marketing research article
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Week2-HarnessingBigData-Final.pptxMarketing 743
Fundamentals of Marketing Research
Week 2 – Harnessing Big Data - w/c 1st June 2020
https://www.youtube.com/watch?v=964va3YwPms
Malcolm Gladwell – Spaghetti Sauce
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Today’s Plan
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Introductions
Review of Week 1
Lecture
2
CURRICULUM
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LECTURE – Week 1 Recap
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Chapter 1
The Role of Marketing Research
© 2016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
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Marketing Research in the Twenty-First Century
Communication technologies
Always “connected”—time, place, and distance are irrelevant
Decreases in information acquisition, storage, access, and transmission costs
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Marketing Research in the Twenty-First Century (cont’d.)
Global marketing research
Business research is increasingly global
Market knowledge is essential
General information about a country’s economic conditions and political climate
Cross-validation of cultural and consumer factors
Market and competitive conditions—demand estimation
https://www.youtube.com/watch?v=MGJifBHm8_s
Korea - Supermarket
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Basic vs. Applied Marketing Research
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Basic marketing research
-Does not address a specific need or challenge
-Expands knowledge in general
-Examples: learning about use of social networks
Applied marketing research
-Addresses a specific need or challenge
-Expands knowledge in a specific area
-Examples: testing new packaging options
Marketing Challenges
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Examples of challenges
- What are perceptions of my brand and how should I position it?
- Who should my target market be?
- How did my ad perform, and should I renew it or develop new creative?
- What messages should I focus on in my ads?
- How satisfied are my customers and what could make non-customers try my brand?
Research Criteria
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Is sufficient time available before the decision needs to be made?
Time
Research
Decisions
Benefit vs. Costs
Nature of
Decision
Available
Data
Can the firm access the data that it needs to make the decision?
Is the decision that needs to be made of high strategic importance to the company?
Does the potential value of research exceed the cost of conducting the research?
Research Process
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Meet with client and understand their needs
Submit your proposal
(and be selected)
Quantitative
Qualitative
Recruitment questionnaire
Discussion guide
Focus groups/interviews
Recruitment
Questionnaire
Data collection
Data processing
Programming
Presentation
Report writing
Timing of Studies
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Inspiration:
U&A/Category research
Segmentation
Pre-launch:
Name testing
Positioning testing
Packaging testing
Ad testing
Post-launch:
Post-test (advertising effectiveness)
Satisfaction tracking
Types of Studies
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Category research
Provide a general understanding of consumers’ shopping habits and brand perceptions in a given category.
Types of Studies
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Product research
Designed to develop or evaluate new products and to learn how to adapt them to the needs of the market.
Types of Studies
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Pricing research
Designed to learn what the optimal price is for a product or service based on its perceived value.
Types of Studies
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Distribution research
Designed to select the best retail site location based on the demographics of the area.
Types of Studies
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Advertising research
Evaluates the potential of advertising efforts before they are launched in order to help select the best option (pre-tests)
or
Evaluates the effectiveness of advertising efforts after they have been launched (post-tests)
Types of Studies
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Performance research
Provides feedback to the organization about how they are doing over time on key brand metrics (awareness, purchase, satisfaction, etc)
Marketing 743
Fundamentals of Marketing Research
Week 2 – Harnessing Big Data - w/c 1st June 2020
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https://www.youtube.com/watch?v=964va3YwPms
Malcolm Gladwell
Malcolm Timothy Gladwell CM is a Canadian journalist, author, and public speaker. He has been a staff writer for The New Yorker since 1996. Previously, he worked at the Washington Post.
In 2001, he was awarded the National Magazine Award for profiles, for his New Yorker piece “The Pitchman,” about Ron Popeil. He is the author of three New York Times best-sellers: “The Tipping Point,” “Blink,” and “Outliers”; a collection of his New Yorker articles titled “What the Dog Saw,” and, most recently, “David and Goliath.”
A visionary thinker!
