A Marketing Strategy consists of selecting a segment of the market as the company’s target market and designing the proper “mix” of the product/service, price, promotion, and distribution system to meet the wants and needs of the consumers within the target market.
Marketing research is the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem. AMA Definition
Marketing research is the function that links the consumer, customer, and public to the marketer through information – information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve the understanding of marketing as a process.
Market research: the “systematic gathering, recording, and analyzing of data with respect to a particular market, where ‘market’ refers to a specific group in a specific geographic area.”
The purpose of Marketing Research
To link the consumer to the marketer by providing information that can be used in making marketing decisions.
The uses of Marketing Research
Identify marketing opportunities and problems
Generate, refine, and evaluate potential marketing actions
Monitor marketing performance
Improve marketing as a process
The Marketing Information System
An MIS is a structure consisting of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers. Components of an MIS
Internal Reports System
Marketing Intelligence System
Marketing Decision Support System (DSS)
Marketing Research System
The Marketing Research System has a role in MIS because...
It gathers information not gathered by the other MIS component subsystems. Marketing research studies are conducted for a specific situation facing the company. Marketing research projects unlike other MIS components are not continuous – they have a beginning and an end. The Marketing Research Process
Establish the Need for Marketing Research
Is there a real need for marketing research? Research takes time and costs money. Value of information v.s. Cost of information? Is there a real need for marketing research? Marketing research is not always needed. We often have the information. When is marketing research NOT needed?
The information is already available.
Decisions must be made now.
We can’t afford research.
Costs outweigh the value of marketing research.
Define the Problem
This is the most important of the 11 steps
If the problem is incorrectly defined, all else is wasted effort. Problems may be either specific or general.
Problems stem from gaps between what is supposed to happen and what did happen and gaps between what did happen and what could be happening.
Research objectives, when achieved, provide the information necessary to solve the problem identified in step 2. Research objectives state what the researchers must do.
Determine Research Design
Exploratory Research: collecting information in an unstructured and informal manner. Descriptive Research: a set of methods and procedures describing marketing variables. Causal Research (experiments): allows isolation of causes and effects.
Identify Information Types and Sources
Primary information: information collected specifically for the problem at hand Secondary information: information already collected
Determine Methods of Accessing Data
Secondary data is relatively easy to access; primary data is more complex. Three main choices for primary data:
Have a person ask questions
Use computer-assisted or direct questioning
Allow respondents to answer questions themselves without computer assistance.
Design Data Collection Forms
Questionnaire must be worded objectively, clearly,...