1. Introduction to Marketing Research

3. Marketing Research Defined
The systematic and objective process of generating information for aid in making marketing decisions

4. The Marketing Research Process
Define the Problem
Develop an Approach to the Problem
Type of Study? Exploratory, Descriptive, Causal?
Mgmt & Research Questions, Hypotheses
Formulate a Research Design
Methodology
Questionnaire Design
Fieldwork
Prepare & Analyze the Data
Prepare & Present the Report

5. Marketing Research Types
Basic research
Applied research Primary research Secondary research

6. Basic Research
Attempts to expand the limits of knowledge
Not directly involved in the solution to a pragmatic problem

7. Basic Research Example
Are students hungrier in first period or fourth period?

8. Applied Research
Conducted when a decision must be made about a specific real-life problem
Global Warming Management
The world is getting warmer and sea levels are rising. It is a global crisis that requires solutions at every scale and in all sectors.
Applied research has been used to address this challenge that represents a real threat to human existence. Using Applied Research, various organizations are designing ways to stop the spread of Global Warming thru environmental and man-made changes.

9. Applied Research Example
Should McDonalds add Italian pasta dinners to its menu?
Marketing research told McDonald’s it should not
Should Procter & Gamble add a high-priced home teeth bleaching kit to its product line?
Research showed Crest Whitestrips would sell well at a retail price of $44

10. Primary Research vs. Secondary Research

11. Scientific Method
The analysis and interpretation of empirical evidence (facts from observation or experimentation) to confirm or disprove prior conceptions

12. Using Marketing Research
We can use Marketing Research to:
Identify & Evaluate Opportunities
Analyze Market Segments
Select Target Markets
Plan & Implement Marketing Mixes
Analyze Marketing Performance
Performance Monitoring Research

13. Identifying and Evaluating Opportunities
Examples
Mattel Toys investigates desires for play experiences
Home cooking is on the decline. Purchase of precooked home replacement meals is on the rise.
Number of investors trading stock on the Internet is growing.

14. Analyze Market Segments and Select Target Markets
Examples
Cadillac investigates buyers’ demographic characteristics
MTV, monitoring demographic trends, learns the Hispanic audience is growing rapidly
Sears learns women, age with average household income of $38,000, are core customers. Targets this market with "The Good Life at a Great Price. Guaranteed. Sears“ motto.

15. Plan and Implement a Marketing Mix
Price: Safeway does a competitive pricing analysis
Distribution: John Deere Co. investigates dealer service program.
Product: Oreo conducts taste test, Oreo cookie vs. Chips Ahoy
Promotion: How many consumers recall the “Life Tastes Good. Coca Cola!” slogan?

16. Analyze Marketing Performance
This year’s market share is compared to last year’s.
Did brand image change after new advertising?

17. Performance-monitoring Research
Research that regularly provides feedback for evaluation and control
Indicates things are or are not going as planned
Research may be required to explain why something “went wrong”

18. Using Technology to Formulate Marketing Research
1. Social media joined the party
Twitter, Facebook, LinkedIn, and Google+ have expanded the landscape in which market research is conducted.  Social media is transforming market research in exciting new ways.  It is also requiring a skill set that didn't exist before.  Social media is creating an environment that yields unfiltered feedback.  Great for reputation management and brand awareness, market researchers can take advantage of the advanced capabilities inherent in social media.  Learning to master social media for market research will enhance the knowledge obtained about your target market.
2. Data collection improvements
There is a constant stream of new software to collect data. Beyond the traditional methods such as paper surveys, interviews, and focus groups, technology enables researchers to be much more targeted in what they measure and how quickly feedback can be received.  For instance, there is a mood-sensing retail device that's personalizing the shopping experience.  It is a powerful tool for any retail business looking to increase market share and learn more about customers.
3. Enhanced data analysis
With increased streams of data to collect, the ability to analyze that data is equally as important.  Technology is making data analytics easier and more sophisticated.  With better analytics, you can parlay that into strengthening customer relationship management. Mobile communications giant, O2, uses advanced analytics to power customer retention and improve long-term loyalty. With an ever-increasing importance being placed on clearly defining KPIs with advanced data, the options you have available will put you in a good position to determine the best next steps for your organization.
4. Big data informs research
Simply put, the large amount of data coming in from online and offline methods provide market researchers with a large pool to analyze and formulate strategies with accuracy.  There will be an increased need to sift through the data and discard the irrelevant parts, but you can feel more confident knowing that you're conducting market research with a solid data warehouse.
Technology has had a major impact on how to approach market research with advanced capabilities and an evolved approach to data. At this point, the sky is the limit for what's next to come.  Ultimately, it's about getting to know customers better.  Technology is making that possible.

19. Determining When to Conduct Marketing Research
Time constraints
Availability of data
Nature of the decision
Benefits versus costs

20. Determining When to Conduct Marketing Research
Time Constraints
Availability of Data
Nature of the Decision
Benefits vs. Costs
Is sufficient
time
available?
Information
already on
hand
inadequate?
Is the
decision of
strategic
or tactical
importance?
Does the
information
value
exceed the
research cost?
Conduct
Marketing
Research
Yes
Yes
Yes
Yes No No No No
Do Not Conduct Marketing Research

21. Potential Value of a Marketing Research Effort Should Exceed Its Estimated Costs
Research expenditures
Delay of marketing decision and possible disclosure of information to rivals
Possible erroneous research results
Decreased uncertainty
Increased likelihood of correct decision
Improved marketing performance and resulting higher profits
Costs
Value

22. It is not a replacement for managerial judgement.
ALWAYS Remember
Marketing Research is a tool.
It assists marketing managers in their decision making.
It is not a replacement for managerial judgement.

23. Content/slides pulled from these sources:
-American Marketing Association
-Jacksonville State University Marketing Department,
“Introduction to Market Research” open source