Principles of marketing: Lecture 12

Principles of marketing: Lecture 12 provide students with knowledge about: marketing research; the role of marketing research in decision making; the importance of marketing research to management; trends influencing the importance of marketing research;... Please refer to this lesson for details!

MGT301 Principles of Marketing Lecture­12 Summary of   Lecture­11 Marketing Information System (MIS) The Marketing Information System Marketing managers Marketing Information System Developing information Analysis Planning Assessing information needs Internal records Marketing intelligence Implementation Marketing environment Test markets Marketing channels Competitors Control Distributing information Marketing decision support analysis Marketing research Marketing decisions and communication Publics Macroenvironment forces Steps     Assessing the Marketing Information Needs Developing the Marketing Information Analyzing Marketing Information Distributing and using Marketing Information  Today’s Topics Marketing Research Marketing research is the planning, collection,  and analysis of data relevant to marketing decision  making and the communication of the results of this  analysis to management The Role of Marketing Research in  Decision Making        Marketing Research is part of the  Marketing Intelligence feedback  program  Marketing Research is the Primary  tool for exploring new Opportunities  in the Marketplace The Importance of Marketing Research to  Management Marketing Research Plays Three Functional Roles: Descriptive  The gathering and presentation of statements of fact Diagnostic  The explanation of data or actions Predictive   Specification of how to best take advantage of  opportunities as they arise in the ever­changing  marketplace  Trends Influencing the Importance of  Marketing Research  The Unrelenting Drive  for Quality and  Customer Satisfaction The Paramount  Importance of  Keeping Existing  Customers The Need for Managers to  Understand the Ever­Changing  Marketplace  Research objectives guide the determination of specific  information needs  Research proposals outline the type of data needed and the  research plan  Primary data:  Secondary data Secondary/Primary Data Balance Primary Data Secondary Data  Accurate  Available  Up­to­date  Cheap  Purpose design  Quick   Exploratory   Descriptive   Causal Exploratory Research – Exploratory research is usually small­scale research  undertaken to define the exact nature of the problem and to  gain a better understanding of the environment within which  the problem has occurred Descriptive Research – Implicit in descriptive research is the fact that management  already knows or understands the underlying relationships of  the problem area.   – Descriptive studies are limited to answering who, what,  when, where, and how questions e.g. Market potential for a product Causal Research – In causal studies the researcher investigates whether one variable  causes or determines the value of another variable A dependent variable is a variable expected to be predicted or  explained. An independent variable is a variable in an  experiment that the market research can, to some extent,  manipulate, change, or alter Choosing a Basic Method of Research  A research design, either descriptive or causal, is chosen  according to a project’s objective  The next step is to select a means of gathering data (or  research methods).   Basic Research Methods/ Approaches Survey – Research in which an interviewer interacts with  respondents (except in mail surveys) to obtain facts,  opinions, and attitudes Observation – Descriptive research that monitors respondent’s actions  without direct interaction Experiments – The objective of experiments is to measure causality – An experiment is distinguished by the researchers changing  one or more variables ­­ price, package, design while  observing the effects of those changes on another variable  (usually sales) Enough for today Summary Steps in the Marketing Research Process 1 Problem Problem Definition Definition and and the the Research Research Objectives Objectives 2 Developing Developing the the Research Research Plan Plan 3 Implementation Implementation 4 Interpretation Interpretation and and Reporting Reporting of of Findings Findings Follow-up Writing and Presenting the Report Analysis of the Data Creation of the Research Design Problem/ Opportunity Identification & Formulation Collection of the Data Choice of Method of Research Selection of the Sampling Procedure Next…  Marketing Research (cont )  Consumer Market­understanding the consumer  MGT301 Principles of Marketing Lecture­12 ... Choice of Method of Research Selection of the Sampling Procedure Next…  Marketing Research (cont )  Consumer Market­understanding the consumer  MGT301 Principles? ?of? ?Marketing Lecture? ?12 ... Uses & Application? ?of? ?Research in  Marketing Measurement? ?of? ?market potential  Analysis? ?of? ?market share  Determination? ?of? ?market characteristics  Sales analysis  Product testing  Forecasting  Studies? ?of? ?business trends... Reporting of of Findings Findings Follow-up Writing and Presenting the Report Analysis of the Data Creation of the Research Design Problem/ Opportunity Identification & Formulation Collection of the