marketing information management marketing research

Marketing Information Management

Marketing Research

Objectives:

Define marketing research

Discuss the primary uses of marketing research

and why it is important

List the four types of marketing research

Explain the limitations of marketing research

What is marketing research?

The systematic gathering, recording, and analyzing of information about problems related to marketing goods and services.

Primary uses of marketing research

Obtain information about potential customer: Preferences

Opinions

Habits

Trends

Plans

Why is marketing research important?

Marketing research helps companies answer the following questions: What products to produce?

Who is your primary customer?

Where should the products be sold?

How will the products be promoted?

At what price will the product sell?

4 Areas of Marketing Research:

Market Research

Product Research

Advertising Research

Sales Research

1. Market Research

Customer Trends

Buying behavior or how buying decisions are being made

Market Trends

What the customers are buying

Focuses on the customer and the market

Common Techniques for Market Research

Questionnaires

Focus Groups

Mall Interviews

Phone Interviews

Mystery Shoppers

2. Product Research

Focuses on the product itself

Product design

Product usage

Product acceptance

Package design

Competitive products

Common Techniques for Product research

Test Market Product Samples

Mail Newspaper In Store

3. Advertising Research

Media Type

Two Areas:Advertisement Itself

Media Type

TV Radio Newspaper Magazine

Focuses on:

Is it reaching your target? Reach

Do they remember the message? Recall

How many times are they seeing it? Frequency

Return on cost

Advertising Design

Ad Layout

Message

Testing Advertising Research

Consumer panels Usually a group of people who share common

characteristics Target audience

Ad recall

Written Diaries

4. Sales Research

The study of sales data

Primary use

Sales Forecasting: determining the potential sales for a product

Economic Forecasting: determining the potential economic conditions

Limitations of Marketing Research

Cost $$

Time

Customer commitment / Validity of data

The time lag between research and the

application

Review

What is marketing research?

Primary uses of marketing research is to obtain what type of information about potential customers?