1: Marketing Research for Decision Making

ESSENTIALSESSENTIALS OF MARKETING RESEARCHOF MARKETING RESEARCHHair/Wolfinbarger/Ortinau/BushHair/Wolfinbarger/Ortinau/Bush

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Marketing

Marketing is the process of planning and executing the pricing,promotion, distribution of products,

services, and ideas in order to create exchanges that satisfyboth the firm and its customers

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Marketing Research

Marketing research is the function that links an organization to its

market through the gathering of information

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Tasks in the Process

Designing methods for collecting dataManaging the information collection

processAnalyzing and interpreting resultsCommunicating findings to decision

makers

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Research Benefits Marketing Decisions

Situation analysisStrategy designProgram development

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Marketing Situation Analysis

Monitors the appropriateness of a firm’s marketing strategy and determines whether changes are necessary

Market analysisMarket segmentationCompetition analysis

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Opportunity assessment

Collecting market information to forecast changes using

Content analysisIn-depth interviewsFormal rating procedures

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Market Segmentation

Examine similarities and differences in consumer’s needs using

Benefit and lifestyle studies

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Competition Analysis

Evaluates competitor’s strengths, weaknesses, and future plans using

Importance-performance analysis

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Marketing Strategy Design

Information collected can be used to design marketing strategy

Target market analysisPositioningNew product planning

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New Product Planning

Provides information for improving products and planning new products

Concept and product testingTest marketing

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Marketing Program Development

Gathers information for total marketing mixProduct portfolio analysisDistribution decisionsPricing decisionsIntegrated marketing communications

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Desired Skills (Specific)

Ability to understand and interpret secondary data

Presentation skillsForeign-language competencyNegotiation skillsComputer proficiency

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Emerging Trends

Secondary dataTechnology-based data managementDigital information acquisition and

retrievalA broader International client baseFrom data analysis to Information

management