms • Distinguish between brand extension and line extension • Describe the advantages of a product’s packaging and labeling strategy

36. Value Creation: The First ‘P’ • a product is anything that is of value to a consumer, and can be offered through a voluntary marketing exchange • Goods, services, places, ideas, organizations, people, and even communities are all products because they all create value for consumers

38. “An industry begins with the customer and his/her needs, not with a patent, raw material, or selling skill” – Ted Levitt

39. A Product

40. Product? • At the center is the core customer value, which defines the basic problem-solving benefits the consumers seek.

41. “1,000 songs In your pocket”

43. “1,000 songs In your pocket”

44. Product? • At the center is the core customer value, which defines the basic problem-solving benefits the consumers seek. • Marketers convert core customer value into an actual product. • Attributes such as the brand name, features, design, quality, and packaging are considered

45. “Augmented Product”

46. Product? • Then come the associated services ( also known as the augmented product): these include the non-physical aspects of the product,such as warranties, financing, product support, and after sales service.

48. Henry Ford “We habitually celebrate Henry Ford for the wrong reason: his production genius. His real genius was marketing. Mass production was the RESULT, not the CAUSE of his low prices” – Marketing Myopia

50. Types of Products • Consumer products are products used by people for their personal consumption. Four types: • Specialty Products/Services: • These are products for which customers show such a strong preference that they will expend considerable effort to search for the best suppliers (example: legal or medical professionals)