Marketing Decision-Making and Marketing Decisions Presentation for Marketing Research Module
The Knowledge Age Huge volumes of information now available Managers need to be selective and systematic As data is drawn from multiple sources, needs to be combined and analysed for it to be of value
Decision levels in organisations Business direction Market decisions Investment decisions New product development Positioning Strategic Operational Marketing mix decisions Customer service levels Competitive responses Campaigns Tactical
Information processing Input Output/input Output DATA INFORMATION INTELLIGENCE Value added Value added Uninformed Minimum cost Total uncertainty Informed Maximum cost Less uncertainty
Typical applications for marketing research Market analysis New product/service development Selection of brand names and packaging Pricing decisions Advertising and promotion decisions Sales decisions Service support and complaint handling decisions
Typical data requirements: Market analysis Market size Market profitability Market growth trends Main products in the market Customer attitudes and buying behaviours Major competitors and market shares Distribution patterns Marketing strategies used in the market
Typical data requirements: Product research Long range economic studies Satisfaction levels and trends with current products Gap between current products & perception New products Consumer research Competitor research Research from international markets Source: Hines
Typical data requirements: Pricing decisions Competitor product prices Consumer attitudes to price what would they expect to pay? what would they be prepared to pay Cost/price/volume - what quantities are likely to sell at different price levels?
Typical data requirements: Advertising and promotion Size of potential market Demographic characteristics of users Demographic profiles of segments Behaviours and attitudes of different segments Language used by customers in talking about product Share of mind compared with competitors
Typical data requirements: Sales decisions Sales territories Sales personnel efficiency Sales statistics Sales forecasts Sales incentives Distributor policy
Summary Marketing Decisions Four types of decision area:: Marketing Research generates data and analysis for Marketing Decisions Four types of decision area:: - Market Research - Product Policy Research - Pricing Research - Communications Research PGDM
Summary Primary objective of researcher is to provide: Timely Accurate Relevant Data and analysis to Marketing Management Key word is ‘Robust”