Marketing Research Slides.pdf - Marketing(MM2 2018\/19 Session 3 Vincent Mak Reader(Associate Professor in Marketing Decision Sciences CJBS

Marketing (MM2, 2018/19): Session 3 Vincent Mak Reader (Associate Professor) in Marketing & Decision Sciences, CJBS [email protected]

Framework of Marketing Strategy Situation Analysis Targeting Positioning Marketing Mix Execution -Product -Price -Place -Promotion -Customer -Competition -Company -Context -Collaborator 5Cs 4Ps Sessions 2-4

Today’s Agenda Marketing Research • What is marketing research? • Process of research • Types of data • Research designs • Focused example : Laddering

Where to Open a New Burger King?

Marketing Research • Planning, collection and analysis of data relevant to marketing decision making • Communication of the results of the research to management

Good Marketing Research • Go beyond what’s obvious to clients • Cost-effective fit of technique to questions • Specific, actionable, strategic recommendations (Cf. Andreasen 1985 in major readings)

The Marketing Research Process Step 1: Defining the Problem Step 2: Develop Research Questions/Objectives/Hypotheses Step 3: Formulating a Research Design Step 4: Collecting Data Step 5: Preparing and Analyzing Data Step 6: Preparing and Presenting the Report

Problem Definition + Research Questions • Problem definition: What is the big picture? What decisions must client make? • Research questions: Define/Refine what to do to answer the problem • E.g. Who would buy your product and why? Who compete with you? Macro (e.g. legal) issues? How does distribution work in market? • Mapping to 5Cs is a good start: Refer to the autoinjector exercise in Session 1

Iceberg Principle in Problem Definition • The dangerous part of a research problem is often neither visible to nor understood by managers

Symptoms Can Be Confusing (1): Smartphone  New smartphone model  Sales are poor  Distributors complain high prices  Price too high – need to find out how much cheaper product should be???  An alternative explanation?

Symptoms Can Be Confusing (2): Microbrewery  Survey shows consumers prefer taste of competitor  Taste not good – need to find out how to reformulate the taste???