Market Research Notes

Market Research Notes - BMGT452 Market Research Office:...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: BMGT452 Market Research Office: 3458 Van Munching Hall Dr. Diane Whitney (301) 405-8583 DWhitney@rhsmith.umd.edu 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 companys 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...
View Full Document

Page1 / 70

Market Research Notes - BMGT452 Market Research Office:...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online