Ovais IMSciences January 16, 2014 Lectures 1
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Transcript of Ovais IMSciences January 16, 2014 Lectures 1
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Ovais IMSciences
January 16, 2014 Lectures 1
Introduction to Marketing Research and its Role
in a Firm
Reference: Zikmund, Chapter 1
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Chapter Outline
1) Overview of Marketing Management
2) Definition of Marketing Research
3) A Classification of Marketing Research
4) Marketing Research Process
5) The Nature of Marketing Research
6) Marketing Research Suppliers and Services
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What is Marketing?
• The process by which companies create,
communicate and deliver superior value for
the target customers in order to get value in
return.
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What is Marketing Management?
Marketing management is the art and science
of choosing target markets and getting,
keeping, and growing customers through
creating, delivering, and communicating
superior customer value.
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Marketing is about;
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Marketing Manager’s tasks and Research
• Developing marketing strategies• Capturing marketing insights• Connecting with customers• Building strong BRANDS• Shaping market offerings• Delivering value• Communicating value• Creating long-term growth
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Defining Research
• The systematic investigation into and study of
materials and sources in order to establish new facts
and reach new conclusions
• Research is defined as the creation of new
knowledge and/or the use of existing knowledge in
a new and creative way so as to generate new
concepts, methodologies and understandings.
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Marketing research
Marketing research . . . .. . . links the consumer, customer
and public to the marketer through information which
is used to identify and define marketing opportunities
and problems; to generate, refine and evaluate
marketing actions; and to improve understanding of
marketing as a process and of the ways in which specific
marketing activities can be made more effective.
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WHAT IS MARKETING RESEARCH?
1. A systematic and objective process of generating information to aid in marketing decisions (Zikmund 8e, p. 3)
2. The application of the scientific method in searching for the truth about marketing phenomena Zikmund & Babin 9e, p. 3)
What keywords can be identified from these definitions?
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THE KEY WORDS• From Zikmund 8e, the key words are:
1. Information2. Process 3. Systematic 4. Objective 5. Decisions
• From Zikmund & Babin 9e, they are:1. Scientific method2. Truth 3. Marketing phenomena
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The Key Words
1. Information – – The primary function of marketing research (MR) is to
provide information, not just to collect data. – Thus the MR function is also responsible for analyzing
data collected, interpreting results, drawing conclusions, making recommendations, and communicating these to the decision maker.
2. Decisions – – MR is usually conducted not just for the sake of doing
research, but because the results will be used in decision making.
– Research helps the decision-maker by reducing the risk of making a wrong decision.
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The Key Words3. Process –
– MR is a process consisting of distinct activity stages
– Decisions have to be made in each stage4. Systematic –
– MR should be conducted systematically (i.e. in an orderly manner) NOT haphazardly (or in a disorganized manner)
5. Objectivity – – MR should conducted objectively (i.e. without bias
from the person doing the research) NOT subjectively (i.e. with the results depending on who is doing the research)
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The Key Words6) The Scientific Method• The scientific method is defined as the methods,
techniques, and procedures used to ensure that research is conducted in a systematic and objective manner.– Thus “science” is not only about mixing chemicals
and observing what happens; it is about being systematic and objective in trying to arrive at the truth about a phenomenon
7) Truth• Also referred to as “objective reality”• Facilitated by systematicity and objectivity in scientific
inquiry8) Marketing Phenomena• What distinguishes “marketing research” from other
“social science research”
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Redefining Marketing Research The American Marketing Association
(AMA) redefined Marketing Research as:
The function which links the consumer, the
customer, and public to the marketer
through INFORMATION
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CLASSIFICATION OF MARKETING RESEARCH
• There are several ways of classifying mkt research:1. By application of research results
– basic vs applied research2. By focal research design
– exploratory, descriptive, or causal research3. By type of data collected
– qualitative or quantitative research4. By locus of problem
– problem identification or problem solving research,
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Classification of Marketing Research
Problem Identification Research• Research undertaken to help identify problems which are
not necessarily apparent on the surface and yet exist or are likely to arise in the future. Examples: market potential, market share, image, market characteristics, sales analysis, forecasting, and trends research.