Today’s Plan
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Lecture
Team
Work
Assignment
LECTURE
HARNESSING BIG DATA
Key Terms
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Large quantities of data taken from multiple, varied sources that:
BIG data
Facts or measures of certain phenomena (things or events)
data
Were not intended to be used together
Can provide input to organizational decision making
What do they know?
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Coffee shop
Decision Support System
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Information systems that
store data and transform them into organized information that is easily accessible
Inputs
All numerical, text, voice, behavioral, and image data entered into the decision support system
Inputs
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| Internal records | | Contain data that may become useful information for marketing managers | | Accounting reports, Inventory records, sales reports, customer profiles, etc |
Inputs
All numerical, text, voice, behavioral, and image data entered into the decision support system
Inputs
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| Internal records | | Contain data that may become useful information for marketing managers | | Accounting reports, Inventory records, sales reports, customer profiles, etc |
| Marketing research | | Research projects conducted to study specific issues or challenges | | Survey data, focus group verbatims, etc |
Inputs
All numerical, text, voice, behavioral, and image data entered into the decision support system
Inputs
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| Internal records | | Contain data that may become useful information for marketing managers | | Accounting reports, Inventory records, sales reports, customer profiles, etc |
| Marketing research | | Research projects conducted to study specific issues or challenges | | Survey data, focus group verbatims, etc |
| Salesperson input | | Feedback from sales representatives or their customers | | Sales representatives’ reports, customer complaint forms, etc |
Inputs
All numerical, text, voice, behavioral, and image data entered into the decision support system
Inputs
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| Internal records | | Contain data that may become useful information for marketing managers | | Accounting reports, Inventory records, sales reports, customer profiles, etc |
| Marketing research | | Research projects conducted to study specific issues or challenges | | Survey data, focus group verbatims, etc |
| Salesperson input | | Feedback from sales representatives or their customers | | Sales representatives’ reports, customer complaint forms, etc |
| Behavioural tracking | | Modern technology that provide information without needing to ask questions, track human behaviour | | GPS systems, universal product codes (bar codes that contain product information, loyalty program cards, etc) |
Inputs
All numerical, text, voice, behavioral, and image data entered into the decision support system
Inputs
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| Internal records | | Contain data that may become useful information for marketing managers | | Accounting reports, Inventory records, sales reports, customer profiles, etc |
| Marketing research | | Research projects conducted to study specific issues or challenges | | Survey data, focus group verbatims, etc |
| Salesperson input | | Feedback from sales representatives or their customers | | Sales representatives’ reports, customer complaint forms, etc |
| Behavioural tracking | | Modern technology that provide information without needing to ask questions, track human behaviour | | GPS systems, universal product codes (bar codes that contain product information, loyalty program cards, etc) |
| Web tracking | | Online metrics that monitor trends and search habits of consumers | | Google- Tracks “click-through” sequence Alexa-provides information about which sites consumers visit Search engine optimizer- mines Internet data to provide consulting to firms who wish to move up the listing of hits for their product-related terms |
Inputs
All numerical, text, voice, behavioral, and image data entered into the decision support system
Inputs
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| Internal records | | Contain data that may become useful information for marketing managers | | Accounting reports, Inventory records, sales reports, customer profiles, etc |
| Marketing research | | Research projects conducted to study specific issues or challenges | | Survey data, focus group verbatims, etc |
| Salesperson input | | Feedback from sales representatives or their customers | | Sales representatives’ reports, customer complaint forms, etc |
| Behavioural tracking | | Modern technology that provide information without needing to ask questions, track human behaviour | | GPS systems, universal product codes (bar codes that contain product information, loyalty program cards, etc) |
| Web tracking | | Online metrics that monitor trends and search habits of consumers | | Google- Tracks “click-through” sequence Alexa-provides information about which sites consumers visit Search engine optimizer- mines Internet data to provide consulting to firms who wish to move up the listing of hits for their product-related terms |
| Outside vendors | | Provide aggregated data for an industry or category | | Ibis world, Nielsen reports, StatCan |
Inputs
All numerical, text, voice, behavioral, and image data entered into the decision support system
Big Data Success
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https://www.bloomberg.com/news/videos/2016-06-29/how-stitch-fix-uses-big-data-to-disrupt-your-closet
Database Sources and Vendors
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Statistical databases
Financial databases
Data retailers
Data wholesalers
Video databases
Database Sources and Vendors
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Statistical databases
Financial databases
Data retailers
Data wholesalers
Video databases
Companies that put organize data sources into packages that are offered to municipal, corporate, and university libraries for a fee
Wilson Business Center
Hoovers
ProQuest
INFOTRAC L
LexisNexis
Database Sources and Vendors
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Statistical databases
Financial databases
Data retailers
Data wholesalers
Video databases
Companies that provide access to data directly to the end consumer for a fee
Database Sources and Vendors
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Statistical databases
Financial databases
Data retailers
Data wholesalers
Video databases
Contain numerical data for market analysis and forecasting. Geographic information systems use geographical databases and powerful software to prepare computer maps of relevant variables.
