Marketing Research Exam I (2 weeks of notes)
Marketing Research Exam I (2 weeks of notes) MKT 4533
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This 7 page Class Notes was uploaded by Addison Harris on Sunday January 24, 2016. The Class Notes belongs to MKT 4533 at Mississippi State University taught by Nicole Lueg in Winter 2016. Since its upload, it has received 29 views. For similar materials see Marketing Research in Marketing at Mississippi State University.
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Date Created: 01/24/16
CHAPTER 1 MARKETING RESEARCH FOR MANAGERIAL DECISION MAKING (Notes from PowerPoint) CHAPTER 1 LEARNING OBJECTIVES: Describe the impact marketing research has on marketing decision making Demonstrate how marketing research fits into the marketing planning process Provide examples of marketing research studies Understand the scope and focus of the marketing research industry Recognize ethical issues associated with marketing research Discuss new skills and emerging trends in marketing research WHAT IS MARKETING RESEARCH? Marketing research is the function that links an organization to its market through the gathering of information o It facilitates the identification and definition of market-driven opportunities and problems, the development and evaluation of marketing actions. o Marketing research is very much implied. Ex: MSU secret shoppers: students get money to spend at any on-campus dining facility. The students must asses the service, and the quality of the food and experience. Tasks in the marketing research process include: o Designing methods for collecting data o Managing the information collection process o Analyzing and interpreting results o Communicating findings to decision makers APPLIED VS. BASIC RESEARCH Applied research: conducted when a decision must be made about a certain real-life problem. o Ex: What shape should the pour spout for Coca-Cola three liter be? Conducting research in order to understand a problem that a company or organization has so to better understand and react accordingly. Basic research: done in order to expand the limits of one’s knowledge (not to aid any specific problem or company/ organization). o Not aimed at a specific problem, but conducted to test theories or concepts o Ex: Oliver, Richard L., Roland T. Rust, and Sajeev Varki (1997), “Customer Delight: Foundations, Findings, and Managerial Insight,” Journal of Retailing (Emotions that drive our purchase Ex: Concerts are a huge emotional experience.) Customer delight is an example of basic research (no specific company or problem to address) o Basic research theory, not collected for company to use for marketing strategy, used by students to gather info for personal knowledge HOW MARKETING RESEARCH BENEFITS MARKETING DECISION MAKING Situational analysis: monitors the appropriateness of a firm’s marketing strategy and determines whether changes are necessary. A situation analysis includes three decision areas: 1. Marketing analysis: research can help to locate and identify new market opportunities for a company. Professor: Nicole Lueg Exam I Addison Harris 2. Market segmentation: research can help to profile segments of customers within a specific product market. 3. Competition analysis: research can help to identify existing and potential competitors’ strengths and weaknesses. Marketing research should be used to help design a company’s marketing strategy. A marketing strategy includes: (Target market & Marketing mix which helps to identify and fine tune to help us reach the target market) 1. Target market analysis: provides information for identifying people that a company wants to serve. 2. Positioning: process in which a company seeks to establish an image that is consistent with customers’ needs and preferences relative to its competitors. 3. New product planning: provides information for improving products and planning new products. Marketing research should be used in marketing program development (aka the marketing mix (4 P’s) Examples of marketing research helping to inform the marketing mix: 1. Product portfolio analysis: customer satisfaction studies can help to make decisions about reducing costs, changing elements of the marketing mix, and changing or deleting product lines. 2. Distribution decisions: retailing research helps to asses store image, instore traffic patterns, and location analysis. 3. Pricing decision: research can help set prices of new products and/or adjust prices of existing products. 