1: Marketing Research for Decision Making ESSENTIALS OF MARKETING RESEARCH Hair/Wolfinbarger/Ortinau/Bush

1-2 Copyright © 2008 by the McGraw-Hill Companies, Inc. All rights reserved. Hair/Wolfinbarger/Ortinau/Bush, Essentials of Marketing Research 1e © McGraw-Hill/Irwin2008 Marketing Marketing is the process of planning and executing the pricing, promotion, distribution of products, services, and ideas in order to create exchanges that satisfy both the firm and its customers

1-3 Copyright © 2008 by the McGraw-Hill Companies, Inc. All rights reserved. Hair/Wolfinbarger/Ortinau/Bush, Essentials of Marketing Research 1e © McGraw-Hill/Irwin2008 Marketing Research Marketing research is the function that links an organization to its market through the gathering of information

1-4 Copyright © 2008 by the McGraw-Hill Companies, Inc. All rights reserved. Hair/Wolfinbarger/Ortinau/Bush, Essentials of Marketing Research 1e © McGraw-Hill/Irwin2008 Tasks in the Process  Designing methods for collecting data  Managing the information collection process  Analyzing and interpreting results  Communicating findings to decision makers

1-5 Copyright © 2008 by the McGraw-Hill Companies, Inc. All rights reserved. Hair/Wolfinbarger/Ortinau/Bush, Essentials of Marketing Research 1e © McGraw-Hill/Irwin2008 Research Benefits Marketing Decisions  Situation analysis  Strategy design  Program development

1-6 Copyright © 2008 by the McGraw-Hill Companies, Inc. All rights reserved. Hair/Wolfinbarger/Ortinau/Bush, Essentials of Marketing Research 1e © McGraw-Hill/Irwin2008 Marketing Situation Analysis  Monitors the appropriateness of a firm’s marketing strategy and determines whether changes are necessary  Market analysis  Market segmentation  Competition analysis

1-7 Copyright © 2008 by the McGraw-Hill Companies, Inc. All rights reserved. Hair/Wolfinbarger/Ortinau/Bush, Essentials of Marketing Research 1e © McGraw-Hill/Irwin2008 Opportunity assessment  Collecting market information to forecast changes using  Content analysis  In-depth interviews  Formal rating procedures

1-8 Copyright © 2008 by the McGraw-Hill Companies, Inc. All rights reserved. Hair/Wolfinbarger/Ortinau/Bush, Essentials of Marketing Research 1e © McGraw-Hill/Irwin2008 Market Segmentation  Examine similarities and differences in consumer’s needs using  Benefit and lifestyle studies

1-9 Copyright © 2008 by the McGraw-Hill Companies, Inc. All rights reserved. Hair/Wolfinbarger/Ortinau/Bush, Essentials of Marketing Research 1e © McGraw-Hill/Irwin2008 Competition Analysis  Evaluates competitor’s strengths, weaknesses, and future plans using  Importance-performance analysis

1-10 Copyright © 2008 by the McGraw-Hill Companies, Inc. All rights reserved. Hair/Wolfinbarger/Ortinau/Bush, Essentials of Marketing Research 1e © McGraw-Hill/Irwin2008 Marketing Strategy Design  Information collected can be used to design marketing strategy  Target market analysis  Positioning  New product planning

1-11 Copyright © 2008 by the McGraw-Hill Companies, Inc. All rights reserved. Hair/Wolfinbarger/Ortinau/Bush, Essentials of Marketing Research 1e © McGraw-Hill/Irwin2008 New Product Planning  Provides information for improving products and planning new products  Concept and product testing  Test marketing

1-12 Copyright © 2008 by the McGraw-Hill Companies, Inc. All rights reserved. Hair/Wolfinbarger/Ortinau/Bush, Essentials of Marketing Research 1e © McGraw-Hill/Irwin2008 Marketing Program Development  Gathers information for total marketing mix  Product portfolio analysis  Distribution decisions  Pricing decisions  Integrated marketing communications

1-13 Copyright © 2008 by the McGraw-Hill Companies, Inc. All rights reserved. Hair/Wolfinbarger/Ortinau/Bush, Essentials of Marketing Research 1e © McGraw-Hill/Irwin2008 Desired Skills (Specific)  Ability to understand and interpret secondary data  Presentation skills  Foreign-language competency  Negotiation skills  Computer proficiency

1-14 Copyright © 2008 by the McGraw-Hill Companies, Inc. All rights reserved. Hair/Wolfinbarger/Ortinau/Bush, Essentials of Marketing Research 1e © McGraw-Hill/Irwin2008 Emerging Trends  Secondary data  Technology-based data management  Digital information acquisition and retrieval  A broader International client base  From data analysis to Information management