14520886 the Nature of Marketing Research

8/3/2019 14520886 the Nature of Marketing Research

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Exploring

Marketing Research

William G. Zikmund

Chapter 1:

The Nature of

Marketing Research


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The Nature of Marketing

Research Marketing research is one of the principal

tools for answering questions because it:

Links the consumer, customer, and public to themarket through information used to identify

and define marketing

Generates, refines, and evaluates marketingactions

Monitors marketing performance

Underlines the understanding of marketing as a

process


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Marketing Research Defined

The systematic and objective process of

generating information for aid in making

marketing decisions


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The Marketing Research Process

This process includes:

specifying what information is required;

designing the method for collecting information;

managing and implementing the collection of data;

analyzing the results; and

communicating the findings and theirimplications.


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I dont know

if we shouldenter the

Australian

Market?

Information

ReducesUncertainty


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It aint the things we dont

know that gets us in trouble. Its

the things we know that aint so.Artemus Ward


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Marketing Research Types

Basic research

Applied research


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Basic Research

Attempts to expand the limits of knowledge

Not directly involved in the solution to a

pragmatic problem


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Basic Research Example

Do consumers experience cognitive

dissonance in low-involvement situations?


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Applied Research

Conducted when a decision must be made

about a specific real-life problem


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Applied Research Example

Should McDonalds add Italian pasta dinners

to its menu?

Marketing research told McDonalds 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


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ScientificMethod

The analysis and interpretation of empirical

evidence (facts from observation or

experimentation) to confirm or disproveprior conceptions


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Marketing Concept

Central idea in marketing

Evolved over time

Not production-oriented

Marketing-oriented


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Consumer

Oriented

Long Run

Profitability

Cross-FunctionalEffort

Marketing Concept


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Keeping Customers

and Building Relationships RELATIONSHIP MARKETING - the idea

that a major goal of marketing is to build

long-term relationships with the parties whocontribute to the companys success.

Marketers want customers for life.

Managing the relationships that will bringabout additional exchanges


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Stages in Developing and

Implementing a Marketing Strategy Identifying and evaluating opportunities

Analyzing market segments and selecting

target markets

Planning and implementing a marketing

mix

Analyzing market performance


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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.


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Analyze Market Segments and

Select Target Markets-Examples Cadillac investigates buyers demographic

characteristics

MTV, monitoring demographic trends, learns theHispanic audience is growing rapidly

Sears learns women, age 25-54 with average

household income of $38,000, are core customers.

Targets this market with "The Good Life at a

Great Price. Guaranteed. Sears."


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Plan and Implement

a Marketing Mix Price: Safeway does a competitive pricing analysis

Distribution: Caterpillar Tractor 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?


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Analyze Marketing Performance This years market share is compared to last

years.

Did brand image change after newadvertising?


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Performance-monitoring

Research Research that regularly provides feedback

For evaluation And control

Indicates things are Or are not going asplanned

Research may be required To explain why

something went wrong


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Determining When to Conduct

Marketing Research Time constraints

Availability of data

Nature of the decision

Benefits versus costs


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Is sufficienttime

available?

Informationalready on

handinadequate?

Is thedecision of

strategicor tactical

importance?

Does theinformation

valueexceed the

research cost?

ConductMarketingResearch

Do Not Conduct Marketing Research

Time Constraints Availability of DataNature of the DecisionBenefits vs. Costs

Yes YesYesYes

No No No No

Determining When to Conduct

Marketing Research


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Value versus Costs

Potential Value of a Marketing Research

Effort Should Exceed Its Estimated Costs


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Value

Decreased certaintyIncreased likelihood

of a correct decisionImproved marketing

performance and

resulting higher

profits

Costs

Research

expendituresDelay of marketing

decision andpossible disclosure

of information to

rivalsPossible erroneous

research results

Value Should Exceed

Estimated Costs


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Marketing Research in the 21st

Century Increased globalization

Growth of the Internet and other

information technologies


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Global Research

Business Research is increasingly global

Market knowledge is essential

A.C. Nielsen - more that 67% international

business


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Global Marketing Research General information about country -

economic conditions and political climate

Cultural and consumer factors

Market and competitive conditions -

demand estimation


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The Internet

is Transforming Society Time is collapsing.

Distance is no longer an obstacle.

Crossing oceans is only a mouse click

away.

People are connected 24 hours a day, seven

days a week.

"Instantaneous" has a new meaning.


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Internet Research

Seeking facts and figures about an issue

Surveys on Web sites

Documents

14520886 the Nature of Marketing Research