08 Marketing Research (BB)

08 Marketing Research (BB) - Marketing Research Chapter 8...

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Click to edit Master subtitle style Marketing Research Chapter 8 http://www.youtube.com/watch?v=BSO
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Marketing Research and Its Role
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The Firm (Marketing Management) Customers (Target Market) Marketing Research Marketing Decisions 4 P’s Marketing Research : is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. What is Marketing Research? ACTIVITIES PROVIDING INFORMATION FOR MARKETING DECISION-MAKING
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Market Research & Movies Concept tests of plots, casting, etc… Titles, characters Test screenings Testing posters, trailers, target audience Awareness tests 80% of movies Obj100
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Marketing Research Example: American Express Analyzed past data It took 35 days to process applications for lost cards MR showed that AMEX were losing $2.70 per day per card $1.4 million per year Set a limit: two weeks for re-issuing lost card
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Some Uses Of Marketing Research Environmental scanning Demand forecasting Segmentation Market tracking New product testing Ad pretesting Product positioning Test marketing
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Examples of Questions MR Can Answer Problem Solving Product Which, of various product designs, is likely to be most successful? What kind of packaging should we use for our product? Price What price should we charge for our new product? As production costs decline, should we lower our prices or try to develop a higher quality product? Place Where, and by whom, should our product be stocked? What kinds of incentives should we offer to induce dealers to stock our products? Promotion How effective is our advertising? Are the right people seeing it? How does it compare with the competition’s advertising? What kinds of sales promotion devices – coupons, contests, rebates, and so forth – should we employ? What combination of media should we employ?
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When Marketing Research Is Ineffective When the person in charge has no intention to use the information found in marketing research Test-screening for a movie Director is done Out of money Businesses If your boss doesn’t want the information If there is nothing you can change
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Example of Marketing Research: New Coke 1985 Losing market share to Pepsi Share has been dropping in 15 consecutive years Coke executives make big recovery plan: Biggest marketing research project in history Objective: Find the best tasting cola possible Taste test of nearly 200,000 consumers Result? http://www.youtube.com/watch?v=W6t7de
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5 Steps of Marketing research
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5 Step Approach To Marketing Research 1.
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