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Week3MarketingResearch-Final-2.pptxIntegrated Marketing
Session 3
Marketing Research
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What we’ll cover today
What is Marketing Research?
What is Marketing Intel?
Consumer Marketing Insights (CMI)
Research Methodology
Quantitative Research
Qualitative Research
Primary Research
Secondary Research
Use of Social Media
Case Studies
Focus Group Experience
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Introduction to Marketing Research
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What is Market Research?
What is market research?
The process of gathering, analyzing and interpreting information or intelligence about:
The market
Product or service
Consumer attitudes
Explores the past, present and potential customers for the product or service
Involves research into the characteristics, spending habits, location and needs of your business’s target market
Discovers trends
Evaluates the industry as a whole
Identifies competitors
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Marketing Research
Companies use marketing research for myriad purposes including:
Understanding customer behavior, perceptions and attitudes
Identifying negative issues and barriers to sale
Gaining insights and exploring opportunities to develop new products or product improvements, enhance and grow their businesses
Checking in with target audience to make sure they’re keeping up with emerging needs or determining how to engage with a new target
Refining and optimizing messaging and communications to determine campaign direction for advertising development
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Marketing Research
Term used to refer to a process of gathering or collecting information about a target audience or target market
Provides in-depth view of the customers or consumers in order to be able to better satisfy needs
Integral to compete with other companies- analyzes market size, competition and market needs
Uses analytical and statistical techniques and methods to gather and interpret information in an organized way
Determine needs of the customers
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Marketing Intelligence
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Marketing Intelligence
Procedures set in place for managers to obtain information about developments in the marketing environment
Name sources for MI?
How do marketers develop a marketing intelligence system?
Train and motivate sales force to spot and report new developments (Grace Chemicals)
Motivate your intermediaries - distributors, retailers for intel
Hire external experts (mystery shoppers intel
Network internally and externally; trade shows, conferences, employees,
Set up customer advisory board - most outspoken, representative customers
Use government-related data resources - US Census; changing populations, family demographics,
Consumer surveys, grassroots research
Online forums
Distributor or sales force feedback site
Customer complaint sites
Public Blogs
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Intel from Macroenvironment
Needs and Trends - what do we see?
Identifying Major Forces - hurricanes, climate change
Six Major Environmental Forces:
Demographics
Worldwide Population growth
Population/age mix changes
Changes in Ethnic, Religious Composition
Education Levels
Rise of nontraditional families
Large geographic shifts in population (examples?)
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Dockers - needs of baby boomers who couldn’t fit into jeans, Fad - crocs, Pokemon toys, emojos, megatrneds - fitness, organic foods, mysticism
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Intel from Macroenvironment
Needs and Trends - what do we see?
Identifying Major Forces - hurricanes, climate change
Six Major Environmental Forces:
Demographics
Worldwide Population growth
Population/age mix changes
Changes in Ethnic, Religious Composition
Education Levels
Rise of nontraditional families
Large geographic shifts in population (examples?)
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Dockers - needs of baby boomers who couldn’t fit into jeans, Fad - crocs, Pokemon toys, emojos, megatrneds - fitness, organic foods, mysticism
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Intel from Macroenvironment
2. Economic Environment - Focus on income distribution, levels of savings, debt and credit availability
3. Sociocultural Environment- Need to understand consumer’s view of themselves, others, organizations, society, nature. Products need to respond to society’s core and secondary values and address different subcultures
4. Natural - Sustainability Issues - Increased concern for our natural resources and interest in “green” products
5.Technological Environment - Accelerating rate of change, opportunities for innovation, R&D budgets, increased Gov. regulations
6. Political -Legal Environment -Need to understand laws regulating business practices
Discussion:
Do consumers change over time? Are needs different for various age markets?
What brands and products successfully target your age group?
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Identifying Customer/Prospect Insights
Consumer Marketing Insights (CMI) are gathered from research from the customer and other market tools.
Customer Insights are invaluable as they are:
•The strongest motivational force in the customer’s mind
•The psychological opportunity that enables the marketer and customer to connect
•The “sweet spot” or perfect connection between the marketer and the customer
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Accurate and thorough intelligence is the foundation of all successful business ventures because it provides vital information about prospective and existing customers…the competition…and the industry in general. It enables business owners to determine the feasibility of a business before committing substantial resources to the venture.
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Consumer Insights
Explore my world and dig into my beliefs through Consumer Insights- helps you target your brand more powerfully and differentiates you from your competition
https://www.youtube.com/watch?v=5vqR6RVDyYs
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Consumer Insights
Consumer insights provide understanding that leads to marketing on a more direct and personal level. Not only does a beverage company need to know which parts of the country call it soda and which say “pop,” they may even find it helpful to understand whether cultural differences play a role in beverage selection. Do people from a certain ethnic background prefer one type of drink over another?
