assignment
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Chapter5-MarketingResearch.pptxMarketing Research
What’s this chapter about?
Definition and process of marketing research
Some important aspects of marketing research
What is Marketing Research?
Marketing Research is …
the systematic design, collection, analysis and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities.
Marketing Research cont…
URL: https://www.youtube.com/watch?v=RC5HNTj3Dag
What are some of the questions that marketing researchers try to address?
Where are new market opportunities?
How should we segment the market?
How should we position our product?
How are we doing compared to the competition?
What will the expected demand of our product be if our product is priced at $50 (vs. $60)
What's in store for the future?
In-class Exercise
Let’s say that you work for Dutch Bros (corporate office).
Let’s say that Dutch Bros is considering opening coffee shops in South American locations like Rio de Janeiro, São Paulo & Buenos Aires.
Before opening the coffee shops, what information would you want to know and why?
How would you go about getting that information?
If you didn’t collect this information, what mistakes might you make in expanding your business?
In-class Exercise cont…
Perspective (Self vs. Others)
Whaaaaat?
Not everyone thinks like me?
Uses of Marketing Research
Measure market potential
Determine market characteristics
Analyze market share
Study competition
Study the effectiveness of marketing
The Marketing Research Process
Define the problem
Design the research
Conduct the research
Analyze the data
Address the problem
Step 1: Define the problem
What do you want to learn?
Will the results matter?
Is it cost effective to conduct research?
“If I had only one hour to save the world, I would spend fifty five minutes defining the problem, and only five minutes finding the solution.”
- Albert Einstein
Step 2: Define the research
Types of research data
Information previously collected
Census data and internet sources
Information collected first-hand
Surveys, interviews and experiments
Research Question
Secondary Data
Primary Data
Step 2: Define the research cont…
Types of research design
Sheds light on problem
Ex. Why do consumers purchase brand X?
Determines magnitude
Ex. How often do consumers shop for groceries and where?
Tests hypotheses about cause-and-effect relationships
Ex. What will happen if we increase price?
Research Question
Exploratory
Descriptive
Explanatory
Step 2: Define the research cont…
Types of research design
Observation
Interviews
Surveys
Experiments
Field
Lab
Qualitative
Quantitative
Research Question
Exploratory
Descriptive
Explanatory
Step 2: Define the research cont…
Open-ended questions
Unstructured, word association, sentence completion, etc.
Closed-ended questions
Dichotomous (ex. true/false, yes/no)
Multiple-choice
Scale response items (ex. Likert scale)
Step 3: Conduct research
Sampling Procedure
Random
Convenience
Snowball
Sample
Probability
Non-probability
Step 3: Conduct research cont…
Valid?
Are the results correct?
Reliable?
Is the level of measurement consistent?
Representative?
Is our sample similar to the population we are interested in?
Step 4: Analyze the data
Statistical Analysis
T-tests, ANOVA, Regression, etc.
Descriptive Statistics
Inferential Statistics
Step 5: Address the problem
Write report of findings (for the intended reader)
Interpret the findings
Offer recommendations
When is conducting research a bad idea?
Sufficient information to make a decision already exists
A decision needs to be made immediately i.e., not enough time for research
Not enough resources are available to conduct research
When costs of research are greater than the associated benefits
Researchers vs. Decision-Makers
Researchers
Focus on underlying problem
Like to explore new questions
Not necessarily concerned about costs
Enjoy surprises
Interested in past behavior
Decision-Makers
Focus on symptoms of problem
Want information to confirm decision
Less willing to pay for more information
Dislike & reject surprises
Interested in future performance
On Wednesday
International Marketing Campaign Presentation – Work Day
