vddf
*
It aint the things we dont know that gets us in trouble. Its the
things we know that aint so.
Artemus Ward
1-*
Basic research
Applied research
Business Research Types
*
1-*
Basic Research
Attempts to expand the limits of knowledge.Not directly involved in
the solution to a pragmatic problem.
*
1-*
Basic Research Example
Is executive success correlated with high need for achievement?Are
members of highly cohesive work groups more satisfied than members
of less cohesive work groups?Do consumers experience cognitive
dissonance in low-involvement situations?
*
1-*
"The secret of success is to know something nobody else knows.
"
Aristotle Onassis
*
1-*
Applied Research
Conducted when a decision must be made about a specific real-life
problem
*
1-*
Applied Research Examples
Should McDonalds add Italian pasta dinners to its menu?Business
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
*
1-*
Scientific Method
The analysis and interpretation of empirical evidence (facts from
observation or experimentation) to confirm or disprove prior
conceptions.
*
1-*
The Decision-making Process Associated with the Development and
Implementation of a Strategy
Identifying problems and opportunitiesDiagnosis and
assessmentSelecting and implementing a course of actionEvaluating
the course of action
*
1-*
Evaluation Research
Evaluation research is the formal, objective measurement and
appraisal of the extent to which a given activity, project, or
program has achieved its objectives.
*
1-*
Performance-monitoring Research
Research that regularly provides feedback for evaluation and
controlIndicates things are or are not going as plannedResearch may
be required to explain why something went wrong
*
1-*
Determining When to Conduct Business Research
Time constraintsAvailability of dataNature of the decisionBenefits
versus costs
*
1-*
Is sufficient time
available before
a managerial
decision
must be made?
Is the infor-
mation already
on hand
inadequate
for making
the decision?
Is the decision
of considerable
strategic
or tactical
importance?
Does the value
of the research
information
exceed the cost
of conducting
research?
Conducting
Business
Research
Do Not Conduct Business Research
Time Constraints
Availability of Data
Nature of the Decision
Benefits vs. Costs
Yes
Yes
Yes
Yes
No
No
No
No
Determining When to Conduct Business Research
*
1-*
Value versus Costs
Potential Value of a Business Research Effort Should Exceed Its
Estimated Costs
1-*
Value
Decreased certaintyIncreased likelihood of a correct
decisionImproved business performance and resulting higher profits
Costs
Research expendituresDelay of business decision and possible
disclosure of information to rivalsPossible erroneous research
results
Value Should Exceed
Estimated Costs
*
1-*
Major Topics for Research in Business
General Business Conditions and Corporate ResearchFinancial and
Accounting ResearchManagement and Organizational Behavior
ResearchSales and Marketing ResearchInformation Systems
ResearchCorporate Responsibility Research
*
1-*
Cross-functional Teams
Cross-functional teams are composed of individuals from various
organizational departments such as engineering, production,
finance, and marketing who share a common purpose.
*
1-*
Business Research in the 21st Century
Increased globalizationGrowth of the Internet and other information
technologies
1-*
Global Research
Business Research is increasingly globalMarket knowledge is
essentialA.C. Nielsen - more that 67% international business
*
1-*
Global Business Research
General information about country - economic conditions and
political climateCultural and consumer factorsMarket and
competitive conditions - demand estimation
*
1-*
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.
1-*
Internet Research
Seeking facts and figures about an issue Surveys on Web sites
vddf
*
What is Marketing Research?
1-*
Redefining Marketing Research
The American Marketing Association (AMA) redefined Marketing
Research as:
The function which links the consumer, the
customer, and public to the marketer
through INFORMATION
1-*
Redefining Marketing Research
Used to identify and define market opportunities and
problems
Generate, refine, and evaluate marketing performance
Monitor marketing performance
Improve understanding of marketing as a process
1-*
Definition of Marketing Research
Marketing research is the systematic and objective
identification
collection
analysis
dissemination
and use of information
for the purpose of improving decision making related to
the
identification and
solution of problems and opportunities in marketing.
1-*
Market Research
Specifies the information necessary to address these issuesManages
and implements the data collection processAnalyzes the
resultsCommunicates the findings and their implications
1-*
Classification of Marketing Research
Problem Identification Research
Research undertaken to help identify problems which are not
necessarily apparent on the surface and yet exist or are likely to
arise in the future. Examples: market potential, market share,
image, market characteristics, sales analysis, forecasting, and
trends research.
Problem Solving Research
Research undertaken to help solve specific marketing problems.
Examples: segmentation, product, pricing, promotion, and
distribution research.
1-*
A Classification of Marketing Research
Marketing Research
Problem
Identification Research
Problem Solving Research
Market Potential Research
Market Share Research
Market Characteristics Research
Sales Analysis Research
Forecasting Research
Business Trends Research
Segmentation Research
Product Research
Promotion Research
Distribution Research
1-*
Problem Solving Research
Determine the basis of segmentation Establish market potential
and
responsiveness for various
segments Select target markets Create lifestyle profiles:
demography, media, and
product image characteristics
SEGMENTATION RESEARCH
Test concept Determine optimal product design Package tests Product
modification Brand positioning and
repositioning Test marketing Control score tests
PRODUCT RESEARCH
1-*
Problem Solving Research
$ALE
PRICING RESEARCH
Pricing policies Importance of price in brand selection Product
line pricing Price elasticity of demand Initiating and responding
to price changes
0.00%
APR
PROMOTIONAL RESEARCH
Optimal promotional budget Sales promotion relationship Optimal
promotional mix Copy decisions Media decisions Creative advertising
testing Evaluation of advertising effectiveness Claim
substantiation
1-*
Problem Solving Research
DISTRIBUTION RESEARCH
Determine
Types of distribution Attitudes of channel members Intensity of
wholesale & resale coverage Channel margins Location of retail
and wholesale outlets
1-*
Research Process
Step 1: Problem Definition
Step 2: Development of an Approach to the Problem
Step 3: Research Design Formulation
Step 4: Fieldwork or Data Collection
Step 5: Data Preparation and Analysis
Step 6: Report Preparation and Presentation
1-*
The Role of Marketing Research
Controllable
Marketing
ProductPricingPromotionDistribution
Variables
Marketing
Research
Marketing
Decision
Making
Providing
Information
Assessing
Information
Needs
Marketing Managers
Market Segmentation Performance & Control Target Market
Selection Marketing Programs
Uncontrollable
Environmental
Factors
EconomyTechnologyLaws & RegulationsSocial & Cultural
FactorsPolitical Factors
Employees
Shareholders
Customer Groups
Suppliers
Consumers
1-*
Marketing Research Suppliers & Services
LIMITED SERVICE
Branded
Products
and Services
Data
Analysis
Services
Analytical
Services
Coding and
Data Entry
Services
Field
Services
FULL SERVICE
Syndicate
Services
Standardized
Services
Customized
Services
Internet
Services
RESEARCH
SUPPLIERS
EXTERNAL
INTERNAL
