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Marketing - Chapter 28 - Marketing Research

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Kevin Krizan

on 3 October 2018

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Transcript of Marketing - Chapter 28 - Marketing Research

Chapter 28 - Marketing Research
Marketing Research
- the process and methods used to gather information, analyze it, and report findings related
Main purpose - obtain information
Determines consumers' attitudes and preferences
Test product features
Determine market size and growth potential
Learn about competitive products
Determine buying cycles
Understand how the company is perceived by the public
Marketing Research
- involves the process and methods used to gather information analyze it, and report findings
Main purpose of marketing research is to obtain information
Determine consumers' attitudes and preferences
Test product features
Determine market size and growth potential
Learn about competitive product
Determine buying cycles
Understand how the company is perceived by the public
Why is Marketing Research Important
Increase sales and profits
Solve marketing problems (Whirlpool refrigerator; Stouffer's - Lean Cuisine
Keep track of what is happening in market
Who Uses Marketing Research
Small businesses- because of time constraints; informally conducted
Medium and large businesses - may hire marketing research firms (more than 2000 marketing research companies in US)
Marketing Information System
- set of procedures and methods that regularly generates, store, analyzes, and distributes information
Included the following data
Customer profile (buying behavior; shopping patterns, customer demographics)
Company records (sales, expenses)
Competitors' records (prices, market share)
Government data (price trends, laws, economic projections)
Database Marketing (Customer Relationship Management - CRM)
The process of creating and managing customer information (individuals' characteristics and transactions with a business )
Database -collection of related information about a specific topic (Bass Pro Shop - database of people it sends catalogs)
Using Technology to Gather Information
Customer Loyalty Programs
- offer discounts and other rewards to encourage customers to shop at a particular retailer
Assist in data collection by providing "value customer cards"
(not the type Cookie Monster eats) - small data files called "cookies" that can be uploaded to computers
Keep track of how often and how much time a person spends at a web site
Data-Mining Software
- analyze databases
Example - sales of a product can be compared with sales when the product is moved or displayed in a different location
Consumer Privacy
As personal information becomes more accessible,it is important that precautions are taken against the misuse of personal information
Privacy is a central element of the Federal Trade Commission's (FTC) mission
Types of Marketing Research
(1) Attitude Research
(2) Market Intelligence
(3) Media Research
(4) Product Research
Quantitative research
- marketing research that answers questions that begin with "how many" or "how much" (an amount or number of something)
Qualitative research
- marketing research that focuses on smaller numbers of people and tries to answer questions that begin with "why" or "how"
1. Attitude Research (Opinion Research)
- designed to obtain information on how people feel about certain products, services, companies, or ideas
Satisfaction surveys - mail or telephone interviews
Opinion Poll - (Gallup Consulting conducts opinion polls on politics, elections, business, economy and political issues) (obtains the general attitude of the population)

2. Market Intelligence (Market Research)
- studies the size and location of a market, the competition, and segmentation within the market for a particular product
Sales Forecasting
- an attempt to estimate the future sales of an existing product
Economic Forecasting
- an attempt to predict the future economic conditions
3. Media Research (Advertising Research)
- research to determine which media are most effective for getting an advertising message to a particular market
- number of homes or people exposed to ad
- number of times a viewer sees or hears ad
- % of audience that will see or hear ad at least once
- total number of audience impressions delivered over a set period of time
Standard Rate and Data Service (SRDS)
- publishes media rates and data for the advertising industry
Researching Print Media
Audit Bureau of Circulations - nonprofit organization which provides information about newspapers and magazines
Researching Broadcast Media
Nielsen Media Research - provides audience information for the TV industry (sample size - 26,000 people in 10,000 homes)
Arbitron Ratings Company - provides information on the radio industry
Researching Internet Media
Measured with tracking studies
web-centric logs - total views
user-centric - using software placed in ads that track computer usage and visits
4. Product Research
- evaluating product design, package design, product usage, and consumer acceptance of new and existing products
New Product Research
Concept testing - obtaining information on product, pricing, advertising, and product positioning before product introduction
Often uses a focus group (panels or individuals that give feed back on new products
Existing Product Research
Customer satisfaction questionnaires and interviews
J.D. Power and Associates - leading customer satisfaction company
Trends in Marketing Research
Marketing research in a global marketplace
Determine cultural preferences and traditions of parts of the world businesses want to market products
Make sure all parts of the marketing mix are transition to another marketplace
Lost Without Translation
Nissan will have a difficult time selling the MOCO in Spanish speaking countries - Translation - Booger
Iranian company named Paxan Corp. currently produces
a line of soaps and detergents under the name "Barf."
This word has a positive and clean meaning of "snow" in Iran, but what English speaker would ever choose to use a cleaning product with this brand?
Japanese sports drink "Pocari Sweat" were exported to the United States, how many English speakers would choose to drink "Sweat"?
According to the book New Products Management by Charles Crawford, shortly before Procter & Gamble introduced a soap to U.S. consumers, it discovered "Dreck" sounded like German and Yiddish words for dirt, garbage, body waste and a four-letter expletive. Fortunately, because Proctor & Gamble did its homework, it had time to change the detergent name to "Dreft" and has since sold it successfully in the U.S. and many other countries.
In the fifties and sixties, there was a Swedish car magazine named “Fart.” “Fart” is a Swedish word meaning “speed.”

They changed the name after many embarrassing comments at international races.
Fifty years later, another Swedish company, IKEA, made a more obvious blunder when trying to sell a desk named “Fartfull” in North American stores
Big Mac
Two all beef patties
Maharaja Mac
Two chicken patties
Limitations of Marketing Research
Time and Money
Information has limitations
Full transcript