Chapter 10 Notes
Chapter 10 Notes MARK 3001
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This 9 page Class Notes was uploaded by Kyla Brinkley on Monday September 21, 2015. The Class Notes belongs to MARK 3001 at University of Georgia taught by Kimberly Grantham in Summer 2015. Since its upload, it has received 75 views. For similar materials see Principles of Marketing in Marketing at University of Georgia.
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Date Created: 09/21/15
Kyla Brinkley MARK 3001 Notes Fall 2015 l Chapter 10 Marketing Research a Marketing research a prerequisite of successful decision making A set of techniques and principles for systematically collecting recording analyzing and interpreting data that can aid decision makers involved in marketing goods services or ideas Successful marketers know when research will help their decision making and take the steps to get the info they need Marketing research provides crucial link between firms and their environments enabling them to be customer oriented Useful for i Corporate ii Retail iii Nonprofit iv Government organizations The Marketing Research Process Will the research be useful ii ls top management committed to the project iii Should project be small or large iv plan entire project in advance v Step 1 Defining Objectives amp Research Needs 1 Researchexpensive time consuming 2 Marketers must clearly define objective 3 Assess value of project through comparison of benefits and costs vi Step 2 Designing the Research 1 Identify type of data needed amp research necessary to collect it 2 People aren t always totally truthful in surveys a So researchers observe customers Step 3 Data Collection Process 1 Secondary data pieces of information that have already been collected from other sources and usually are readily available a Includes externalinternal data sources 2 Primary data data collected to address specific research needs vii a Ex focus groups indepth interviews surveys 3 Sample group of customers who represent the customers of interest viii Step 4 Analyzing Data amp Developing Insights 1 Researchers analyze and make use of collected data raw numbers or facts 2 When data is interpreted becomes information organized analyzed interpreted data that offer value to marketers ix Step 5 Action Plan and Implementation 1 Prepare results to present them to decision makers who undertake appropriate marketing strategies 2 Marketing research presentation includes a Executive summary b Body of report c Conclusions d Limitations e Supplemental tables figures appendixes f Secondary Data i Comes from free or cheap external sources 1 Census data 2 Info from trade associations 3 Reports in magazines a Consumer reports ii Useful for politicians iii Inexpensive External Secondary Data 1 Quick access low cost 2 Don t meet researcher s needs 3 May not be relevanttimely 4 Easy access doesn t mean trustworthy iv Syndicated External Secondary Data 1 Syndicated data available for a fee from commercial research firms like Information Resources Inc IRI National Purchase Diary Panel and ACNieIsen 2 Useful for consumer packaged goods firms that sell to wholesalers because it s hard for them to gather data directly from the retailers that sell their products to consumers 3 Scanner data type of syndicated external data used in quantitative research Obtained from scanner readers of UPC codes at checkout counters a Grocery stores b Data acquired by big marketing research firms like ACNieIsen Panel data information collected from a group of consumers a Over time b Records of what they ve purchased secondary data and responses to surveys primary data Panel amp scanner data provide firms with a comprehensive picture of what consumers are buying a Difference is how the data is aggregated i Scanner research focuses on weekly consumption of a product ii Panel research focuses on weekly consumption by a person or household v Internal Secondary Data 1 2 3 Useful customer info purchase history Data warehouses large computer files that store millions amp billions of individual data Data mining the use of a variety of statistical analysis tools to uncover previously unknown patterns in the data stored in databases or relationships among variables a Helps retailers place products identify customers b Helps firms group clients c Identify when customers unhappy Churn the of consumers who stop using a product or service divided by the avg of consumers of that product a Helps company focus on what it does best the purpose of converting data to information is to describe explain predict ampor evaluate a particular situation 6 Firms use secondary date to assess the profitability of their customers by determining the customer lifetime value CLV g Primary Data Collection Techniques i Depending on the nature of the research problem the primary data collection method can employ a qualitative or quantitative research method ii Qualitative research informal research methods including observation following social media sites in depth interviews focus groups and projective techniques 1 Open ended responses iii After qualitative research firms do quantitative research structured responses that can be statistically tested to confirm insights and hypotheses generated via qualitative research or secondary data 1 Confirms insights made via qualitative research iv Observation 1 Observation an exploratory research method that entails examining purchase and consumption behaviors through personal or video camera scrutiny 2 Can be brief watching teens shop in mail for 2 hrs or extensive researcher living with family to observe product use 3 Best method to determine how consumers might use a product 4 