1 Marketing Research: Types & Trends #2 Objectives:Identify types of marketing researchUnderstand trends and limitations of marketing research
2 Marketing Research: Types & Trends #2 Objectives:Identify types of marketing researchUnderstand trends and limitations of marketing research
3 Types of Market Research The type of research conducted depends on the problem trying to be solvedQuantitative – answers the question “how many” or “how much”Targets large groups with predetermined questions (measurable)Examples: Surveys – written, phone, internetQualitative – answers the questions “why” or “how”Surveys a smaller group, usually less than 100Typically analyzes what people say (not measureable)Examples: individual interviews or focus groups
4 Types of Market Research, cont. Attitude Research – determines how people feel about a product, service, company or ideaExample: Satisfaction surveysMarket Intelligence – determines the size & location of a market, the competition and the segmentation within a marketGoal: To develop true target marketand market segmentation
5 Types of Market Research, cont. Media Research – focuses on media effectiveness, selection, frequency and ratingsGoal: Help select the correct advertising medium and know if what is being used is workingProduct Research – evaluates product design, package design, product usage and consumer acceptance of new and existing productsGoal: Product/Service Management (one of our 7 original functions of marketing)
6 Trends in Marketing Research Global marketplaceInternational competitionResults in frequent changes in product quality and features. Companies must be able to respond proactively
7 Questions - What advantages do . . . Small companies have over large companiesSmaller companies are more focused and can make decisions quickly to adapt to changes that come quickly.Large companies have over small companiesLarger companies must utilize market research focusing on customer satisfaction and product quality. They havefinancial resources to make this happen.
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