Introduction to Marketing Research. Lesson Objectives Define marketing research Identify uses and applications of marketing research Identify 4 types.

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Presentation transcript:

Introduction to Marketing Research

Lesson Objectives Define marketing research Identify uses and applications of marketing research Identify 4 types of marketing research Explain the limitations of marketing research

Marketing Information Systems Set of procedures and methods that regularly generates, stores, analyzes and distributes marketing information

Marketing Research Systematic gathering, recording and analyzing of information about problems related to marketing goods and services

Uses of Marketing Research Preferences and opinions Habits (lifestyle and buying) Trends (economic and consumer) Future consumer plans

Applications of Marketing Research Product planning Price planning Promotion planning Place/distribution Minimization of losses (risk management) Staffing requirements Financial needs

Marketing Research can be categorized into 4 areas: Media Research Product Research Attitude Research Market Analysis and Sales Forecasting

Media Research

Designed to measure: Message What is it saying? Hitting target market? Recall? Meeting goals? Media Media TV, radio, magazine, coupon, promotional activity (BOGO) etc. Is your target market using/seeing it? Return on costs?

Common Techniques for Media Research Consumer panels – oral, written or observed behavior recorded Ad recall Written diaries/home monitors

Introduction to Marketing Research

Marketing Research Systematic gathering, recording and analyzing of information about problems related to marketing goods and services

Marketing Research can be categorized into 4 areas: Media Research Product Research Attitude Research Market Analysis and Sales Forecasting

Product Research

Product Research Focuses on… Product design Product usage Product acceptance by consumers Testing of existing products Competitive products Package design

Applications of Product Research New product concepts low fat low fat single serving single serving New uses for existing product Arm and Hammer Baking Soda Arm and Hammer Baking Soda Pricing the product Designing the package Reynolds Plastic Wrap Reynolds Plastic Wrap

Attitude Research Also known as opinion research Obtains information about how people feel

Attitude Research Tells Us…………. People’s opinions on  Politics and Elections – ‘polls’  Company perception  The Economy  Social Issues  Public Policy

Market Analysis Market Analysis

Market Research Focuses on… Consumer buying behavior Market trends – what the consumers are buying or planning to buy Sales forecasting Economic forecasting

Sales Forecasting Focuses on… Sales data Sales forecasting (determining potential sales for product) Economic forecasting (determining potential economic conditions)

Limitations of Marketing Research CostTime-consuming Time lag between research and application Respondent or interviewer commitment/validity of data

Review What is marketing research? What are the 4 types of marketing research? Give an example of how each type is applied What are the limitations of marketing research?