Welcome to M ARKETING RESEARCH MKTG3342 Fall 2008 Professor Edward Fox

INTRODUCTION TO MARKETING RESEARCH Outline What is Marketing Research? What is Marketing Research? Applications of Marketing Research Applications of Marketing Research

WHAT IS MARKETING? Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. - AMA AMA 2004 Marketing is so basic that it cannot be considered a separate function. It is the whole business seen from the point of view of its final result, that is, from the customer’s point of view. Marketing is so basic that it cannot be considered a separate function. It is the whole business seen from the point of view of its final result, that is, from the customer’s point of view. - Peter Drucker - Peter Drucker

WHAT IS MARKETING? Marketing is [the] “process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others.” Marketing is [the] “process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others.” - Philip Kotler

WHAT IS MARKETING RESEARCH? Marketing Research involves: Specifying the information required Specifying the information required Designing the method for collecting information Designing the method for collecting information Managing and implementing the collection of data Managing and implementing the collection of data Interpreting the results and communicating the findings and their implications Interpreting the results and communicating the findings and their implications Adopted from American Marketing Association (see page 6 of Text)

MARKETING RESEARCH – DEFINITION Marketing research is the planning, collection, and analysis of data relevant to marketing decision making and the communication of the results of this analysis to management ( McDaniel and Gates p. 6)

Marketing Research Enables Implementation of the Marketing Concept Marketing Research: Understanding customers and marketing environment. Marketing Concept: Developing integrated marketing effort to satisfy customers at the same time realizing company objectives. Economy Legal/Regulatory Technology Social/Cultural Demographics Company Competitors Customers/ Intermediaries Suppliers Market Channel of Distribution End Users Constituents

APPLICATIONS OF MARKETING RESEARCH Traditional Marketing Applications Identifying/evaluating opportunities - New product development Identifying/evaluating opportunities - New product development Segmentation/targeting/positioning Segmentation/targeting/positioning Marketing mix decisions Marketing mix decisions Monitoring and control Monitoring and control Non-Marketing Applications Identifying donor bases for non-profit organizations Identifying donor bases for non-profit organizations Employee satisfaction surveys Employee satisfaction surveys Political opinion polls, etc... Political opinion polls, etc...