chapter 5: marketing research hudson rogers florida gulf coast university
TRANSCRIPT
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CHAPTER 5: MARKETING RESEARCH
Hudson Rogers
Florida Gulf Coast University
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MARKETING INFORMATION SYSTEM Marketing has three main sub-systems: 1) Internal Accounting System – provides
financial data 2) Marketing Intelligence System –
supplies data about what is currently taking place
3) Marketing Research System – formal information gathering and analyzing process
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MARKETING RESEARCHMarketing Research is the systematic
design of data collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company.
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MARKETING RESEARCH PROCESS1) Define Problem & research
objectives. 2) Develop the Research Plan 3) Collect the Information4) Analyze the Information 5) Present the Findings
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CHARACTERISTICS OF GOOD MARKETING RESEARCH
Research may have to overcome many problems chief of which are:
1. Narrow Conception of Marketing Research – some managers view research as act finding without clearly defined problems rather than information gathering
2. Uneven Caliber of Researchers – marketing research is not a clerical activity.
3. Late and Erroneous Results – managers need timely results that are accurate, takes time and money.
4. Intellectual Differences - difference in style between managers and researchers can get in the way
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OVERCOMING PROBLEMS Rely on: 1) The scientific method - helps objectivity 2) Research Creativity – quality of researcher. 3) Use of multiple methods – helps reliability
4) Interdependence of explicit model and data – select data gathering and research model best suited to analyzing the problem.
Consider the cost versus the information when marking marketing research decisions. This is really a trade off.
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TYPES OF RESEARCH Exploratory –you do not have a precise problem
formulation or do not know the problem. Mostly qualitative, lacks formal design. Should not be used for decision-making. Secondary data, experts, focus groups
Conclusive Research – These are used for decision making. Does not show cause and effect & you never know all the alternatives.
Descriptive (describes characteristics of thing studies), Case History, statistical methods (set objectives, formal design, representative sample, quantitative data gathered and analyzed, reliability).
Causal Research
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DATA SOURCES Secondary Data Focus Groups Interviews Experts Knowledgeable Persons (Psych Tests) to
get at underlying motivations Surveys (Mail, Telephone, E-mail, Mall) Simulations Case Histories
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DATA COLLECTIONSampling:Non-Probability – convenience,
quota, snowball, judgment, shopping mall.
Probability – Systematic data collection process: simple random, stratified, cluster, area, multi-stage, proportional
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DATA ANALYSISDescriptive AnalysisCross TabulationsAnalysis of Variance (ANOVA)T-TestRegression AnalysisDiscriminant Analysis
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DEMAND MEASUREMENT Potential Market – set of consumers who
indicate a sufficient level of interest to something offered in the marketplace
Available Market – consumers with interest, income, and access to a given product.
Qualified available Market – consumers with interest, income, access and qualification to purchase a given product
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DEMAND MEASUREMENT (Cont’d) Target Market – (served market). Target market is
the set of consumers that the firm wishes to go after with its marketing effort.
Penetrated Market – set of consumers actually buying the firm’s product. If not satisfied with current sales, a firm can take actions geared toward affecting the target market, or the potential market.
Market Demand – number of units that will be sold to a defined customer group in geographic area for a defined period of time under a defined marketing program. To modify demand seek to adjust any or all of the “defined” factors on which the total volume is based.
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DEMAND MEASUREMENT1. Market demand2. Market forecast3. Market potential4. Company demand5. Company sales forecast6. Company sales potential
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ESTIMATING CURRENT DEMAND Estimating current demand 1. Total market potential 2. Area market potential:
a) Market-buildup method b) Multiple-factor index method
3. Estimating industry sales and market shares
a) a) identifying competitors and estimating their sales
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ESTIMATING FUTURE DEMANDEstimating Future Demand – All
forecast are built upon three information bases (1) what people say they will do (2) what people do, and (3) what people have done.
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ESTIMATING FUTURE DEMAND (Cont’d) Five main ways to assess future demand: 1) Survey of Buyer Intentions – determine what
buyers are likely to do under certain conditions.
2) Composite of Sales Force Opinion – ask sales representatives to estimate their future sales and sum the individual estimates to arrive at the firms forecast
3) Expert Opinion/Delphi Method – ask the experts what they think
4) Past-Sales Analysis – use time series analysis, statistical demand analysis or econometric analysis to predict.
5) Market Test Method – observing what buyers do in a test market & using information to project to wider market.