Did you go to the ballgame last Friday? YESNO. Marketing Research Systematic gathering, recording and analyzing of information about problems related.

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Presentation transcript:

Did you go to the ballgame last Friday? YESNO

Marketing Research Systematic gathering, recording and analyzing of information about problems related to marketing goods and services

Uses of Marketing Research Preferences and opinions Habits (lifestyle and buying) Trends (economic and consumer) Future consumer plans

Applications of Marketing Research Product planning Price planning Promotion planning Place/distribution Minimization of losses (risk management) Staffing requirements Financial needs

Marketing Research can be categorized into 4 areas: Advertising Research Product Research Market Research Sales Research

Advertising Research

Designed to measure: Advertising Message What is it saying? Hitting target market? Recall? Meeting goals? Advertising Media Media TV, radio, magazine etc. Is your target market using/seeing it? Return on costs?

Common Techniques for Ad Research Consumer panels – oral, written or observed behavior recorded Ad recall Written diaries/home monitors

Product Research

Focuses on… Product design Product usage Product acceptance by consumers Competitive products Testing of existing products Package design

Applications of Product Research Designing the package Reynolds Plastic Wrap Reynolds Plastic Wrap New uses for existing product Arm and Hammer Baking Soda Arm and Hammer Baking Soda New product concepts low fat low fat single serving single serving Pricing the product

Market Research Market Research

Focuses on… Customer buying behavior – how buying decision is made, who makes it, etc. Market trends – what the customers are buying “out there”

Common techniques for Market Research Questionnaires Focus groups Mall interviews Phone interviews Mystery shoppers CLT (Central Location Testing)

Sales Research

Focuses on… Sales data Sales forecasting (determining potential sales for product) Economic forecasting (determining potential economic conditions)

Limitations of Marketing Research Cost Limited time to collect data Customer commitment/validity of data Time lag between research and application