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Ch. 8-Marketing Research

by: AnissaNotetaker

Ch. 8-Marketing Research MKT 3300

GPA 3.33
Principles of Marketing

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About this Document

chapter 8 notes for principles of marketing with professor Xie
Principles of Marketing
Class Notes
UTD, Marketing, business, Xie
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This 4 page Class Notes was uploaded by AnissaNotetaker on Monday September 28, 2015. The Class Notes belongs to MKT 3300 at University of Texas at Dallas taught by Xie,Ying in Fall 2015. Since its upload, it has received 35 views. For similar materials see Principles of Marketing in Marketing at University of Texas at Dallas.

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Date Created: 09/28/15
Ch 8arketing Research Monday September 28 Z 15 1148 PM What is marketing research 0 The process of systematically collecting and analyzing information to address a marketing research question and recommending actions 0 Reduce the risk and uncertainty of marketing decision making Why do marketing research 1 To understand consumer needs and wants 0 Consumer willingness to pay 0 Consumer39s impressions of a brand 0 Consumer uses for the product 0 Effectiveness of advertising campaign 2 To understand the marketing environment 0 Identify gaps in products offered 0 Identify sociocultural changes 0 Identify demographiceconomic changes 3 Help to construct long term strategic plans Step 1 Step 2 Step 3 Step 4 Step 5 DEf39brIe the Develop the research Filled r levant Pevfelop Take marketing actions pro esr plan 39n cirmgglczri n findings o Make action h 0 Specify d Analyze recommendations rise constraints econ ary the data 0 Implement action 0 Jectives Identify data ata Present recommendations 0 Identify needed for Obta39n pr39mary the 0 Evaluate results pOSSIble marketing actions data findings mairket39ng 0 Determine how Use actions to collect data Information A technology and data mining Feedback to learn lessons for future research 0 Types of marketing research 0 Gathers preliminary information that will help define the problem and suggest hypothesis Exploratory research 0 Describes things as market potential for a product or the demographics and consumers39 attitudes Descriptive research Casual research 0 Test hypotheses about cause and effect relationships Marketing Research design Data collection Principles of Marketing Page 1 problem method Opportunity Exploratory 0 Observational analysis qualitative studies Identifies motivation 0 Focus groups Issue 0 Depth identification interviews surveys Target profile Descriptive 0 Surveys identification quantitative 0 Consumer Describes consumer panels Demand behavior who when 0 Sales or estimation where how much scanner data Strategy Causal 0 Lab formulation quantitative experiments Identifies consumer 0 Field Strategy response to experiments evaluation marketing strategies 0 regression Secondary data Internal data inside the firm 0 Inputs budgets financial statements sales call reports 0 Outcomes actual sales and customer communications 0 Facts and figures already recorded prior to the project Data 0 Facts and figures pertinent to the problem External data outside the firm 0 US Census reports trade association studies magazines business periodicals and internet based reports Observational data watching people 0 Mechanical methods 0 Personalmethods 0 Neuromarketing methods Primary data 0 Facts and figures 9 newly collected for the project Questionnaire data asking people Secondary data vs Primary data 0 Secondam data collected for other purposes 0 Problems 0 Out of date 0 Too general 0 Inaccurate o Bias 0 Advantages 0 Fast 0 Low cost 0 Could not get data otherwise Objective determine a recommendation The requirements 0 Idea generation methods 0 Idea evaluation methods Other sources of data 0 Social media 0 Panels and experiments 0 Information technology and data mining 1 Develop a specific strategy can be a mix of web media relations social media publications advertising endorsement and event marketing 2 Determine with a literature review focus group and survey 3 Support the strategy with reasoning and explain the potential implementation constraints and alternatives 0 Primary datawatching people 0 Observational data I Mechanical methods III Nielsen39s people meter III Nielsen39s TV ratings Principles of Marketing Page 2 I Personal methods III Mystery shopper III Videotaping III Ethnographic research I Primary dataasking people 0 Personal interview 0 Focus group 0 Survey I Person face to face I Telephone I Paper mail and self administered I Online I Primary dataquestion formats 0 Open ended questions 0 Closed end or fixed alternative questions I Dichotomous questions I Semantic differential questions I Likert scale questions I Primary dataother sources 0 Social media 0 Panels 0 Experiments I Independent variable the cause drivers I Dependent variable the result I Test markets Neuromarketing I The use of brain observation for marketing purposes 0 Examines changes in brain activity in presence of advertising brands advertising communications or other persuasive stimuli I Most common approaches are 0 fMRI functional magnetic resonance imagery uses magnetic resonance scanners to produce sets of cross sections of brain called tomograms I Identifies specific activated and non activated brain areas I Uses changes in blood flow and oxygenation to identify brain activity 0 EEG electroencephalography measures and records brain39s electrical activity I Provides insights into how much of the brain is activated I Cannot pinpoint specific parts of brain engaged Personal interviews I 30 to 60 minutes long I 5 to 15 individuals I Free flowing yet structured conversation I Interviewer flexibilityto O Pursue topics in different ways with different respondents o Create new questions 0 Probe interesting or unexpected responses I Appropriate for situations in which extensive detailed probing is required I Eliminates potential for group pressure to alter or discourage honesty in response Focus groups I A group of eight to twelve individuals who 0 Take part in carefully planned series of discussions that last 90 120 minutes long 0 Held in a permissive non threatening environment 0 Led by a trained moderator I Focus groups are larger than mini groups o 8 to 12 people vs 3 to 6 I When 0 New product idea generation 0 Product positioning 0 Product perceptions 0 Creative explorations O In depth exploration of consumer attitudes beliefs and behaviors Comparison of types of surveys Basis of comparison Mail online and fax Telephone surveys Individual interview surveys and mail intercept surveys Cost per completed Usually the least expensive Moderately expensive Most expensive survey assuming adequate assuming reasonable because of response rates completion rates interviewer39s time and Principles of Marketing Page 3 Some since interviewer can probe and elaborate on questions Some because of voice inflection of interviewer Some because of telephone contact Observing consumer generated media 0 Over 100 million sources of dataand growing 0 Sheer size of sample requires automated observation 0 Four main types of data collected 0 Coverage I The number of times a brand is mentioned 0 Depth I The amount of brand detail 0 Content 0 Sentiment 0 Analyze the data 0 How are sales 0 What factors contribute to sales trends 0 Present the findings 0 Make action recommendations 0 Implement the action recommendations 0 Evaluate the results 0 The decision itself 0 The decision process used Principles of Marketing Page 4 travel expenses Much since interviewer can show visuals probe and establish rapport Significant because of voice and facial expressions of interviewer Little because of face toface contact


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