Problem Solving Research• Research undertaken to help solve specific marketing
problems. Examples: segmentation, product, pricing, promotion, and distribution research.
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A Classification of Marketing Research
Marketing Research
Problem Identification Research
Problem Solving Research
Market Potential ResearchMarket Share ResearchMarket Characteristics ResearchSales Analysis ResearchForecasting ResearchBusiness Trends Research
Segmentation Research
Product Research
Promotion Research
Distribution Research
Fig 1.1
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Problem Solving Research
Determine the basis of segmentation
Establish market potential and responsiveness for various segments
Select target markets
Create lifestyle profiles: demography, media, and product image characteristics
SEGMENTATION RESEARCH
Test concept
Determine optimal product design
Package tests
Product modification
Brand positioning and repositioning
Test marketing
PRODUCT RESEARCH
Table 1.1
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Problem Solving ResearchTable 1.1 cont.
PRICING RESEARCH
Pricing policies
Importance of price in brand selection
Product line pricing
Price elasticity of demand
Initiating and responding to price changes
$ALE
PROMOTIONAL RESEARCH
Optimal promotional budget
Sales promotion relationship
Optimal promotional mix
Media decisions
Creative advertising testing
Evaluation of advertising effectiveness
0.00% APR
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Problem Solving ResearchDISTRIBUTION RESEARCH
Determine…
Types of distribution
Attitudes of channel members
Intensity of wholesale & resale coverage
Channel margins
Location of retail and wholesale outlets
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Marketing Research Process
Step 1: Problem Definition
Step 2: Development of an Approach to the Problem
Step 3: Research Design Formulation
Step 4: Fieldwork or Data Collection
Step 5: Data Preparation and Analysis
Step 6: Report Preparation and Presentation
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The Role of Marketing Research
ControllableMarketing
•Product
•Pricing
•Promotion
•Distribution
Variables
Marketing Research
MarketingDecisionMaking
ProvidingInformation
AssessingInformationNeeds
Marketing Managers
• Market Segmentation
• Performance & Control
• Target Market Selection• Marketing Programs
UncontrollableEnvironmentalFactors
•Economy
•Technology
•Laws & Regulations
•Social & Cultural Factors
•Political Factors
Customer Groups
• Employees• Shareholders
Suppliers•
• Consumers
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Marketing Research Suppliers & Services
LIMITED SERVICE
BrandedProducts
and Services
DataAnalysisServices
AnalyticalServices
Coding and Data Entry Services
Field Services
FULL SERVICE
SyndicateServices
StandardizedServices
Customized
Services
InternetServices
RESEARCHSUPPLIERS EXTERNALINTERNAL
Fig 1.3
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Management Information Systems vs. Decision Support Systems
Unstructured Problems
Use of Models
User Friendly Interaction
Adaptability
Can Improve Decision
Making by Using “What if”
Analysis
DSSMIS
Structured Problems
Use of Reports
Rigid Structure
Information Displaying
Restricted
Can Improve Decision Making
by Clarifying Data
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Domestic
AAPOR: American Association for Public Opinion Research (www.aapor.org)
AMA: American Marketing Association (www.ama.org)
ARF: The Advertising Research Foundation (www.amic.com/arf)
CASRO: The Council of American Survey Research Organizations (www.casro.org)
MRA: Marketing Research Association (www.mra-net.org)
QRCA: Qualitative Research Consultants Association (www.qrca.org)
RIC: Research Industry Coalition (www.research industry.org)
Marketing Research Associations Online
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International
ESOMAR: European Society for Opinion and Marketing Research (www.esomar.nl)
MRS: The Market Research Society (UK) (www.marketresearch.org.uk)
MRSA: The Market Research Society of Australia (www.mrsa.com.au)
PMRS: The Professional Marketing Research Society (Canada) (www.pmrs-aprm.com)
And others IMS, Gallop. Neilson etc
Marketing Research Associations Online