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How would the companies that make the products you buy benefit from understanding purchasing decision.

How would the companies that make the products you buy benefit from understanding purchasing decision. Marketing research. The process of planning, colleting, and analyzing the data needed to solve marketing problems. determine consumer attitudes and preferences Test product features

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How would the companies that make the products you buy benefit from understanding purchasing decision.

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  1. How would the companies that make the products you buy benefit from understanding purchasing decision.

  2. Marketing research • The process of planning, colleting, and analyzing the data needed to solve marketing problems. • determine consumer attitudes and preferences • Test product features • Determine market size and growth potential • Learn about competitive products • Determine buying cycles • Understand how the company is perceived by the public.

  3. Why Market Research What? Customer profile data Company results Competitive results Government data How? Marketing information systems Database marketing • Who? • Company staff, in house research departments • Outside research companies • Learn about competition • Trade associates • Non profit organizations • Why? • Determine consumers attitudes and preferences • Determine market size and growth potential • Learn about competition • Understand the company’s place within the market

  4. Research • Stouffers spend 13 years doing research and development before starting lean cuisine line.

  5. Marketing Research Steps • Primary Research Method • Surveys or questionnaires(open ended or closed ended questions • Focus groups/Interviews- groups of people that study the topic • Observation methods – one way mirrors, mystery shoppers • Diaries • Experiments Measure the effectiveness of an advertising message Identify and define problem Develop the research Design Determine the data collecting method Collect data Analyze Data Report the Data

  6. Secondary Market Research • Collecting and analyzing data previously gathered for other purposes • Saves time and money • Learn about the industry, trends and consumers • Company reports • Trade associations • Non profit organization • Government reports- us census • Internet – websites • Annual reports/ chamber of commerce • News and media resources

  7. Types of Questions Forced Choice Questions Open Ended Questions A respondents give opinions to a questions Difficult to categorize and tabulate. • Simplest questions to write and also the easier to tabulate • Two choice multiple choice or rating scale • Rating scale between 1 and five- (Lickert Scale)

  8. Forced Questions Yes/ No Question • Question that asks about more than one issues decreases reliability and validity • Used as Filter questions • Did you have a problem during your Stay? ____Yes _____NO Multiple choice make the opinions comprehensive enough to includes all possible responses.

  9. Forced QuestionsRating Scale Questions • Best to use to get overall measurement of a particular topic, opinion, or experience. • Measuring the satisfaction (the trait) of a recent shopping experience is a common use. • Five point and seven point sales have most reliability and validity.

  10. Forced QuestionsRating Scale statements Respond to a attitude, opinion, or rating scale statement

  11. Write a Rating Scale Question • A small bookstore has been losing money since a larger bookstore opened in the same area. Some customers have mentioned that the new bookstore has a coffee bar and a reading lounge- things the small bookstore does not have. The owners are willing to expand their small bookstore, but need to know what customers really want. Come up a list of questions the owner should ask if they distribute a survey to their current customers. Using a five rating scale

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