COM4310 Discussion question #1

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Chapter 1 The Role of Marketing Research

Learning Outcomes

After studying this chapter, you should

Know what marketing research is and what it does for business

Understand the difference between basic and applied marketing research

Understand how the role of marketing research changes with the orientation of the firm

Be able to integrate marketing research results into the strategic planning process

Know when marketing research should and should not be conducted

Appreciate the way technology and internationalization are changing marketing research

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What Is Marketing Research?

Key questions in business and marketing research

What do we sell?

How do consumers view our company?

What does our company/product mean?

What do consumers desire?

How does our brand touch consumers?

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Learning Objective 01

Marketing Research Defined (1 of 2)

Marketing Research is the application of the scientific method in searching for the truth about marketing phenomena

The process includes:

Idea and theory development

Problem definition

Information gathering

Analyzing data

Model building

Communicating the findings and their implications

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Learning Objective 01

Marketing Research Defined (2 of 2)

This definition suggests that marketing research information is:

Not accidental or haphazardly gathered

Accurate and objective

Relevant to all aspects of the marketing mix

Limited by one’s definition of marketing

We explore marketing research as it applies to all organizations and institutions engaging in some form of marketing activity

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Learning Objective 01

Digital Marketing

Digital Marketing is a term used to capture all of the various communicative technologies through which marketing enterprises (suppliers, manufacturers, retailers, etc.) work together with customers toward enhancing value from interaction, including exchange and relationships

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Learning Objective 01

EXHIBIT 1.1 Marketing Research and Digital Technologies

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Learning Objective 01

Applied Marketing Research

Applied Marketing Research is conducted to address a specific marketing decision for a specific firm or organization

Example:

Should Green Mountain Coffee add cola to its array of pod-based beverages?

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Learning Objective 02

Basic Marketing Research

Basic Marketing Research is conducted without a specific decision in mind and usually does not address the needs of a specific organization

Attempts to expand the limits of marketing knowledge in general

Not aimed at solving a pragmatic problem

Can test the validity of a general marketing theory (one that applies to all of marketing) or can be used to learn more about some market phenomenon, e.g., social networking

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Learning Objective 02

The Scientific Method

The Scientific Method is the way by which researchers go about using knowledge and evidence to reach objective conclusions about the real world

All marketing research, whether basic or applied, involves the scientific method

Marketing researchers apply the scientific method to understand marketing phenomena

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Learning Objective 02

EXHIBIT 1.2 The Scientific Method

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Learning Objective 02

Marketing Research and Strategic Management Orientation

Types of strategic management orientations provide a common theme for decision-making

Product-oriented

Production-oriented

Marketing-oriented

Stakeholder-oriented

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Learning Objective 03

EXHIBIT 1.3 Types of Business Orientation

Product Orientation	Production Orientation	Marketing Orientation	Stakeholder Orientation
Internal focus	Internal focus	External focus	External focus
Emphasize product superiority	Emphasize efficiency and low costs	Emphasize customer tastes and desires	Emphasize a balance in satisfying all parties touched by organization
Product research is critical	Process research is important	Customer research is essential	Consumer research is important
Narrow or even niche markets served	Mass markets often required for success	Identifiable market segments matched with unique product	Select segments served balanced with great concern for public persona

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Learning Objective 03

The Marketing Concept

Focuses on how a firm provides value to customers more than on the physical product or production process

A marketing-oriented firm must:

Be customer-oriented—makes decisions with a conscious awareness of their effect on the consumer

Emphasize long-run profitability—ensures continuity of firm

Adopt a cross-functional perspective—integrate marketing across other business functions

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Learning Objective 03

Keeping Customers and Building Relationships

Relationship marketing is the idea that a major goal of marketing is to build long-term relationships with the customers contributing to their success

Views a sale not as the end of a process but as the start of the organization’s relationship with a customer—marketers want customers for life

Satisfied customers will return to a company that has treated them well

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Learning Objective 03

Marketing Research: A Means For Implementing the Marketing Concept

Tracking trends

Analysis of existing data

Use sales data to offer customers product suggestions

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Learning Objective 03

Marketing Research and Strategic Marketing Management

Developing and implementing a marketing strategy involves four stages:

Identifying and evaluating market opportunities

Analyzing market segments and selecting target markets

Planning and implementing a marketing mix that will provide value to customers and meet organizational objectives

Analyzing firm performance

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Learning Objective 04

EXHIBIT 1.4 Marketing Research Cuts Decision Risk with Input That Leads to Value

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Learning Objective 04

Stage1: Identifying and Evaluating Opportunities

Monitoring the competitive environment for signals indicating a business opportunity

Helps managers recognize problems and identify opportunities for enriching marketing efforts

Motivates a firm to take action to address consumer desires in a way that is beneficial to both the customers and to the firm