Consumer insights can help try to find a problem that the company can solve. How long did it take auto manufacturers to finally realize that some people had problems opening the tailgates on their SUVs, and that the ability to simply wave your foot under a sensor to open it might actually help sell vehicles?
Anthropologists and ethnographers can also uncover group dynamics that can aid in launching products, building sales or establishing a brand identify. This understanding will definitely be necessary as corporations delve into the veritable gold mine of marketing that is social media. The ability to identify group influencers and advocates, and predict how information will be shared among the group members, can lead to a more effective consumer relationship in an online world.
This learning can be applied to business and marketing decisions that provide a corporation with a competitive edge. Once you know why your customers do things a certain way, it will be much easier to establish and build long-term relationships with them.
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Consumer Insight #1 - Persil Laundry Detergent
Unilever conducted an observation study observing mothers with children in relation to “getting dirty”.
Findings helped frame marketing campaign
Kids and dirt had a positive association for mothers.
Saw dirt as a learning experience
it made them proud of their kids.
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Consumer Insight for Persil Laundry Detergent
This powerful insight transformed Persil into a much more emotional and friendly brand
It helped framed its brand positioning and marketing
It led to double digit growth for years to come.
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Angello - Consumer Insight #2 Sweet and Seedless Pepper
Syngenta discovered many consumers were not eating sweet pepper raw due to digestion, burping and heavy stomach issues. The taste, shape, size and seeds needed further development. This led to the sweet and seedless pepper called “Angello”, that later won the Innovation Award at Fruit Logistica in 2012 and can be found in many supermarkets around Europe today.
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Marketing Research - Types
Market research breaks down to two types of data collection:
Primary Research
Used to improve products, services and functions
Research you compile yourself or hire someone to gather for you. This can be quantitative or qualitative
Field Research that is done from inception and does not use existing information
Most, common, valuable and focuses on your specific issues
Secondary – This type of research is already compiled and organized for you
Relies on available information from multiple sources
Examples: reports and studies compiled by government agencies, trade association, office data, newspapers, magazines, research services, internet
Benefit: mostly free and takes less time
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Quantitative Research
Quantitative (“Quant”) – Numerically Focused
https://www.youtube.com/watch?v=gml1RfLNS5E
Based on hard facts and statistical data versus “feelings” and “opinions”
Methods emphasize objective measurements and the statistical, mathematical or numerical analysis of data
Collected through polls, questionnaires or surveys, or by manipulating pre-existing statistical data (such as gleaned from secondary info) using computational techniques
Collection methods are more structured and include:
various forms of surveys – online, on paper, in kiosks…
face-to-face interviews
telephone interviews
online polls
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Quantitative Data Summary
A range of tools (descriptive statistics) can be used to describe/summarize data, including: Frequency – the ‘count’ or number of responses in each category.
Percentage (%) – the proportion of people who give a particular response or set of responses.
Mean – the arithmetic average (used with standard deviation to illustrate variance). Standard deviation – the average spread of scores around the mean.
Median – the ‘middle value’.
Mode – the most common response to a question.
Range – the difference between the highest and lowest response value (e.g. range of ages).
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Quantitative Research Results
Example of Quantitative study on consumer satisfaction of Kirklee College, West Yorkshire, England
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Quantitative Data Results
Data conveyed in chart format
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Qualitative Research
Qualitative Research - Primary exploratory research
Used to gain an understanding of underlying reasons, opinions and motivations for a consumer’s feelings about a business’s product or service
Provides insights into the problem
Helps to develop ideas or hypotheses for potential quantitative research
Explores What drives and resonates with people and why?
Uncovers trends in thought and opinions
Delves deeper into an opportunity or problem.
https://www.youtube.com/watch?v=ipHiz6dzKFg
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Qualitative Data
Qualitative data collection methods vary using unstructured and semi-structured techniques including:
Focus groups
A focus group is a demographically diverse group of people assembled to participate in a guided discussion about a particular product before it is launched, or to provide ongoing feedback on a political campaign, television series, etc.
2. Individual interviews – IDIs
IDI’s (In Depth Interviews) are one-on-one conversations between a consumer/user and moderator, often on topics of a personal or sensitive nature.
3. Ethnography or ethnographic research - Individual interviews ideally conducted face-to-face – in person – but they may also be conducted over the phone or online, offering the advantage of cost-effectiveness – being able to talk to people in geographically distant locales.
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What they have in common is one or multiple respondents, plus a facilitator or discussion moderator.
