Nature and Scope of Marketing Research Aaker, Kumar, Day 9th Edition Presentation Slides

Business Intelligence Areas Financial Management Marketing Accounting … Marketing Research Customer Relationship Marketing/Database Marketing Primary sources Secondary sources Standardized Sources Prospects Customers Competition Products/Markets

Market Intelligence VS Marketing Intelligence Marketing Intelligence The process of acquiring and analyzing information in order to understand the market (existing and potential customers); to determine the current and future needs and preferences, attitudes and behavior of the market; and to access exchanges in the business environment that may affect the size and nature of the market in the future Market Intelligence The ability to fully understand, analyze and assess the internal and external environment related to a company’s customers, competitors, markets and industry to enhance the decision making-process. This would require the integration of competitive intelligence, marketing research, market analysis, and business and financial analysis information. Marketing Intelligence

Why do we need Marketing Intelligence? Customer Satisfaction Competitiveness Business Achievement Uncertainty

Domains of Marketing Intelligence Product decisions Customer segmentation decisions Brand and pricing decisions Keeping stakeholders happy Market estimation, competitive benchmarking, and distribution

Marketing Planning Process Situation Analysis Understand the environment and the market Identify threats and opportunities Assess the competitive position Define the business scope and served market segments Establish competitive advantages Set performance objectives Strategy Development Marketing Program Development Product and channel decisions Communication decisions Pricing Personal selling decision Implementation Performance monitoring Refining strategies and program Control and Monitoring

Factors influencing Marketing Research Decision Relevance Type and nature of information sought Timing Availability of resources Cost-Benefit analysis

Marketing Research Goal Programmatic Research To develop marketing options through: Market segmentation Market opportunities analysis Consumer attitude Product usage studies Selective Research To test different decision alternative: New product concept testing Advertising copy testing Pretest marketing Test marketing Evaluative Research To evaluate performance of program: Tracking advertising recall Cooperate and brand image studies Measuring customer satisfaction

Decision Support Systems Intelligence for future strategies Information System Decision Support Systems Decision Making Day-to-day Intelligence for future strategies Research studies

Standardized Services Branded Product Services Information Sources Information Supplier Internal Supplier External Supplier Accountant Report Customized Services Fiscal Report Syndicated Services … Standardized Services Go to Field Services If there is no systematic, it’s take a lot of time to find needed information to make a decision. Selective Services Branded Product Services

The Marketing Research Process Marketing Planning and Information System Agree on Research Process Establish Research Objectives Problems or Opportunities Decision alternatives Research users Research questions Hypotheses Boundaries if study Planning Estimate the value of information No Yes Choose among alternative research approaches Specify the sampling plan Design the Experiment Design the questionnaires Design Design the research Collect the data Implementation Prepare and analyze the data Report the research results and provide strategic recommendations Control and Monitoring

Research Design Exploratory Descriptive Casual Research Types To seek insights into the general nature of a problem, the possible decision alternatives, and relevant variables that need to be considered Exploratory Descriptive To provide an accurate snapshot of some aspect of the market environment Casual To show that one variable causes or determines the values of other variable Research Types Choice of Data Collection 2nd data Qualitative or Quantitative Surveys Experiments Research Tactics Data Collection and Analysis Compare Cost & Timing Estimates

Content of Proposal Executive summary Research purpose and objective Research design Time and cost estimates Appendixes

Qualitative Analysis More flexible, Depth, Richness of Context, To obtain a basic feel for the problem before proceeding to the more analytical portion of the study To find out what is in a consumer’s mind and perspective To know more about things that cannot be directly observed and measurement such as feeling, thoughts, intentions, behavior To get insight into the reality of the consumer perspective and to suggest hypotheses for further research More flexible, Depth, Richness of Context, Potential for new insights and perspective

Individual In-Dept Interviews Focus-group Discussions Qualitative Analysis Individual In-Dept Interviews To interview face-to-face with the respondent Focus-group Discussions To obtain possible ideas or solutions to a marketing problem from a group of respondents by discussing it Projective Techniques Observation To provide information on current behavior

Focus-group Types Exploratory Focus Group – defining the problem precisely Clinical Focus Group – scientific endeavor Experiencing Focus Group - emotional framework + More stimulation, Make new ideas, Meaningful comments more likely - Non representative of population, Unclear, Fallowing group

Projective Techniques Focus-group Projective Techniques Word association Completion tests Picture interpretation Third-person technique Role playing Case studies