Introduction to Marketing Bangor Transfer Abroad Programme PGDM Marketing Decision-Making and Marketing Decisions

Introduction to Marketing Bangor Transfer Abroad Programme The Knowledge Age Huge volumes of information now available Huge volumes of information now available Managers need to be selective and systematic Managers need to be selective and systematic As data is drawn from multiple sources, needs to be combined and analysed for it to be of value As data is drawn from multiple sources, needs to be combined and analysed for it to be of value

Introduction to Marketing Bangor Transfer Abroad Programme Decision levels in organisations Strategic Operational Tactical Marketing mix decisions Customer service levels Competitive responses Campaigns Business direction Market decisions Investment decisions New product development Positioning

Introduction to Marketing Bangor Transfer Abroad Programme Information processing DATA INFORMATIONINTELLIGENCE InputOutput/inputOutput Value added Value added Uninformed Minimum cost Total uncertainty Informed Maximum cost Less uncertainty Source: Hines

Introduction to Marketing Bangor Transfer Abroad Programme Typical applications for marketing research Market analysis Market analysis New product/service development New product/service development Selection of brand names and packaging Selection of brand names and packaging Pricing decisions Pricing decisions Advertising and promotion decisions Advertising and promotion decisions Sales decisions Sales decisions Service support and complaint handling decisions Service support and complaint handling decisions

Introduction to Marketing Bangor Transfer Abroad Programme Typical data requirements: Market analysis Market size Market size Market profitability Market profitability Market growth trends Market growth trends Main products in the market Main products in the market Customer attitudes and buying behaviours Customer attitudes and buying behaviours Major competitors and market shares Major competitors and market shares Distribution patterns Distribution patterns Marketing strategies used in the market Marketing strategies used in the market

Introduction to Marketing Bangor Transfer Abroad Programme Typical data requirements: Product research New products Gap between current products & perception Consumer research Research from international markets Competitor research Long range economic studies Satisfaction levels and trends with current products Source: Hines

Introduction to Marketing Bangor Transfer Abroad Programme Typical data requirements: Pricing decisions Competitor product prices Competitor product prices Consumer attitudes to price Consumer attitudes to price what would they expect to pay? what would they expect to pay? what would they be prepared to pay what would they be prepared to pay Cost/price/volume - what quantities are likely to sell at Cost/price/volume - what quantities are likely to sell at different price levels? different price levels?

Introduction to Marketing Bangor Transfer Abroad Programme Typical data requirements: Advertising and promotion Size of potential market Size of potential market Demographic characteristics of users Demographic characteristics of users Demographic profiles of segments Demographic profiles of segments Behaviours and attitudes of different segments Behaviours and attitudes of different segments Language used by customers in talking about product Language used by customers in talking about product Share of mind compared with competitors Share of mind compared with competitors

Introduction to Marketing Bangor Transfer Abroad Programme Typical data requirements: Sales decisions Sales territories Sales territories Sales personnel efficiency Sales personnel efficiency Sales statistics Sales statistics Sales forecasts Sales forecasts Sales incentives Sales incentives Distributor policy Distributor policy

Introduction to Marketing Bangor Transfer Abroad Programme Sharda University Business School Summary Marketing Research generates data and analysis for Marketing Decisions Four types of decision area: - Market Research - Product Policy Research - Pricing Research - Communications Research

Introduction to Marketing Bangor Transfer Abroad Programme Summary Primary objective of researcher is to provide: - Timely - Accurate - Relevant Data and analysis to Marketing Management Key word is ‘Robust” Key word is ‘Robust”

Introduction to Marketing Bangor Transfer Abroad Programme Secondary Data Sources

Introduction to Marketing Bangor Transfer Abroad Programme Generating Data Data is generated in 2 basic ways: Secondary data : Data already existing – may have been collected for other purposes + / - Primary data: Original data – collected for a specific purpose

Introduction to Marketing Bangor Transfer Abroad Programme

Introduction to Marketing Bangor Transfer Abroad Programme Secondary Data Secondary Data Secondary data is information that has been previously gathered for some purpose other than the current research project

Introduction to Marketing Bangor Transfer Abroad Programme Uses of secondary data Helps to clarify research requirements Helps to clarify research requirements Answers some of the research needs Answers some of the research needs Enables more insightful interpretation of primary data Enables more insightful interpretation of primary data Provides comparative data Provides comparative data Provides information that cannot be obtained through primary research Provides information that cannot be obtained through primary research

Introduction to Marketing Bangor Transfer Abroad Programme Benefits of secondary data Faster Faster Less expensive to collect Less expensive to collect Internet can be used, increasing speed further Internet can be used, increasing speed further

Introduction to Marketing Bangor Transfer Abroad Programme Limitations of secondary data Availability Availability Applicability Applicability Accuracy Accuracy Comparability Comparability

Introduction to Marketing Bangor Transfer Abroad Programme Internal Secondary Research Sources Sales figures Sales figures Operational data – stock levels, etc Operational data – stock levels, etc Customer satisfaction results Customer satisfaction results Advertising spend Advertising spend Customer complaints records Customer complaints records Effectiveness data from promotional Effectiveness data from promotional campaigns campaigns Marketing research reports from Marketing research reports from past studies past studies

Introduction to Marketing Bangor Transfer Abroad Programme External Secondary Research Sources Internet – single search engines, and multiple search engines Internet – single search engines, and multiple search engines Directories Directories Country information Country information Published marketing research reports Published marketing research reports News sources News sources Newsgroups and discussion lists Newsgroups and discussion lists

Introduction to Marketing Bangor Transfer Abroad Programme The Marketing Information System (MkIS) The Marketing Information System (MkIS) “A system within an organisation that supplies information and communication services and resources to meet marketing decision-making needs.” “A system within an organisation that supplies information and communication services and resources to meet marketing decision-making needs.” (CIM) (CIM)

Introduction to Marketing Bangor Transfer Abroad Programme The marketing information system (MkIS) Marketing intelligence Marketing research Internal records Information analysis Marketing environment Target markets Marketing channels Competitors Publics Macro- environment forces Marketing managers Analysis Planning Implementation Organisation Control Developing information Distributing information Assessing information needs Marketing information system Marketing decisions and communications Source: Kotler et al