New Paradigm for Marketing Research in the Information Age

New Paradigm for Marketing Research in the Information Age
Doug, Justin, Matt, Rhette

Introduction

u Feature, Function, Benefit of Service to Firm, Market and Culture
u Identification of Internal and External Customers
u Comparative and Competitive Advantage
u SWOT Analysis
u Financial Opportunities
u Human Resource/Workforce & Customer Service Concerns
u Role of Advertising, Promotions and Channel Partners
u Externalities– Positive and Negative

Function of Marketing Research in the Information Age

∑ Marketing Research is a combination of Market Research, Product Research and Advertising Research
∑ Market Research—Examines the business environment. Evaluates the overall market, including economic trends and supply/demand curves
∑ Product Research– Evaluates what products can practically be produced and what products already produced should continue production
∑ Advertising Research– Designed to improve the efficiency of advertising.

Forms of Market Research

∑ Market Research is accomplished through many different techniques which include:
∑ Ad tracking
∑ Advertising research
∑ Brand name testing
∑ Consumer decision process research
∑ Consumer satisfaction studies
∑ Demand estimation
∑ Mystery shopping
∑ Price elasticity testing
∑ Test Marketing

Market Research Methods

∑ Qualitative Marketing Research
∑ Used to evaluate the usefulness, effectiveness and practicality of a product or service in a small controlled environment
∑ Quantitative Marketing Research
∑ Used to draw conclusions for a specific question. Typically involves random sampling and very large numbers of respondents. Surveys and questionnaires are common examples
∑ Ethnographic Studies
∑ Researcher observes society in its own setting
∑ Product-use analysis and computer cookie traces
∑ Experimental Techniques
∑... [continues]

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