Researchers generally use these two tools in tandem on most projects
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Qualitative Research
4. Participation/observations
Inviting consumers to try or experience particular products and provide feedback as they use them.
Can be set up practically anywhere
Includes “shop-alongs” where the consumer is accompanied to a store by a researcher/moderator where he or she is observed and questioned while shopping for the item or category being studied.
These may be videotaped and/or attended by the client seeking the learning
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Rise of Social Media in Research
Using social insights to provide consumer insights
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Rise of Social Media in Research
The Rise of Social Consumer Market Insights
Social media is evolving as practitioners layer and blend different data sets with social consumer market insights (CMI).
Social CMI is breaking the boundaries of data extraction, by revealing the powerful insights social listening and analytics provides.
Social media is one of the most valuable sources of raw consumer opinion - remains unfiltered and unsolicited
Available to be implemented directly at the heart of numerous departments in a business.
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Social Research Data
Social data has opened up a world of unprompted, detailed consumer opinions, needs and motivations.This huge dataset complements (and in some instances replaces) traditional customer opinion data by providing the detail of a focus group at the scale of a survey.
Social data complements other forms of customer and market data, providing insight not only into customer opinion but behaviors in online spaces.
Connecting multiple online, social and offline datasets, brands can now understand how their consumers feel on almost any subject, when and where they’re talking and to which networks they belong.
They can model this against sales data, web traffic, search, brand equity mapping and the occurrence of any number of potential other impactful events – from weather to politics – to build a picture of their consumer’s world and drive business insight in a customer-centric way.
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Case Studies - Dove Body Wash
Dove Body Wash – study of bathing behavior among college women in order to zero in on best promotion vehicle for campus events.
Objective: understand behavior in order to optimize communications
Qualitative method: Focus Groups
Outcome: provided approach, language and visuals for printed materials
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Lamisil
Lamisil – OTC Athlete’s Foot medications
Objective: Explore any deep-seated emotional hot-buttons among Athlete’s Foot sufferers to give Lamisil a leg up in a competitive, non-differentiated marketplace.
Qualitative method: Ethnography (one-on-one)
Outcome: Identified opportunity areas to guide positioning and subsequent product communications (packaging, advertising etc.)
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Marketing Research Project Process
1. Develop Proposal and Plan – Business people in general and marketers in particular like Plans and for good reason. A plan comprises a project blueprint, benchmarks for successes, and checks and balances throughout the process. Plan includes:
Background (why research is being undertaken)
Objective
Target audience
Strategy (with phases, if multiple)
2. Recruit respondents using a screener - Good research is contingent on getting the right people to answer the right questions
Screener: A series of qualifying questions to determine if a prospective respondent fits specific criteria to participate in a research study
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Marketing Research Project Process
3.Develop discussion guide
Definition: A set of questions/tasks/topics that you, the researcher, wishes to walk a research participant through in order to reach your learning objectives.
It is guided by objectives and goals of client to uncover specific information that helps define direction
It will facilitate the conversation and determine its flow
It will provide a natural process for participants to help them feel comfortable and engaged
4. Conduct research – Convene the groups or execute the interviews
Interviewees will have been pre-screened for specific target group desired, men, women, mix, age, geographic area, economics, not “professional” focus group people, not in advertising or marketing field
Client is often an active listening participant who may provide feedback during the focus group process to hone in on specific concerns or questions
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Marketing Research Project Process
5. Present Results – Develop a report which details findings, recommendations and next steps
As specified in Plan/Proposal, this might take the form of either a Topline with key findings, an Executive Summary with highlights including longer, more detailed report with examples of “verbatims,” actual quotes from respondents.
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Case History: Marriott Hotels
Marriott: Individually distinctive. Collectively powerful.
With the acquisition of Starwood Hotels, Marriott is the largest hospitality chain in the world.
Proven systems, support and services – in concert with a tradition of attentive guest care, exceptional amenities, in-depth local knowledge and preeminent loyalty programs – empower Marriott’s 30 global brands to continually set industry standards around the world.
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How to Stay Relevant ?
Marriott constantly conducts researches to maintain relevance to its customer
It uses consumer insights to frame its products and services
Marriott Hotels launched a global "travel brilliantly" campaign designed to appeal to the next generation of travelers, who "seamlessly blend work and play in a mobile and global world."
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Marriott - Travel Brilliantly
Video ad
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Marriott Hotels
How can sub-brands help Marriott and Best Western target the Airbnb generation?
Over the past two years, global hotel chains such as Marriott and Best Western have aggressively pursued millennial consumers with the launch of sub-brands aimed specifically at the Airbnb generation of young urbanites.
