Lectures Marketing management: Chapter 4 - ThS. Nguyễn Tiến Dũng

Lectures Marketing management - Chapter 4: Conducting marketing research provides students with the knowledge: What constitutes good marketing research, what are the best metrics for measuring marketing productivity, how can marketers assess their return on investment of marketing expenditures. Invite you to refer to the disclosures.

CHAPTER CONDUCTING MARKETING RESEARCH Nguyen Tien Dung, MBA Email: dung.nguyentien3@hust.edu.vn Chapter Questions What constitutes good marketing research? What are the best metrics for measuring marketing productivity? How can marketers assess their return on investment of marketing expenditures? © Nguyễn Tiến Dũng Marketing Management The Role of Marketing Information ● Good marketers need insights to help them interpret past performance as well as plan future activities ● To make the best possible tactical decisions in the short run and strategic decisions in the long run, they need timely, accurate, and actionable information about consumers, competition, and their brands ● Discovering a consumer insight and understanding its marketing implications can often lead to a successful product launch or spur the growth of a brand © Nguyễn Tiến Dũng Marketing Management The Marketing Research System ● Marketing research is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company ● Types of marketing research: ● Qualitative: small samples, why ● Quantitative: large samples, how many © Nguyễn Tiến Dũng Marketing Management ● Marketing insights provide diagnostic information about how and why we observe certain effects in the marketplace, and what that means to marketers ● Often obtained by qualitative research ● In-depth interviews ● Focused group discussions © Nguyễn Tiến Dũng Marketing Management © Nguyễn Tiến Dũng Marketing Management Venus Razor ● As part of a $300 million budget for the development of its first razor ● ● ● ● designed solely for women, Gillette conducted extensive consumer research and performed numerous market tests The razor, called Venus, was a marked departure from previous women’s razor designs, which had essentially been colored or repackaged versions of men’s razors After research revealed that women change their grip on a razor about 30 times during each shaving session, Gillette designed the Venus with a wide, sculpted rubberized handle offering superior grip and control, and an ovalshaped blade in a storage case that could stick to shower walls Research also indicated that women were reluctant to leave the shower in order to replace a dull blade, so the case was made to hold spare blade cartridges When Gillette research later revealed four distinct segments of women shavers—perfect shave seekers (no missed hairs), skin pamperers, pragmatic functionalists, and EZ seekers—the company designed Venus products for each of them © Nguyễn Tiến Dũng Marketing Management Types of Marketing Research Firms ● Syndicated-service research firms ● These firms gather consumer and trade information, which they sell for a fee ● Examples: the Nielsen Company, Kantar Group,Westat, and IRI ● Custom marketing research ● to carry out specific projects They design the study and report the findings ● Specialty-line marketing research firms ● These firms provide specialized research services The best example is the field-service firm, which sells field interviewing services to other firms © Nguyễn Tiến Dũng Marketing Management Nielsen.com/vn.html © Nguyễn Tiến Dũng Marketing Management Affordable Ways to Do Marketing Research ● Engaging students or professors to design and carry out projects ● Companies such as American Express, Booz Allen Hamilton, GE, Hilton Hotels, IBM, Mars, Price Chopper, and Whirlpool engage in “crowdcasting” and are sponsors of competitions such as the Innovation ● Challenge, where top MBA students compete in teams The payoff to the students is experience and visibility; the payoff to the companies is a fresh sets of eyes to solve problems at a fraction of what consultants would charge ● Using the Internet—A company can collect considerable information at very little cost by examining competitors’Web sites, monitoring chat rooms, and accessing published data ● Checking out rivals—Many small businesses, such as restaurants, hotels, or specialty retailers, routinely visit competitors to learn about changes they have made ● Tapping into marketing partner expertise—Marketing research firms, ad agencies, distributors, and other marketing partners may be able to share relevant market knowledge they have accumulated © Nguyễn Tiến Dũng Marketing Management 10 Sampling Plan ● Sampling unit: Who is to be surveyed? ● Sample size: How many people should be surveyed? ● Sampling procedure: How should the respondents be chosen? © Nguyễn Tiến Dũng Marketing Management 34 Table 4.2 Types of Samples Probability Samples ● Simple random ● Stratified random ● Cluster © Nguyễn Tiến Dũng Nonprobability Samples ● Convenience ● Judgment ● Quota Marketing Management 35 Contact Methods ● Mail questionnaire ● Telephone interview ● Personal interview ● Online interview © Nguyễn Tiến Dũng Marketing Management 36 Pros and Cons of Online Research Advantages ● Inexpensive ● Fast ● Accuracy of data, even for sensitive questions ● Versatility © Nguyễn Tiến Dũng Disadvantages ● Small samples ● Skewed samples ● Technological problems ● Inconsistencies Marketing Management 37 What is a Marketing Decision Support System (MDSS)? A marketing decision support system is a coordinated collection of data, systems, tools, and techniques with supporting hardware and software by which an organization gathers and interprets relevant information from business and environment and turns it into a basis for marketing action © Nguyễn Tiến Dũng Marketing Management 38 Barriers Limiting the Use of Marketing Research ● A narrow conception of the research ● Uneven caliber of researchers ● Poor framing of the problem ● Late and occasionally erroneous findings ● Personality and presentational differences © Nguyễn Tiến Dũng Marketing Management 39 Table 4.3 Characteristics of Good Marketing Research ● Scientific method ● Research creativity ● Multiple methods ● Interdependence ● Value and cost of information ● Healthy skepticism ● Ethical marketing © Nguyễn Tiến Dũng Marketing Management 40 Measuring Marketing Productivity ● Marketing metrics are the set of measures that helps marketers quantify, compare, and interpret marketing performance © Nguyễn Tiến Dũng Marketing Management 41 © Nguyễn Tiến Dũng Marketing Management 42 What is Marketing-Mix Modeling? Marketing-mix models analyze data from a variety of sources, such as retailer scanner data, company shipment data, pricing, media, and promotion spending data, to understand more precisely the effects of specific marketing activities © Nguyễn Tiến Dũng Marketing Management 43 Marketing Dashboards ● A customer-performance scorecard records how well the company is doing year after year on customer-based measures ● A stakeholder-performance scorecard tracks the satisfaction of various constituencies who have a critical interest in and impact on the company’s performance including employees, suppliers, banks, distributors, retailers, and stockholders © Nguyễn Tiến Dũng Marketing Management 44 © Nguyễn Tiến Dũng Marketing Management 45 Common Measurement Paths ● Customer metrics pathway ● Unit metrics pathway ● Cash-flow metrics pathway ● Brand metrics pathway © Nguyễn Tiến Dũng Marketing Management 46 © Nguyễn Tiến Dũng Marketing Management 47 © Nguyễn Tiến Dũng Marketing Management 48 ... Often obtained by qualitative research ● In-depth interviews ● Focused group discussions © Nguyễn Tiến Dũng Marketing Management © Nguyễn Tiến Dũng Marketing Management Venus Razor ● As part... best example is the field-service firm, which sells field interviewing services to other firms © Nguyễn Tiến Dũng Marketing Management Nielsen.com/vn.html © Nguyễn Tiến Dũng Marketing Management... important © Nguyễn Tiến Dũng Marketing Management 24 Question Types – Rating Scale American Airlines’ food service is _  Excellent  Very good  Good  Fair  Poor © Nguyễn Tiến Dũng Marketing