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Ice Breakers Name Where you were born

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Presentation on theme: "Ice Breakers Name Where you were born"— Presentation transcript:

1 Ice Breakers Name Where you were born
Most interesting and/or fun thing you did over break What you like best about WSU/Pullman

2 Discussion Questions What is marketing? What is marketing research?
How does marketing research play a role in managerial decision-making? What are the different steps in a marketing research project?

3 Role of Marketing Research in Managerial Decision-Making Chapter 1

4 What is Marketing? American Marketing Association Definition:
Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. In sum, marketing is about… meeting needs delivering value to all people affected by a transaction getting the right product to the right folks at the right time/place for the right price using an appropriate combination of promotional techniques (the four Ps)

5 What is Marketing Research?
American Marketing Association (p. 4 in your book): …the function that links an organization to its market through the gathering of information. This information allows for the identification and definition of market-driven opportunities and problems and allows for the generation, refinement and evaluation of marketing actions. It allows for the monitoring of marketing performance and improved understanding of marketing as a business process. Malhotra & Peterson (2006, p. 5): …the systematic and objective identification, collection, analysis, dissemination, and use of information that is undertaken to improve decision making related to identifying and solving problems (also known as opportunities) in marketing. Feinberg et al. (2008, p. 4): … the systematic process of using formal research and consistent data gathering to improve the marketing function within an organization. This information is used to identify opportunities and problems, monitor performance, and link marketing inputs with outputs of interest, such as awareness, satisfaction, sales, share and profitability.

6 The “Marketing Concept”
Need for marketing research based on “marketing concept” Idea introduced in 1952, GE’s Annual Report: The (marketing) concept introduces the marketer at the beginning rather than at the end of the production cycle and integrates marketing into each phase of the business. Thus, marketing, through its studies and research, will establish for the engineer, the designer, and manufacturer, what the customer wants in a given product, what price he (or she) is willing to pay, and where and when it will be wanted. Marketing will have authority in product planning, production scheduling, and inventory control, as well as in sales, distribution, and servicing of the product. Gave rise to the “Marketing System” Conceptual model linking Independent Variables (causes) to Dependent Variables (outcomes) Understanding the link between IVs and DVs (and reducing uncertainty) is a key function of marketing research 

7 Understanding relationship
Marketing System Independent Variables Dependent Variables Understanding relationship between IVs and DVs is a key function of MR Behavior Awareness Knowledge Liking Preference Intent to buy Purchase Marketing Mix (controllable) Pricing Promotion Product Distribution Situational Factors (uncontrollable) Demand Competition Legal/political Economic climate Technology Gov regulation Performance Measures Sales Market share Profit ROI Image From feinberg et al. – marketing research text; p. 7 From Feinberg et al. (2008)

8 The Decision-Making Process
1. Recognize a unique marketing problem or opportunity 2. Clarify the decision (what do we need to know?) 3. Identify alternative courses of action 4. Evaluate the alternatives 5. Select a course of action 6. Implement selected course of action and monitor results From Feinberg et al. (2008)

9 Common Questions Addressed by Marketing Researchers
Where are new market opportunities (based on macroenvironmental trends)? How should we segment the market (based on customer characteristics)? How are we doing (compared to the competition)? Are consumers satisfied with our product or service? If not, what should we improve? How should we position our product (relative to the competition)? How will people respond to a new product concept? Test marketing… If our product is priced at $100, what will be the expected demand? How effective is our advertising? Promotions? Sales force? What’s in store for the future, and how should we adapt?

10 Marketing Research Process: Transforming Data into Information Chapter 2

11 Overview Types of Marketing Research Firms
When is Marketing Research Needed? Decision-Makers vs. Researchers Iceberg Principle: Symptoms vs. Underlying Problems Steps in Marketing Research Elements in a Marketing Research Proposal Unethical Activities in Marketing Research

12 Marketing Research Industry
Research Supplier Internal External Full Service Limited Service Syndicated Customized Internet Field Services Data Coding and Entry Data Analysis AC Nielsen Synovate Greenfield On-Line SDR Atlanta Field Work Chicago Davis Coding Group Malhotra & Peterson (2006)

