1. Marketing Research

2. Marketing ResearchO One of the key elements in a marketingdecision support system is marketingresearch. This process helps to deliverinformation to marketing managers anddecision-makers.O Marketing research is a critical componentof a marketing decision support system. 3. Marketing ResearchO Marketing research is the systematicgathering, recording, and analysis of datarelating to marketing products and services.O The goal of marketing research is to identifyand assess how changing elements of themarketing mix impacts customer behavior.O Its uses include:O helping create a business plan,O launch a new product or service,O fine tune existing products and services,O and expand into new markets. 4. Marketing ResearchO Managers use marketing research to: O Improve the quality of decision- making. O Trace problems. O Focus on the importance of retaining customers. O Understand the changing marketplace. 5. Consumer & B2BO Consumer marketing research studiesthe buying habits of individual peopleO While business-to-business (B2B)marketing research investigates themarkets for products sold by one businessto another. 6. For what? / whom?O Market research isvaluable for all personsinvolved in a business!O Market research can beused to determine whichportion of the populationwill purchase aproduct/service,O Based on variables likeage, gender, location andincome level. 7. Questions it answersO What is happening in the market?O What are the trends?O Who are the competitors?O How do consumers talk about the products in themarket?O Which needs are important?O Are their needs being met by our current products? 8. What and how!O Market research is fordiscovering what peoplewant, need, or believe.O It can also involve discoveringhow they act.O Once that research iscomplete it can be used todetermine how to market yourspecific product. 9. Marketing Research TechniquesMarketing research techniques to collect datacome in many forms. For example:SurveysQuestionnairesTest marketingMystery shoppersStore AuditsData tracking 10. Interesting MethodsO Mystery shopping - An employee or representative of the market research firm anonymously contacts a salesperson and indicates he or she is shopping for a product.O The shopper then records the entire experience.O This method is often used for quality control or forresearching competitors products.O Test marketing - a small-scale product launch used to determine the likely acceptance of the product when it is introduced into a wider market. 11. The Phonies!O Sugging (or selling under the guise ofmarket research) forms a sales technique inwhich sales people pretend to conductmarketing research, for a later sales call.O Frugging comprises the practice of solicitingfunds under the pretense of being a researchorganization.