Scanner data are a common source.
https://www.youtube.com/watch?v=qH9W6ONEztE
Neilsen Segmentation
Database Sources and Vendors
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Statistical databases
Financial databases
Data retailers
Data wholesalers
Video databases
Include competitors’ and customers’ financial data, such as income statements and balance sheets
CompuStat
Database Sources and Vendors
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Statistical databases
Financial databases
Data retailers
Data wholesalers
Video databases
Video databases and streaming media are having a major impact on the marketing of many goods and services
YouTube
Movies studios provide clips of upcoming films
Storing Data
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A type of database that is used
specifically for data analysis.
A planned collection of data that is stored on a computer system.
Data and Intelligence
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Facts or recorded measures of certain phenomena (things or events)
Data
Data and information that when combined, explain phenomenon and enable effective decisions
Intelligence
Data that has been formatted to define the relationship between two or more data points
Information
Is all data…
…good data?
Criteria of Valuable Data
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Is the data pertinent to the needs at hand?
Relevance
Criteria of
Valuable Data
Timely
Complete
High Quality
How was the data obtained and is it valid?
Is there enough data to provide useful information and insights?
Is the data current enough, or was it obtained recently enough, to still be valid?
Secondary Data & Marketing Research
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What would the benefits
of secondary data be?
Job interview: you would research the company…why?
-To improve your understanding
-To qualify information you might obtain during the interview
-To show good willing, motivation
Types of Studies
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How could secondary be included?
Foundational
answers basic questions such as what consumer segments should be served and with what types of products
evaluates items such as new product concepts or promotional ideas, and measures their effectiveness
examines how specific issues impact the firm, such as organizational structure
tracks the success
of a brand or company based on certain metrics that are key to management
Testing
Issues
Performance
TEAM WORK
HARNESSING BIG DATA
Is data
always
ethical?
Data & Ethics
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Has the consumer implicitly or explicitly consented to being traced?
Consent
Ethical Data
Cost / benefits
Awareness
Contract Violation
Does the collection of this data violate any explicit or implicit contracts or agreements?
Do users know what data is being made available to researchers?
Does the collection of the data balance out any potential invasions of privacy?
Data & Ethics: Real Life Examples
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https://www.youtube.com/watch?v=Jc5lxfLgsEk
Proof Facebook manipulates your emotions
Let’s Debate!
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Break off into teams of 5
Pick people you don’t know
Determine as a group whether you are in favour of Facebook’s experiment or not
Teams will be selected at random to present their positions
Data & Ethics: Real Life Examples
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https://www.youtube.com/watch?v=mVZ78kdduyY
Ethics quandray
TAKE HOME ASSIGNMENT
Marketing Research Article
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Take Home Assignment
Prepare an article for “Marketing Research Magazine”
Write on any topic related to marketing research issue we have discussed to date
Article can be an opinion piece, case study, best practices, etc
500-1000 words
Consult and cite information from at least 3 different input sources
To be prepared on an individual basis
Due by the start of next class
Be ready to present your findings!
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Read…
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THANK YOU!
