1. Chapter 3: Marketing Research Chapter 3 Lesson 1 Marketing Research: Role and Scope pp. 57-66 pp. 57-66 2007 Pearson Education Canada1

2. 2 Why Perform Marketing Research? To assist managers in their decision making To assist managers in their decision making Managers must define the four P’s of their marketing strategy based on results of marketing research Managers must define the four P’s of their marketing strategy based on results of marketing research Helps companies become aware of new opportunities and threats emerging in the market Helps companies become aware of new opportunities and threats emerging in the market Businesses must keep up with the times if they want to stay on top! Businesses must keep up with the times if they want to stay on top!

3. 2007 Pearson Education Canada3 Scope of Marketing Research Market Analysis Market Analysis Product Research Product Research Consumer Analysis Consumer Analysis Information about the marketplace. Information about how people perceive products. Information about the needs and motivations of consumers.

4. 2007 Pearson Education Canada4 Most Common Uses of Marketing Research Testing of new product concepts is the most common use of marketing research Testing of new product concepts is the most common use of marketing research Others include Others include –Testing advertising campaigns for impact and effectiveness –Conducting surveys to measure customer satisfaction –Tracking brand awareness vs. the competition –Pre-testing of advertising strategies –Measuring the influence of pricing tests

5. 2007 Pearson Education Canada5 Marketing Research Process Problem Awareness Problem Awareness Exploratory Research Secondary Data Collection Secondary Data Collection Primary Research Data Collection & Processing Analysis & Interpretation Recommendations & Action

6. 2007 Pearson Education Canada6 Problem Awareness Precisely defining a problem/decision Precisely defining a problem/decision Definition should be specific – not general or vague Definition should be specific – not general or vague Develop a clearly worded statement that provides direction for further research on the topic to be investigated. Develop a clearly worded statement that provides direction for further research on the topic to be investigated.

7. 2007 Pearson Education Canada7 Exploratory Research Informal analysis that helps define the precise nature of a problem. Funnelling Dividing a subject into manageable variables so that research can be conducted. Situation Analysis Collecting information from knowledgeable people and secondary sources.

8. 2007 Pearson Education Canada8 Secondary Data Data compiled & published for some other purpose. Secondary Data Internal Sources External Sources Database Management System Database Management System Decision Support System Decision Support System Government Business Online

9. 2007 Pearson Education Canada9 Secondary Data Advantages  Available at low or no cost  Updated constantly by some sources  Only source some of the time  Useful for exploratory research

10. 2007 Pearson Education Canada10 Secondary Data Disadvantages  Inability to resolve specific problem  Reliability and accuracy questioned  Data outdated in changing market

11. 2007 Pearson Education Canada11 Assignment Read Pages 57 - 66 Complete WSH 3.1