4. Integrated marketing communications: research can help gauge the effectiveness of promotions, including advertising effectiveness studies, attitudinal research, and sales tracking. THE MARKETING RESEARCH INDUSTRY Marketing research providers can be either internal or external: o Internal research providers (usually larger companies) are housed as departments or units within the company. Ex: Kraft Foods, Coca-Cola, and Procter and Gamble all have internal marketing research services. Field Service: just collects data (surveys, etc.) and ships back to company. o External research providers (hired, objective and unbiased) are separate companies who charge a fee for all types of marketing research services. Customized research firms can provide highly tailored services to the client. Ex: Godwin Group provides an image assessment for San Destin resort. Standardized research firms provide general results that tend to follow a standard format. Ex: Nielsen and Arbitron television ratings. ETHICS IN MARKETING RESEARCH Ethical issues can arise from three groups: o The research provider: could engage in unethical pricing, could not maintain client confidentiality, could engage in “sugging” (selling under the guys of market research), could invade respondents’ privacy, could present biased results to support a predetermined conclusion, and/or could falsify data. (Ex: form of telemarketing: call consumers to inquire about product, (and say that it Professor: Nicole Lueg Exam I Addison Harris is just for market research) when they are actually priming consumer for a sale they are trying to make.) o Curbstoning: interviewers will complete the interview themselves, ask friends and relative to complete surveys, or create data themselves. o The research user: company could ask for detailed research proposals from providers with no intention of hiring them to conduct research, or could overstate research results. o The respondent: could provide dishonest answers or fake behaviors. EMERGING TRENDS IN MARKETING RESEARCH Increase emphasis on secondary data collection (already collected for something else) methods Movement toward technology-related data management More online data collection methods: o Data may be collected quickly o Data entry is accurate o Can help to reduce data collection costs o Can be personalized o Can be more convenient for the respondent. Note: Everything in italics = my own words Everything in regular/bold font came straight from PowerPoints (created by professor) Professor: Nicole Lueg Exam I Addison Harris CHAPTER 2: THE MARKETING RESEARCH PROCESS AND PROPOSALS (Notes from PowerPoint) CHAPTER 2 LEARNING OBJECTIVES: Describe the research process and explain the various steps Distinguish between exploratory, descriptive, and casual research designs THE MARKETING RESEARCH PROCESS Marketing research process is the systematic task steps in the gathering, analyzing, interpreting, and transforming of data structures and results into decision-making information o Also called: Information research process The process can be time consuming, expensive, and you may not like the findings! It may not be needed if: o Enough information is already available (there is a lot of secondary data out there!) o Insufficient time frames (especially if competition is active) o Inadequate resources (not enough money or manpower to conduct research) o Cost outweigh the value PHASES AND STEPS IN THE MARKETING RESEARHC PROCESS (Do not have to know the steps in order, just the phases) Phase I: Determine the Research Problem (Define research design) o Step 1: Identify and clarify information needs o Step 2: Define the research problem and questions o Step 3: Specify research objectives and confirm the information value Phase II: Select Appropriate Research Design (Plan research design) o Step 4: Determine the research design and data sources o Step 5: Develop the sampling design and sample size o Step 6: Examine measurement issues and scales o Step 7: Design and pretest the questionnaire Phase III: Execute the Research Design (Execute Research Design) o Step 8: Collect and prepare the data o Step 9: Analyze the data o Step 10: Interpret data to create knowledge Phase IV: Communicate the Research Results (Communicate results) o Step 11: Prepare and present the final report STEP 1: IDENTIFY AND CLARIFY INFORMATION NEEDS Purpose of the research request o Iceberg principle: decision makers are only aware of 10% of the true problem. Understand the complete problem situation o Conduct a situation analysis Identify and separate out symptoms Determine the unit of analysis o Are we collecting information about individuals, households, companies? Professor: Nicole Lueg Exam I Addison Harris Determine the relevant variables o What constructs are we most interested in? Ex: awareness, attitudes, satisfaction, commitment, trust STEP 2: DEFINE THE RESEARCH PROBLEM AND QUESITONS (More specific questions get more specific answers) Stage in which management seeks to identify a clear-cut statement of the problem or opportunity Identifying the marketing research problem is the most important stage in the process! Problem must be specific: must be capable of being answered o Must avoid broad problem statements/questions, like “How can we increase sales of our product?” o The More clear-cut and specific the problem is, the more effective your marketing research effort will be. It is useful to conduct a literature review o Purpose is to get a better handle of the problem and guide the research STEP 3: SPECIFY RESEARCH OBJECTIVES AND CONFIRM INFORMATION VALUE Can the information tell the decision maker something not already known? Will the information provide significant insights? What benefits will be delivered by this information? STEP 4: DETERMINE THE RESEARCH DESIGN There are 3 basic types of research designs: o Exploratory