Information Management and Market Research Chapters 28 and 29

Marketing Research Links…. Consumer, Customer, and Public Marketer through information Marketing Research: Involves the process & methods used to gather information, analyze it, & report findings related to marketing goods and services.

Marketing Research What is the primary purpose of Marketing Research? To obtain information about the preferences, opinions, habits, trends, and plans of current and potential customers.

Marketing Research Marketing Information Systems is a set of procedures & methods that regularly: Generates Stores Analyzes Distributes…… …marketing information for use in making marketing decisions.

Marketing Research Database Marketing: Process of designing, creating, and maintaining customer lists. Also known as Customer Relationship Marketing (CRM) What do they use this information for? Sending out catalogs Special offers Selling information to other businesses

Market Research The type of research a business conducts depends on the problem they are trying to solve. Quantitative Research: Answers questions that start with “how many” or “how much”. This type of information gathers information from a larger group of people. Usually done through surveys or questionnaires Qualitative Research: Focuses on smaller numbers of people (usually less than 100) and tries to answer the question “why” or “how”. Usually done through interviews

Types of Marketing Research Attitude Research Also known as opinion research – finds out how people feel about products. Commonly done through Satisfaction Surveys. Market Intelligence Concerned with size, location, competition and segmentation of the market for a product Helps a company determine who their target market is Media Research Focuses on media effectiveness, selection, frequency & ratings. Helps marketers determine what methods of advertising would be most beneficial Product Research Centers on evaluating product design, package design, product usage, and customer acceptance of new and existing products.

Marketing Research Process: The Marketing Research Process involves five steps Step #1 Defining the problem Occurs when a company clearly identifies the problem & what is needed to solve it Allows you to create objectives that will guide your research process

Types of Data Step #2: Obtaining data Primary Data Secondary Data Obtained for one particular purpose Secondary Data Already gathered for another purpose

Secondary Data Sources: Internet U.S. Government Consumer and Business Information companies Business and Trade Publications

Primary Data Sources: Obtained by: Survey method Observation method Online surveys Phone surveys Interview Method Observation method Fastest and most cost-effective Mystery Shopper Experimental method

Mystery Shopper Researcher that poses as a customer and goes into a retail store to observe employees. A mystery shopper is someone hired by a company to pose as a customer, to evaluate the services or purchase pre-selected merchandise. Becoming a mystery shopper is free. It doesn't cost a penny to find out about shopping opportunities

Research Process the data collected. Step #3: Analyzing the data - Research compile, analyze, and interpret the data collected. Step #4: Recommending solutions to the problem - Researchers come up with potential solutions to the problem and present them in a report. Step #5: Applying The Results - Research results are put into action.

Finish M&M Worksheet Your %'s should = 100%