Market Research Notes

Market Research Notes - BMGT452 – Market Research Office...

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Unformatted text preview: BMGT452 – Market Research Office: 3458 Van Munching Hall Dr. Diane Whitney (301) 405-8583 [email protected] Office Hours: 11:00-12:00 T/Th Tuesday, February 01, 2011 – Chapters 1 & 2 – I nt roduction to Market Research • Definition o Marketing Research: is the function that links the consumer, customer, and public to the market through information that issue to… Identify and define marketing opportunities and problems; Generate, refine, and evaluate marketing actions Monitor marketing performance Improve understanding of marketing as a process o Marketing research specifics the information required to address these, issues designs the method for collection information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications. What are some critical characteristics of good marketing research? • Keep control of independent variables • Good sample size, and representative of the entire population • Follow good scientific procedures • Objective What marketing research techniques are you familiar with? • Surveys • Focus groups • Case studies • Observations • Experiments • Importance of Marketing Research o Descriptive Function : Trying with market research to describe a situation The gathering and presentation of statements of fact o Diagnostic Function : Diagnose why a problem is occurring Explanation of data or actions o Predictive Function : Last function, where you make predictions about what changes need to be made in marketing to make the identified changes Specification on how to use descriptive and diagnostic research to predict the results of a planned marketing decision • Types of Marketing Research o Basic (Pure) : Designed to advance understanding of marketing in general Done by academics Research aimed at expanding the frontiers of knowledge rather than solving a specific, pragmatic problem o Applied : Used and applied to a company’s specific problems Aimed at solving a specific, pragmatic problem – better understanding of the market-place, determination of why a strategy or tactic failed, or reduction of uncertainty in management decision making. • Marketing Process o Situation Analysis: Customers, company, competitors, collaborators, context o Marketing Research S egment the market T arget market selection P osition product/service o Marketing Mix Product/Service Place/Channels Promotion Pricing o Customer Acquisition & Retention (Satisfaction and Relationships) o Profits • Deciding Whether to Conduct Market Research o Is sufficient time and money available o Is the information on hand inadequate o Is the decision important o Does the information value exceed the cost o I nformation value includes : Decreased uncertainty and better marketing performance o Costs include : Research expenses, delayed decision, disclosure to competitors • Organizations Involved in Research...
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This note was uploaded on 09/07/2011 for the course BMGT 452 taught by Professor Staff during the Spring '08 term at Maryland.

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Market Research Notes - BMGT452 – Market Research Office...

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