Should people be informed that they are being watched v Social Media 1 Data source for marketers 2 Cross reference social media commentary with consumers past purchases 3 Blogs a Unaffiliated with the companies that produce the items that they review b No reason to hold back from negative commentary 4 Reviews 5 Online communities for companies a People with same issues and concerns 6 7 8 vi 1 2 3 4 5 vii Focu 1 Companies adding heads of social media to management teams Learn about customer perceptions and resolve complaints Sentiment mining data gathered by evaluating customer comments posted through social media sites like Facebook Twitter a Consumer comments b Data analyzed c Qualitative data d Some companies join the online convo social engagement lnDepth Interviews lndepth interview an exploratory research technique in which trained researchers ask questions listen to and record the answers and then pose additional questions to clarify or expand on a particular issue Provide insights to help managers understand industry Establish historical context Communicate people s feelings about product at individual level Expensive and time consuming 3 Group Interviews Focus group interviews a research technique in which a small group of persons usually 812 comes together for an intensive discussion about a particular topic with the conversation guided by a trained moderator using an unstructured method of inquky Predetermined general outline of topics of interest Record interaction to analyze later Some feature in ads a Ex dominos Innovative ideas stemming from marketing research aren t limited to new products a Used to improve old Online technology big benefit a No travel necessary b Saves costs c Broader range of people d No video though lose body language info viii Survey Research 1 Survey a systematic means of collecting information from people that generally uses a questionnaire Questionnaire a form that features a set of questions designed to gather information from respondents and thereby accomplish the researcher s objectives questions can be either unstructured or structured a Unstructured questions open ended questions that allow respondents to answer in their own words b Structured questions closed ended questions for which a discrete set of response alternatives or specific answers is provided for respondents to evaluate ix Developing a Questionnaire is Part Art and Part Science P PWNT gt193 Carefully designed questions Can t be misleading Must address 1 issue at a time Worded in comfortable vocabulary Sequence a General questions b Specific questions c Demographic questions Professional clear layout Marketing surveys conducted online or offline a Online offer researchers chance to develop database quickly b Offline provides more direct approach Web surveys quantitative a Tight deadlines b Small budgets c High response rates d Fast results e Simple reports with graphics and charts easily made f Surveymonkey x Panel and ScannerBased Research 1 Can be secondary or primary 2 Panel for primary data xi Experimental Research 1 experimental research experiment a type of conclusive and quantitative research that systematically manipulates one or more variables to determine which variables have a causal effect on another variable xii Advantages and Disadvantages of Primary and Secondary Research 1 Secondary research a Advantages i Saves time in collecting data because they are readily available ii Free or inexpensive except for syndicated data b Disadvantages i May not be precisely relevant to information needs ii Info may not be timely iii Sources may not be original so usefulness is an issue iv Methodologies for collecting data may not be appropriate v Data sources may be biased 2 Primary research a Advantages i Specific to the immediate data needs and topic at hand ii Offers behavioral insights generally not available from secondary research b Disadvantages i Costly ii Time consuming iii Requires more sophisticated training amp experience to design study and collect data h Emerging Technology amp the Ethics of Using Consumer Information VI vii FOR REVIEW Strong ethical orientation must be an integral part of the firms marketing strategy amp decision making American Marketing Association guidelines for research 1 Prohibits selling or fundraising under the guise of conducting research 2 Supports maintaining research integrity by avoiding misrepresentation or the omission of pertinent research data 3 Encourages the fair treatment of clients amp suppliers Marketing research should only be used to produced unbiased factual information Threats to consumers personal info grows with technology advances 1 Mannequins with hidden cameras 2 Abusing access to data is wrong 3 Security breaches abused data 4 Consumers want control over the info collected about them Firms notify customers that their info is safe Social media neuromarketing facial recognition software don t have many laws yet 1 Targeting specific ads when recognizing customers Biometric data digital scanning of the physiological or behavioral characteristics of individuals as a means of identification 1 Facial characteristics 2 Iris scans 3 Fingerprints 4 Ex Facebook facial detection for tagging collects biometric data The Marketing Research Process 1 Defining the objectives and research needs 2 Designing the research 3 Data collection process 4 Analyzing data and developing insights 5 Action plan and implementation Qualitative Research 1 Observation 2 lndepth interviews 3 Focus groups 4 Social media 5 Data collection research Quantitative Research 1 Experiments 2 Survey 3 Scanner 4 Panel 5 Data collection research
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