Marketing Research Notes

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Marketing Research Chapter One Notes

Marketing Research: what is it?
Marketing Research: Function that links an organization to it market through gathering of information -Critical part of marketing intelligence that obtains information on consumer needs -It facilitates the identification and definition of market driven opportunities and problems, the development -Enables the monitoring of marketing performance and improved understanding of marketing as a business process -Organizations use market research information to identify new product opportunities, develop advertising strategies, and implement new data gathering methods to better understand customers -Links an organization to its market through the gathering of information -Systematic Process

Marketing Research Process
1. Problem Definition
2. Development of an approach to the problem
3.Reserach Design Formulation
4. Data Collection
5. Data Analysis
6. Report Preparations and Presentation

Marketing Planning and Decision Making
-Decisions must have be made with a high level of confidence -Marketing research is the foundation of market planning

Research Benefits Marketing decisions…
-Situation analysis
-Strategy design
-Program development

Marketing Situation Analysis
Situation analysis: to monitor the appropriates of a firms marketing strategy and to determine whether changes to the strategy are necessary -Includes 3 decision are:
1. Market analysis
2. Market Segmentation
3. Competition Analysis

When conducting a situation analysis, Market Research can… -Locate and identify new market opportunities for a company (opportunity assessment) -Identify segments of customers within a product market (segmentation) -Identify existing and potential competitors strengths and weaknesses (performance analysis)

Market Analysis
Opportunity Assessment: involves collecting information on product markets for the purpose of forecasting how they will change -Collect information relevant to macro environmental trends and access how those trends will influence the product market

Approaches to market analysis and opportunity assessment …
1. Content Analysis---researchers analyze various trade publications, newspaper articles, academic literature, web sites, or computer databases for information on trends in a given industry

2. In depth interviews: researchers conduct formal, structured interviews with experts in a given field
3. Formal rating procedures- researchers use structure questionnaires to gather info on environmental occurrences

Market Segmentation
Benefit and Lifestyle studies: examine similarities and differences in consumer needs. Use these studies to identify 2 or more segments within the market for a particular company’s products. Data is compared to purchase patterns of particular products to develop market segmentation profiles

Competitive Analysis
Importance performance analysis can be used to evaluate competitor’s strategies, strengths, limitations, and future plans. Asks consumers to identify key attributes that drive purchase behavior. Attributes examined include price, product performance, and product quality, accuracy of shipping and delivery, and convenience of store location

Marketing Strategy Design
-Information collected can be used to design marketing strategy -Target Market Analysis
-Positioning
-New product planning

Target Market Analysis/market segmentation
Target Marketing Analysis: identifies segments the company wishes to serve as well as the needs of those groups Information provided
-New Product opportunities
-Demographics, psychographics, attitudes
-User profiles, usage patterns
-Effectiveness of current strategy

Positioning
Positioning: Company seeks to establish meaning consistent with customer’s needs and preferences. Aka perceptual mapping. Refers to perception of company versus competition in mind of consumer. Info is used to make perceptual maps

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