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Conducting Our Own Focus Group
Six volunteers
Goal is to determine how to reach travelers in their 20’s and design the more compelling travel model for the future
Identify key attributes and benefits of travel and what might induce visitors to travel
Summarize key findings
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Marriott Hotel’s New Brand Strategy
Marriott introduced Moxy in 2014, far removed from its formal, luxury portfolio in design terms, 24/7 communal living and ‘budget is beautiful’ mantra.
Moxy is aimed at “lifestyle-orientated millennial travelers.”
Moxy was launched to capitalize on a huge opportunity in the affordable lifestyle segment that was not being addressed. “We found a lot of the budget segment, especially in Europe, had stripped the personality and fun back and the offer was quite bland, so when designing Moxy we wanted to make sure it was fun, energetic and vibrant.”
The intention behind the sub-brand was to attract new visitors who had not necessarily experienced Marriott hotels. From the hot pink logo to the compact 183 sq ft rooms, the Moxy aesthetic is based on ‘industrial chic’.
Other features include keyless entry, mobile check-in and the traditional reception desk replaced with a bar. Game arcades and bowling alleys also dominate communal areas.
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Marketing Research Wrap-Up
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SWOT Analysis
SWOT
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What is a SWOT Analysis
SWOT a·nal·y·sis
ˈswäd əˌnaləsəs/
noun
a study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats.
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SWOT ANALYSIS
Part of a Business Unit’s Strategic Planning
SWOT Definition - The overall evaluation of a company’s strengths, weaknesses, opportunities and threats
Market external marketing environment potential opportunities and potential issues
Market internal marketing environment potential opportunities adn potential threats
Page 49 - 51 in Marketing Management Textbook
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SWOT Analysis
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DELL COMPUTERS
Strength - selling direct to consumer more efficiently than competitiors (IBM, Compaq)
Weakness - Not a strong brand, lacked strong channel infrastructure and solid dealer relationships
Opportunity - Consumer market was becoming more sophisticated and consumers knew what they wanted
Threat - Failed to generate big enough customer base, strong brand identity vs. competitors
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Checklist for Evaluating Strengths/Weakness Analysis
Marketing
Company Reputation
Market Share
Customer Satisfaction
Customer Retention
Product Quality
Service Quality
Pricing Effectiveness
Distribution Effectiveness
Promotion Effectiveness
Sales Force Effectiveness
Innovation Effectiveness
Geographical Coverage
Cash Flow Finance
Cost or availability of Capital
Financial Stability
Facilities
Economies of Scale Manufacturing
Capacity
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Checklist for Evaluating Strengths/Weakness Analysis
19. Able, Dedicated workforce Manufacturing
20,Ability to produce on time
21.Technical manufacturing skill
22.Visionary, capable leadership Organization
23.Dedicated employees
24.Entrepreneurial orientation
25,Flexible or responsive
Performance
Major Strength, Minor Strength, Neutral, Minor Weakness
Importance
Major Weakness, High Medium, Low
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SWOT Analysis
ETSY
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Homework Assignment #3
Homework #3
Individual Assignment - SWOT Analysis Paper
In this assignment you will be doing comprehensive SWOT analysis of the product you have chosen. Here is the process for pulling together this assignment:
1. Review Marketing Management Textbook pg. 49-51on SWOT analysis process
2.Choose and research a product/service you have interest in (through NYU library or google scholar/ Use product website as well as case histories, published research, articles, journal articles, business publications, product website, annual report, established business portals. Please be sure you do not plagiarize anything from your research. On this paper your work will be submitted to Turnitin to insure that it is your original work.
3. Be sure paper includes the following:
a. Overview of the brand, its product positioning, product attributes, target audience, NPS score (if accessible)
b. Define marketing conditions for the brand category. Review Marketing Intelligence information, research the microenvironment and look for information on the success of the product category. c. Determine customer interest, success of brand category (revenue,units sold, growth or decline. d. Determine competition, trends in the industry impacting the brand, etc and other pertinent information about the product to increase understanding about its success and viability in the market place.
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Homework #3
4. Do a SWOT Analysis chart - and include all pertinent information on Brand Strengths, Weaknesses, Opportunities and Threats
5. Provide two paragraph or more analysis of how the product is doing and what are its prospects for the future based on SWOT assessment. Provide your recommendations for what steps need to be taken to take product to higher levels of success.
6. Include sources in correct annotated APA style at end of report. Link attached
https://owl.english.purdue.edu/owl/resource/560/01/
Document includes:
a. 2 - 3 page double spaced paper in 12 point Times Roman
b. SWOT Analysis Chart
c. Conclusion
d. References in APA annotation
https://owl.english.purdue.edu/owl/resource/560/01/
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