Presentation on theme: "MARKETING RESEARCH TYPES, TRENDS AND LIMITATIONS Chapter 28.2"— Presentation transcript:
1 MARKETING RESEARCH TYPES, TRENDS AND LIMITATIONS Chapter 28.2
2 Issues in Marketing Research By the end of class, students will be able to:Identify the two main types of marketing research.Differentiate between the four methods of conducting marketing research.Discuss trends and limitations in marketing research.
3 BRAIN WARMERPREDICT What would happen if marketing research was not used in product development?
4 Marketing Research Terminology quantitative researchqualitative researchattitude researchmarket intelligencemedia researchproduct research
5 Two Types of Marketing Research Two Broad Types of ResearchQUANTITATIVE ResearchQUALITATIVE ResearchQuantitative ResearchMarketing research that answers questions that begin with “how many” or “how much.” It often gathers information from large random samples.Qualitative ResearchMarketing research that focuses on smaller numbers of people and tries to answer questions that begin with “why” or “how.”
6 How might a company use Marketing Research? TACO BELL used new product development research to uncover the potential sales and market for a new version of the taco. Doritos Locos Tacos was the MOST successful product in 2012 with over 370 million sold. That’s over 1 Million Tacos daily! Doritos Locos Tacos CommercialVW performed customer satisfaction research on its Volkswagon Beetle convertibles which sparked the idea for the following commercial:VW Convertible Commercial
7 Types of Marketing Research Attitude ResearchAttitude Research**The Gallup Poll has measured and tracked the public’s attitudes concerning virtually every political, social and economic issue of the day in more than 140 countries.Mail surveysTelephone interviewsOpinion pollsAttitude ResearchAlso known as opinion research; designed to obtain information on how people feel about certain products, services, companies, or ideas.
8 Types of Marketing Research Market Intelligence**Learning about competitor’s products is a key component of marketing intelligence.Market IntelligenceSales forecastingEconomic forecastingCompetitive productsMarket IntelligenceAlso known as market research; concerned with the size and location of a market, the competition, and segmentation within the market for a particular product.
9 Types of Marketing Research Media ResearchMedia ResearchBrand awarenessAdvertisement recallBrand imageEffectiveness of advertising copyAudience sizeMedia ResearchAlso known as advertising research; focuses on issues of media effectiveness, selection, frequency, and ratings.
10 Types of Marketing Research Product ResearchProduct ResearchNew product research includes concept testingExisting product research includes questionnaires and interviewsProduct ResearchResearch that centers on evaluating product design, package design, product usage, and consumer acceptance of new and existing products.**Research shows that about half of new products introduced into the marketplace fail within the first two years of their product launch.
11 Types of Marketing Research Product Research ContinuedProduct ResearchNew product research includes concept testingExisting product research includes questionnaires and interviewsStouffers performed research for 13 years before launching Lean Cuisine. They were so successful that they had $125 million in sales their first year!Some companies are so quick to “get in the game” that they may not do their research. For example……**Research shows that about half of new products introduced into the marketplace fail within the first two years of their product launch.
12 Types of Marketing Research Qualitative & Quantitative ResearchAttitude ResearchMarket IntelligenceMedia ResearchProduct ResearchMail surveysTelephone interviewsOpinion pollsSales forecastingEconomic forecastingCompetitive productsBrand awarenessAdvertisement recallBrand imageEffectiveness of advertising copyAudience sizeNew product research includes concept testingExisting product research includes questionnaires and interviews
13 Issues in Marketing Research Trends in Marketing ResearchGlobal Trends in Marketing ResearchGlobalization of the marketplace means increased competition.Product quality and customer satisfaction are more important than ever.Use of internal and external information for managing a business is mandatory.Research of other cultures is important to a product’s success in a foreign market.MCDONALD'S EGYPT COMMERCIALMCDONALD'S JAPAN COMMERCIALMCDONALD'S INDIA COMMERCIAL
14 International Marketing Research Global Corporations like McDonald’s perform intensive new product development research before launching new menu items in the marketplace.McDonald's Menu Items From Around the World
15 Issues in Marketing Research Limitations of Marketing ResearchThe amount of information that can be gathered is limited by money and time.Favorable customer reviews do not guarantee a product’s success.Fast-changing markets may not allow time for research.
16 Chapter 28 - Marketing Research Review MARKETING RESEARCH QUIZDirectionsRead the statements about marketing research and determine whether each is true or false. Write TRUE or FALSE in the space before each statement.IF an answer is FALSE, please re-write the false statement to make it true.