MGM Lectures 10 & 11
MGM Lectures 10 & 11 301
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This 0 page Class Notes was uploaded by Alex on Thursday March 10, 2016. The Class Notes belongs to 301 at University at Buffalo taught by Dr. Dick in Spring 2016. Since its upload, it has received 77 views. For similar materials see Marketing in Business, management at University at Buffalo.
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Date Created: 03/10/16
MGM Lectures 10 8 11 Marketing Research Uses for Marketing Research providing info for marketing amp decision making 0 Environmental Scanning understanding the different environment of the market micro macro etc 0 Demand Forecasting How much to produce to satisfy demand Eg social media assists in knowing demand consumer responses 0 Segmentation knowing how to advertise to wide variety of audience 0 Market Tracking Eg IRI uses consumer panels to monitor purchases See how often products are purchased sales incdec 0 New Product Testing 50 of all new products fail l test to see consumer thoughts the more test greater chance for success 0 Ad PreTesting machines that track eye contact old way New way is done using a laptop 0 Product Positioning where the product stands from the perspective of the consumer market segment 0 Test Marketing more test more chance for success Can test any aspect of product FiveStep Approach 0 De ne the Problem research is no good without a de ned problem Find out why there s an issue because there can be so many causes need to be speci c 0 Develop the Research Plan Formulation surveys focus groups respondents etc Collect Relevant Information 0 Develop FindingsRecommendations develop solutionssuggestions through data analysis different causes show different results 0 Evaluate ResultsTake Action Implementation new approaches Marketing Info System integrated decision support system 0 Constant information collection needs to be seen by decision maker 0 Speci c data learned from outside organization Data speci cally learned inside organization Extra data learned outside organization 0 CHassi caU on Extra data learned inside organization External Internal Secondary Pnnnary 0 Types of External Primary Research 0 Exploratory openminded Observation watch customers amp advertisements for purchases and affect Depth Interviews Customer interviewed for several hours with an experienced trained interviewer expensive Focus Groups experienced people with a groups of customers 0 Descriptive Observation more speci c 0 Personal observe behavior of market segment consumers Automated electronic measure purchases Survey 0 Mail print amp send survey with return address slow 0 Phone quottried amp truequot 0 Personal interview door or mail intercept research kiosks in malls Internet surveys eg Lays Chips Flavors contest Critical Factors Population Sample Response Rate Representativeness amp Error Bias 0 Types of Survey Error Sampling Interviewer amp Questionnaire Design 0 Causal Experiments isolate variables 0 Lab Example determine optimal amount of oil in hand lotion o Dependent Variables Creaminess yes amp Greasiness no 0 Bring in subjects to survey 0 Field Test Marketing Product Formulation Advertising Campaign Pricing amp Packaging 0 Cost expensive big decision 0 Competition may try to sabotage test market by dropping costs or buying up all products 0 Timing takes a long time o Repurchase Rate in uenced by timing 0 Fine Tuning marketing mix 4 P s Key Concepts 0 Store Data 0 Manipulation manipulate independent variable amp measure effect on dependent variable 0 Control why sales may have changed 0 How Random sample of population Randomly assign sample to variation of dependent variable 0 Prices Specials Sales Brand Competition 0 Eg R lProduct Trends 0 Household Data Database Trials Repeat Frequency amp volume Scanner Panel people who have agreed to provide data regularly Coupons are meant to entice new customers