Midterm.pdf - find more resources at oneclass.com Pre-Midterm Notes MRKT 451 The Marketing Research Process and Research Design Job of a Marketing

Midterm.pdf - find more resources at oneclass.com...

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Pre-Midterm Notes: MRKT 451 The Marketing Research Process and Research Design Job of a Marketing Manager Segmentation Sales effectiveness Targeting Life cycle management Positioning Advertising Marketing mix Market growth Market share Each of these areas has complications attached to it. ROI should be right approach but in reality it is difficult to see how each investment contributes to returns. There is no systematic way of spending money. You don’t know where you should focus all your money (see below) Today, the usual approach to making marketing decisions is the “seat -of-the- pants” approach. This means that marketing managers use their judgment and intuitions based on what they feel has happened in the past. Older, more experienced managers think they are more knowledgeable and make more intuitive decisions find more resources at oneclass.com find more resources at oneclass.com
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Problems with the seat-of-pants approach Marketing budgets keep getting cut today, marketing takes the backseat. This reinforces that seat of pants is not the best approach Alternative Approach: Data Mining (Problems) Inappropriate data o if you don’t know what you’re looking for in the data o You need to know to ask the right questions We have too much data of the wrong kind, not enough of the right kind Data analysis is a syst4ematic process with should be handled with care GIGO: you put garbage in you get garbage out Data and information have no value by themselves, generate value through their use Data mining alone is not the right answer o People don’t use it correctly, don know how to use it It is important to develop the right balance Company Examples Harrah’s o Gaming company (Casino’s) Surveys, experiments etc. What they do: first company to launch a loyalty cards find more resources at oneclass.com find more resources at oneclass.com
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Helps company know much more about their consumer and consumption patterns. You are able to determine who your most valuable customers are Introduce new products as experiments, increased data power on customers Started making heat maps of floors, which areas of the casino make the most money, loose the most money etc. o This allows them to optimize floor space to make the most money in limited space They are not only good at collecting data but also at how to use it and how to ask the right questions o Great mix of intuition and data Cirque du Soleil o Blue ocean strategy, low competition o Strategy is all about creativity o How to use data? What type of customers come to the shows? What segments? Helps adapt the package/experience (ex: bar, food, merchandise, kids oriented) o Kids show vs. adult show? o Leads to more money, more loyalty and more satisfaction for Cirque du Soleil The Connected Marketing Research Process find more resources at oneclass.com find more resources at oneclass.com
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The Opportunity for Marketing Research find more resources at oneclass.com find more resources at oneclass.com
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  • Winter '15
  • Marketing, Midterm 2, Market Research

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