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Marketing Research

Understand market intelligence and research in marketing from a strategic viewpoint for effective decision-making and performance monitoring.

kennethbarnes
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Marketing Research

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  1. Marketing Research Chapter One A Decision Making Perspective on Marketing Intelligence

  2. What is marketing intelligence?

  3. What is Marketing Intelligence? Market intelligence (MI) is, “the process of acquiring and analyzing information in order to understand the market (both existing and potential customers); to determine the current and future needs and preferences, attitudes and behavior of the market; and to assess changes in the business environment that may affect the size and nature of the market in future.” - Cornish S. L

  4. Business Intelligence .................... Management Intelligence Marketing Intelligence Accounting Intelligence Financial Intelligence Customer Relationship Marketing/ Database Marketing Marketing Research Primary Sources Secondary Sources Standardized Sources Provide data on Prospects Customers Competition Products/Markets Business Intelligence

  5. Need for Marketing Intelligence • Producers have little direct contact with consumers (geographical distance and channel layers). • Channel has little knowledge about customer attitudes, preferences and changing tastes. • Need to understand competition, without spying on them. • Management goals involve sales targets and market share achievement. • Need to identify successful new product developments early in the process to ensure growth and revenue maximization by finding a balance between costs and prices of products.

  6. Domains of Marketing Intelligence • Product decisions • Customer segmentation decisions • Brand and pricing decisions • Keeping stakeholders happy • Market estimation, competitive benchmarking & distribution

  7. What is marketing research?

  8. Marketing Research • Marketing Research is the function that Links consumer, customer, and public to the marketer through information used to: • Identify and define marketing opportunity and problems • Generate, redefine and evaluate marketing actions • Monitor marketing performance • Improve understanding of marketing as a process (from AMA’s official definition of Marketing Research)

  9. P & G Luring Women with their Feminine Toothpaste • P & G has came out with “Rejuvenating Effects” a gender specific toothpaste targeting the female customers, who do 82% of the grocery shopping. • The flavor and package of the product was decided on the basis of the results from a customer survey filled out by women. • Though the product is priced slightly higher than the other brands P & G hopes to make women think about the toothpaste in the same light as skin care lotions and shampoo. • Toothpaste: unisex product feminine product

  10. Situation Analysis • Understand the environment and the market • Identify threats and opportunities • Assess the competitive position Strategy Development • Define the business scope and served • market segments • Establish competitive advantages • Set performance objectives Marketing Program Development • Product and channel decision • Communication decisions • Pricing • Personal selling decisions • Performance monitoring • Refining strategies and program Implementation Four Stages of Marketing Planning Process

  11. Ethics Issues in Marketing Research Ethics of the Sponsor • Overt and covert purposes • Dishonesty in dealing with suppliers • Misuse of research information Ethics of the Supplier • Violating client confidentiality • Improper execution of research Abuse of Respondents • Falsifying answers

  12. Questions • How to find a good research topic? • Where can we search references? • How to structure a thesis/paper?

  13. Situation Analysis Analysis of • Market environment • Market characteristics • Consumer behavior Research Approaches • Organize information obtained from prior studies (secondary) • Focus groups

  14. Strategy Development Market Research Provides Information to Assist Management With Three Critical Decisions: • What business should we be in? • How will we compete? • What are the objectives for the business?

  15. Marketing Program Development Representative Decisions that Draw on Marketing Research: • Segmentation decisions • Product decisions • Distribution decisions • Advertising and promotion decisions • Personal selling decisions • Price decisions • Branding decisions • Customer satisfaction decisions

  16. Implementation • Starts with decision to proceed with a new program or strategy • Set specific measurable objectives for all elements of marketing program • Shift research focus to : • "Did the elements achieve their objectives?" • “Should the marketing program be continued, discontinued, revised or expanded?"

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