Managing Marketing Information to Gain Customer Insights Chapter: 4

Marketing Research Marketing Research A systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization Answer questions - Does the packaging needs to be changed? - Are people going to like the 3D TV? Large firms have research departments, and they hire outside companies to help them with research or take data from them

Marketing Research Marketing Research Process Defining the problem and research objectives Developing the research plan for collecting information Implementing the research plan- collecting and analyzing the data Interpreting and reporting the findings

Defining the Problem and Research Objectives Marketing Managers and Researchers must work closely Research Objectives: 1- Exploratory Research Marketing research to gather preliminary information that will help define problems and suggest hypothesis 2- Descriptive Research Marketing Research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers

Defining the Problem and Research Objectives Casual Research Marketing Research to test hypotheses about cause-and-effect relationships

Developing the Research Plan After the problem and objectives, the research plan is made for the management e.g. Tapal Danedar (Soft Pack to Hard Pack) - Demographic, economic characteristics of Punjab users - usage patterns - Retailers reaction - Forecast for sale

Developing the Research Plan Secondary Data Information that already exists somewhere, having been collected for another purpose Primary Data Information collected for the specific purpose at hand Commercial online Databases Computerized collection of information available from online commercial sources or via the internet

Gathering Secondary Data Researchers usually start by gathering secondary data Can be collected quickly and at a lower cost Can present problems, it should be: - Relevant -Accurate - Current - Impartial

Primary Data Research Approaches -Observational Research Gathering Primary Data by observing relevant people, actions and situations Can obtain data that people are unwilling or unable to give E.g.If a bank needs to open a new branch, it will look at location, traffic, neighbors

Primary Data Ethnographic Research A form of observational research that involves sending trained observers to watch and interact with consumers in their “natural habitat” e.g. Nokia -women keep phone in handbags - in rural areas more than 1 person uses the same phone

Primary Data Survey Research Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior Can be conducted by - mail, in person, on the web, phone

Primary Data Contact Methods Mail Questionnaires - Can be used to collect large data - No interviewer for bias answers - Not very flexible - longer to complete

Primary Data Telephone Interviewing - Greater Flexibility - Cost per respondent is higher - Due to mobiles, very convenient Personal Interview - Individual Interview - Focus Group Interview