Chapter 8 - Marketing research: from customer insights to actions. After reading chapter 8, you should be able to: Identify the reason for conducting marketing research, describe the five-step marketing research approach that leads to marketing actions, explain how marketing uses secondary and primary data.
Copyright © 2015 McGrawHill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGrawHill Education LEARNING OBJECTIVES (LO) AFTER READING CHAPTER 8, YOU SHOULD BE ABLE TO: LO 8-1 Identify the reason for conducting marketing research LO 8-2 Describe the five-step marketing research approach that leads to marketing actions LO 8-3 Explain how marketing uses secondary and primary data 82 LEARNING OBJECTIVES (LO) AFTER READING CHAPTER 8, YOU SHOULD BE ABLE TO: LO 8-4 Discuss the uses of observations, questionnaires, panels, experiments, and newer data collection methods LO 8-5 Explain how information technology and data mining lead to marketing actions LO 8-6 Describe three approaches to developing a company’s sales forecast 83 REDUCING THE RISK OF A MOVIE’S FAILURE WITH TEST SCREENINGS AND TRACKING STUDIES What’s in a Movie Name? The Risks of Today’s (and Tomorrow’s) Blockbuster Movies • Conduct Test Screenings • Use Tracking Studies 84 FIGURE 8-A Marketing research questions asked in test screenings of movies that lead to specific actions 85 REDUCING THE RISK OF A MOVIE’S FAILURE WITH TEST SCREENINGS AND TRACKING STUDIES Converting Marketing Research Results into Actions 86 LO 8-1 THE ROLE OF MARKETING RESEARCH What is Marketing Research? The Challenges in Doing Good Marketing Research Five-Step Marketing Research Approach • Decision • Decision Making 87 FIGURE 8-1 Five-step marketing research approach leading to marketing actions 88 LO 8-2 STEP 1: DEFINE THE PROBLEM SET THE RESEARCH OBJECTIVES Be Specific, Measurable, and Achievable Have a Clear Research Purpose Must Lead to Marketing Actions 89 LO 8-2 STEP 1: DEFINE THE PROBLEM SET THE RESEARCH OBJECTIVES Exploratory Research Descriptive Research Causal Research 810 LO 8-4 STEP 3: COLLECT RELEVANT DATA +/– OF CROSS TABULATIONS Advantages • Simple Format Permits Direct Interpretation of Data Allows Easy Communication of Results • Flexible—Summarizes Data Generated from the Following Collection Methods: Questionnaire Experiments Observational 854 LO 8-4 STEP 3: COLLECT RELEVANT DATA +/– OF CROSS TABULATIONS Disadvantages • Misleading if Percentages Based on too Few Observations • Can Hide Relationships Since Only – Variables are Shown in the Cross Tab 855 LO 8-5 STEP 4: DEVELOP FINDINGS Analyze the Data • How are Sales? • What Factors Contribute to Sales Trends? Present the Findings 856 FIGURE 8-7 Marketing dashboards that present findings to Tony’s marketing manager that lead to recommendations and actions 857 FIGURE 8-7A Findings presented to Tony’s marketing manager 858 FIGURE 8-7B Findings presented to Tony’s marketing manager 859 FIGURE 8-7C Findings presented to Tony’s marketing manager 860 FIGURE 8-7D Findings presented to Tony’s marketing manager 861 LO 8-5 STEP 5: TAKE MARKETING ACTIONS Make Action Recommendations Implement the Action Recommendations Evaluate the Results • The Decision Itself • The Decision Process Used 862 LO 8-6 SALES FORECASTING TECHNIQUES Sales Forecast Judgments of the Decision Maker • Direct Forecast • Lost-Horse Forecast Surveys of Knowledgeable Groups • Survey of Buyers’ Intentions Forecast • Salesforce Survey Forecast 863 LO 8-6 SALES FORECASTING TECHNIQUES Statistical Methods • Trend Extrapolation • Linear Trend Extrapolation 864 FIGURE 8-8 Linear trend extrapolation of sales revenues at Xerox, made at the start of 2000 865 FIGURE 8-E Top-down forecast: Survey of Buying Power 866 FIGURE 8-F Build-up forecast: Apple’s four major product lines 867 VIDEO CASE CARMEX [A]: LEVERAGING FACEBOOK FOR MARKETING RESEARCH 868 ... Primary Data 8 14 FIGURE 8- 2 Types of marketing information 8 15 LO 8- 3 STEP 3: COLLECT RELEVANT DATA SECONDARY DATA Internal • Marketing Input Data • Marketing Outcome Data 8 16 LO 8- 3 STEP... READING CHAPTER 8, YOU SHOULD BE ABLE TO: LO 8- 1 Identify the reason for conducting marketing research LO 8- 2 Describe the five-step marketing research approach that leads to marketing actions LO 8- 3... Marketing Research Approach • Decision • Decision Making 8 7 FIGURE 8- 1 Five-step marketing research approach leading to marketing actions 8 8 LO 8- 2 STEP 1: DEFINE THE PROBLEM SET THE RESEARCH OBJECTIVES