research: purpose is to discover ideas and insights to better understand the problem. (Ex: Trying to learn more about customer delight) This research can help fine tune the problem (something that a survey might be able to do), and it allows us to better understand consumer’s attitudes (which a survey might not give). o Descriptive research: purpose is to collect information that provides answers to research questions; describes something, does not analyze; also known as survey research; determines frequency of occurrence; answers the who, what, when, where, why, and how questions. o Casual research: purpose is to test cause and effect relationships; uses experimentation; examines whether one variable determines or causes another variable; Ex: Test markets. (Experimental Design: hold all other variable constant, and manipulate one to compare the difference) STEP 5: DETERMINE THE SAMPLING DESIGN AND SAMPLE SIZE Identify the relevant defined target population by either: o Conducting a census of all members (include everyone in the target population) or o Selecting a sample: a smaller number of members from the target population from which the researcher collects data. Note: census= entire population (which is near impossible to survey) problem: counting college students (who could be counted twice) Note: Sample= a smaller number of the target population (Random(Probability) Sample or Non Random(Non-Probability) Sample) Professor: Nicole Lueg Exam I Addison Harris Random is better because it is more accurate, can use % “We are 95% confident that…” Non Random not every person will be included Develop a probability or non-probability sampling plan o Probability: each member of the population has a known chance of being selected. Determine how many people need to be investigated STEP 6: EXAMINE MEASUREMENT ISSUES AND SCALES Development of reliable and valid scale measurement Dimensions underlining critical factors Single or multi-item measures used to collect data o We usually use multiple items to measure latent constructs. Why? Because a latent construct cannot be directly observed. Ex: Customer satisfaction, trust, loyalty. Note: Latent Construct: theoretical abstraction used to make sense of some aspect of our environment hard to measure emotion or customer delight (delight is a latent construct: different factors contributing to delight: family/friends, food, activity you enjoy, shopping (good value). Ex of Latent Construct: Measure of Perceived Expertise: Scale of 1= Strongly Disagree to 5=Strongly Agree “My advisor is always very helpful when it comes to making my academic schedule.” Etc. (want consistency in answers, meaning they are all ranked fairly similarly to get a very clear outcome). In this case (even though trust is hard to measure, using the Measure of Perceived Expertise we can determine if one trusts their advisor or not. So we find links between perceived expertise trust. STEP 7: DESIGN AND PRETEST THE QUESTIONNARIE What is the appropriate length of survey? If it is too long it probably won’t be completed. Will our respondents be able to understand our questions? Are our questions in the right order? Do our questions actually measure what we are trying to measure? Pretest: a small group of the respondents who are representative of our sample complete the survey to make sure that the instructions and questions are clear and not confusing. (a form of planning) STEP 8: COLLECT AND PREPARE DATA Data may be collected in two general ways: Questioning: through self-administered surveys, personal interviews, telephone interviews, focus groups Observation: observing individuals in a natural environment (this can be trickier because you cannot interact with the subject at all) STEP 9: ANALYZE DATA Summary of statistics such as mean, median, and mode Professor: Nicole Lueg Exam I Addison Harris Frequency distributions (percentages) Crosstabulations: do men and women behave different? Do younger people behave differently than older people? (comparing different groups) Multivariate data analysis: cluster analysis, regression, factor analysis, structural equations modeling Content analysis: summarizing open ended responses by breaking them down into meaningful categories STEP 10: INTERPRET DATA TO CREATE KNOWLEDGE Information becomes knowledge when data is interpreted and meaning is attached Decision maker can be shown a frequency distribution or crosstabulation, but they are really interested in what all of the number mean. STEP 11: PREPARE AND PRESENT THE FINAL REPORT Writing/presenting the report: you must be able to clearly communicate the results and make recommendations to management. o Not always easy, esp. if the results are not what the manager wants to hear! Management is likely not interested in the actual SPSS output Final report typically has the following sections: o Executive summary o Introduction o Problem Definition and Objectives o Methods o Results, Findings, Limitations of Study Note: Everything in italics = my own words Everything in regular/bold font came straight from PowerPoints (created by professor) Professor: Nicole Lueg Exam I Addison Harris
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