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Oct 2 - Marketing Research

Oct 2 - Marketing Research - promote our products 4 Video...

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Marketing Research October 2, 2009 Instructor: Tamar Milne
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Agenda Early feedback Why do marketing research? Video and discussion: Ritz Toasted Chips Marketing research process For next class... 2
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Why Do Marketing Research? Chances of making good business decisions improve when the right info is provided at the right time Reduce risk and uncertainty Discover useful information about customers, competition, environment Forecast revenues Marketing Information Systems can be created to collect and mine data 3
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Examples of Questions Marketing Research Can Answer What CREST trends will affect our markets? What is our market share ? Who is our competition ? Who buys our products? Where can we grow? How does the public perceive us? Are customers satisfied ? Which product design will maximize sales? What price should we charge? Where should we sell our products? How should we
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Unformatted text preview: promote our products? 4 Video Discussion: Kraft Ritz Chips What is the main problem that Kraft was trying to address? What sources of information and kinds of research did Kraft use to get insights into its problem? What aspects of the marketing mix were determined using marketing research? How much of the launch’s success was due to marketing research, in your opinion? 5 Marketing Research Process 6 Problem definition Research design Data collection Analysis Presentation/Report Step 1: Problem Definition Know how you will use the information before you collect it – Costs vs. benefits What information do we need? – “Necessary”, not just “interesting” – Don’t confuse symptoms with the issue 7 For Next Class. .. Reading: – Chapter 5: Marketing Research and Information Systems 8...
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