Estimates of market sales potential allow managers to evaluate the profitability of various opportunities

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Learning Objective 04

Stage 2: Analyzing and Selecting Target Markets

Geo-demographics is information describing the demographic profile of consumers in a particular geographic region

Once the company knows the geo-demographics of a market segment, it can effectively communicate with those customers by choosing media that reach that particular profile

Example: Architectural Digest magazine

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Learning Objective 04

Stage 3: Planning and Implementing a Marketing Mix

Marketing research can be used to support specific decisions about aspects of the marketing mix

It is essential that an overall research plan involves all elements of marketing strategy

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Learning Objective 04

Types of Marketing Mix Research: Product Research

Designed to evaluate and develop new products and to learn how to adapt existing product lines

Concept testing

Product testing

Brand-name evaluation

Package testing

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Learning Objective 04

Types of Marketing Mix Research: Pricing Research

Pricing research represents typical marketing research

Pricing Strategy involves finding the amount of monetary sacrifice that best represents the value customers perceive in a product after considering various market constraints

Pricing research by its nature also involves consumer quality perceptions

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Learning Objective 04

Types of Marketing Mix Research: Distribution Research

Studies aimed at selecting retail sites or warehouse locations that will physically distribute products.

Needed to gain knowledge about retailers’ and wholesalers’ operations and to learn their reactions

Used to examine the effect of just-in-time ordering systems or exclusive distribution on product quality

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Learning Objective 04

Types of Marketing Mix Research: Promotion Research

Promotion is the communication function of the firm responsible for informing and persuading buyers

Promotion Research investigates the effectiveness of advertising, premiums, coupons, sampling, discounts, public relations, and other sales promotions

Firms spend more time, money, and effort on advertising research

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Learning Objective 04

The Integrated Marketing Mix

Integrated marketing communication is all promotional efforts (advertising, public relations, personal selling, event marketing, and so forth) are coordinated to communicate a consistent image

Research suggests firms with a consumer orientation are particularly oriented toward integrating all aspects of their marketing into a single message

Integration means sending a consistent message

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Learning Objective 04

Stage 4: Analyzing Marketing Performance (1 of 2)

Total value management is trying to manage and monitor the entire process by which consumers receive benefits from a company

Performance-monitoring research refers to research that regularly, sometimes routinely, provides feedback for evaluation and control of marketing activity

Most common forms: market-share analysis and sales analysis

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Learning Objective 04

Stage 4: Analyzing Marketing Performance (2 of 2)

Marketing metrics refer to quantitative ways of monitoring and measuring marketing performance

Allows the firm to assess the return on investment (ROI) associated with marketing activities

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Learning Objective 04

When is Marketing Research Needed? (1 of 2)

The determination of the need for marketing research centers on:

Time constraints

Systematic research takes time

The availability of data

If the data cannot be obtained or obtained in a timely fashion, the research project should not be conducted

The nature of the decision

The more strategically or tactically important the decision, the more likely it is that research will be conducted

Benefits versus costs—the value of the research information in relation to costs

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Learning Objective 05

When is Marketing Research Needed? (2 of 2)

Questions to consider when deciding whether to make a decision without research or to postpone the decision in order to conduct research

Is the potential payoff worth the investment?

Will the information gained by marketing research improve the quality of the marketing decision enough to warrant the expenditure?

Is the proposed research expenditure the best use of the available funds?

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Learning Objective 05

EXHIBIT 1.5 Should We Conduct Marketing Research?

Factor	Conduct Market Research	Do Not Conduct Market Research
Time	Sufficient time is available before decision will be made.	Time pressure requires a decision before adequate research can be completed.
Data Availability	Firm does not have access to data but data can be obtained.	Firm already has relevant data or data cannot be obtained.
Nature of Decision	Decision is of considerable strategic or tactical importance.	Decision is NOT of considerable strategic or tactical importance.
Benefits versus Costs	Potential value of research exceeds costs of conducting research.	Costs of research exceed potential value of project.
	GO!	STOP!

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Learning Objective 05

Marketing Research in the Twenty-First Century (1 of 2)

Communication technologies

Virtually everyone is “connected” today

The speed with which people exchange information continues to increase

Today, even the most basic laptop computers can solve complicated statistical problems

Small, inexpensive appliances like a smartphone access software and data existing on a cloud (large servers that supply information and software to large numbers of Internet users), reducing the need for specialized software

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Learning Objective 06

Marketing Research in the Twenty-First Century (2 of 2)

Global marketing research

Business research is increasingly global

Companies that conduct business globally must understand the nature of those particular markets and judge whether they require customized marketing strategies

Increased need to culturally cross-validate, verify that the empirical findings from one culture also exist and behave similarly in another culture.

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Learning Objective 06

COM4310 Discussion question #1

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