1. Marketing – Chapter 28 What is Market Research?
“Involves the process and methods used to gather information, analyze it, and report findings related to marketing goods and services.”
Market Research vs Marketing Research…How different?
Market = Gathering information about a market’s size and trends
Marketing = May involve market research in addition to new product research, and new methods of distribution.

2. Marketing – Chapter 28
Marketing Research – Main purpose to obtain information!
Used by companies to do the following:
Determine consumers’ attitudes/preferences
Test product features
Determine market size and growth potential
Learn about competitive products
Determine buying cycles
Understand how the company is perceived by the public

3. Marketing – Chapter 28 Informations value to a business
Company’s ability and willingness to act on the information
Accuracy of information
Level of uncertainty that would exist without the information
Amount of variation in the possible results
Level of risk consumers are willing to take on a new product or service
Reaction of competitors to any decision improved by the information
Cost of information in terms of time and money

4. Marketing – Chapter 28 Marketing Information System should include:
Customer profile data: previous marketing studies, shopping patterns, demographics, and lifestyles research
Company records: sales results, expenses, supplier data, and production schedules
Competitors’ records: prices, products, and market share
Government data: price rends, new regulations and laws, and economic projections
Marketing research reports: produced and sold by a research firm

5. Marketing – Chapter 28
Marketing Research – Two broad types of research:
Quantitative:
Answers - “How many” or “How much”
Large samples of people
Surveys or Questionnaires
Qualitative
Answers – “Why” or “How”
Smaller samples of people (fewer than 100)
One on one interviews or Focused discussions
Attitudes and behaviors

6. Marketing – Chapter 28 Marketing Research Attitude or Opinion Research
How people feel about: products, services, companies, and ideas
Ex: Employee attitude surveys or Opinion polls
Market Intelligence or Market Research
Size and location: market, competition, and market segmentation for a particular product
Identifies target markets and how to reach potential customers
Includes company sales data: sales forecasting and economic forecasting

7. Marketing – Chapter 28 Marketing Research
Media Research or Advertising Research
Measure: brand awareness, advertisement recall, brand image, effectiveness of advertising copy, and audience size
Audience: # of homes or people exposed to an advertising medium
Frequency: # of times a viewer in the audience sees/hears an ad
Reach: % of the target audience that will see/hear an ad at least once
Ratings: Total # of audience impressions delivered over a set period of time
Print Media, Broadcast Media, and Internet Media

8. Marketing – Chapter 28 Marketing Research Product Research
Evaluating: product design, package design, product usage, and consumer acceptance of new and existing products
New Product Research
Early stages of development
Focus groups or in-depth interviews
Brand research – Create product names that relate to consumers’ feelings/attitudes
Ex: Product Placement tests and Choice studies (Blind tests)

9. Marketing – Chapter 28 Marketing Research Product Research
Existing Product Research
Ex: Customer satisfaction questionnaires

10. Marketing – Chapter 28 Limitations of Marketing research
Money and time needed for equipment and personnel needed to conduct research
No guarantee results from a test market will carry over when the product goes on the market
Business conditions, customer buying habits, and customer preferences can change
Creativity - Article