13 When is Marketing Research Needed?
Exhibit 2.3 Type of information Can decision problem be resolved with subjective information? YES Decision Maker NO NO Don’t undertake the Info research process Nature of decision Is problem of strategic importance? YES Availability of data Is secondary data inadequate for addressing the problem? NO YES Marketing Researcher Bring in NO Time constraints Is there enough time to collect data for managerial decision? YES NO Resources required Are there enough resources ($, people) to carry out the study? YES Cost/Benefit Ratio Does value of research outweigh costs of research? NO Do undertake the Info research process YES

14 When NOT to conduct research…
Sufficient information for a decision already exists Insufficient time for research – must make an immediate decision Insufficient resources for research When costs of research are greater than its benefits

15 Components of the Research Proposal
Purpose of proposed research plan (problem, objectives) Type of study (e.g., exploratory, causal, primary, secondary etc.) Define target population and sample size Describe sampling technique and actual data collection methods to be used Research instruments to be used Possible managerial benefits Proposed cost of whole project Describe primary researchers and research firm Proposed tables (how data might be presented)

16 Researchers vs. Decision-Makers
Like to explore new questions Can tolerate long investigations Not concerned about cost Enjoy surprises Tentative; speak in probabilities Interested in past behavior Want info to confirm decision Want quick information Less willing to pay for more info Dislike & reject surprises Decision- and results-oriented Interested in future performance

17 Iceberg Principle: Symptoms vs. Problems

18 Four Broad Phases in Information Research
Ten steps 

19 Ten Steps in Information Research

20 Step 1: Identify and Clarify Information Needs
The researcher must work with the decision-maker (requestor) to… Understand the reason for the research request Help decision maker separate out symptoms (e.g., low sales) from causes (e.g., poor quality products) Figure out unit of analysis: Individuals ? Couples? Families? Narrow down independent variables (causes) and dependent variables (consequences)

21 Step 2: Specify Research Questions and Define Research Problem
Most important step, because it influences all remaining steps Initial research question Will Boise support new stadium and a move from Single-A to Triple-A? Revised research questions Your questions?

22 Step 3: Confirm Research Objectives and Evaluate the Value of the Information
Building on the research questions, develop specific objectives of the research project and figure out the value of the information. For example, our objective is to find out: Will Boise residents (and surrounding area) support a new stadium? How many games would they be willing to attend with new stadium? Would they attend more games if the Hawks were Triple-A? How much more are they willing to spend if new stadium and Triple-A?

23 Step 4: Determine Research Design and Data Sources
Exploratory Unstructured or semi-structured data collection on a limited group of respondents Focus groups, interviews, pilot studies Can be used to develop future studies Descriptive Describes existing characteristics of a target population Causal Manipulate an independent variable (e.g., in-store music) and observe effect on dependent variable (e.g., sales)

24 Step 5: Determine Sample Plan and Size
Census (a survey of all those in the target population) vs. a Sample (a smaller group of respondents who are representative of the target population) Step 6: Assess Measurement Issues and Scales Goal here is to determine what level of information is needed and to choose reliable and valid measures to assess the constructs of interest. Step 7: Pretest the Questionnaire A small group of respondents completes the questionnaire and provides feedback on it so any adjustments can be made before final sample completes it.

25 Step 8: Collect and Prepare the Data
Interviewer-administered/self-completed questionnaires or observation Data must be coded (female = 1; male = 2) and cleaned up (look for errors) Step 9: Analyze the Data (the Fun Part) Assess frequencies, relationships, cause and effect Steps 10 & 11: Transform Data (Results) into Information Prepare the Final Report Interpret what the results mean. Answer the “so what?” question. Prepare the final report.

26 Unethical Activities…
by Client (End User) Solicit proposals, but choose none. Use proposals as a guideline for how to conduct one’s own study. Promise a long-term relationship to get a low introductory rate, but then never follow through with more projects by Researcher Unethical pricing: promise low price, then jack it up Fail to provide (promised) incentives to research subjects Abuse respondents; promise short survey that turns into an hour; pass along information without permission; collect information without permission Selling useless research services Interviewers make up data (“curbstoning” or “rocking chair” interviewing) Interviewers create “phantom” data (duplicate actual data to boost sample) Change or fail to report results in an effort to reach a certain conclusion by Respondent Give misleading responses (can include “socially desirable” responding)

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