Marketing Information The Key To Business Success
What is Marketing Information? The data collected during the marketing research process Types of data Company and competitor records Customer profile data Buying behavior Shopping patterns Demographics and lifestyle research Government data Market research reports produced and sold by research firms
Marketing Information Used to identify marketing opportunities, solve marketing problems, implement marketing plans, and monitor marketing performance.
Why is marketing information important to a business? The information obtained from research helps businesses plan their future operations to increase sales and profits Research answers the what, where, how, and at what price the products should be produced The information also helps businesses solve marketing problems or anticipate future marketing potential
American Marketing Association Marketing Research Involves the marketing function that links the consumer, the customer, and the public to the marketer through information American Marketing Association
Marketing research can apply to any aspect of marketing. Involves the methods used to gather information, analyze it, and report the findings related to marketing goods and services Marketing research can apply to any aspect of marketing.
Types of Market Research
Types of Marketing Research The type of research used is based on the problem to be solved.
Attitude Research Also known as opinion research Attitude research is designed to obtain information about how people feel By using random samples of the population and interviewing techniques results can be generalized to the total population
Attitude Research Tells Us…………. People’s opinions on Politics and Elections Business The Economy Social Issues Public Policy
Market Research Involves the systematic gathering, recording, analyzing, and presenting information related to the marketing of goods and services Research is needed before a product is put on the market and also during the life of the product Research is not limited to products
Market Research Can Tell Us About…… Particular consumer and industrial markets through Market Analysis Future sales estimates through Sales Forecasting Future economic conditions through Economic Forecasting
Media Research Focuses on media selection and frequency Measures the effectiveness of the ads message and the placement of the ad Can help determine which media mix is most effective
Media Research Can Tell Us About…….. The effectiveness of the print media sent into the home through Consumer Panels Broadcast media can be researched through Arbitron and Nielsen ratings obtained through diaries and special soft wear Researchers are even developing systems to measure the effectiveness of online advertising
Product Research Evaluating product design, product usage, and consumer acceptance of new and existing products Research is also conducted to collect information about competitive products
Product Research Tells Us About……….. New product acceptance Product testers Test Markets Product Rating Boards Existing product research Satisfaction questionnaires Industrial Markets Consumer Markets