CHAPTER 8 - Chapter 8: Marketing Research: From Customer...

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Chapter 8: Marketing Research: From Customer Insights to Actions Virtually every major US movie produced today uses test screenings to obtain the key reactions of consumers likely to be in the target audience. Marketing researchers use tracking studies immediately before an upcoming film’s release to forecast its opening week’s box-office revenues. o Ask prospective target audience moviegoers who have seen at least six movies in the last year to three key questions: Are you aware of the film? Are you interested in seeing the film? Will you see the film this week? o Depending on the research results, the movie studio may run last-minute ads to increase awareness, interest, and attendance at the film. Marketing research : the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions Challenges: o Are customers going to buy a product they’ve never thought about before? o If a consumer knows answers about his/her habits, would they give away all the information? o Will consumers’ behavior match their stated interest or intentions? The Five-Step Marketing Research Approach: Decision : a conscious choice from among two or more alternatives. o Managers and researchers have tried to improve the outcomes of decisions by using more formal, structured approaches to decision making (the act of consciously choosing from alternatives). 1. Define the Problem : Ex: Fisher-Price telephone toy – decided to add wheels and noisemaker when children were found dragging the original product along. a. Set the research objectives: specific, measurable goals the decision maker seeks to achieve in conducting the marketing research. i. Exploratory research – provides ideas about a relatively vague problem. General Mills; changed Hamburger Helper based on consumers. ii. Descriptive research – trying to find the frequency that something occurs or the extent of a relationship between 2 factors. General Mills wants to study customer loyalty based on how many households have Wheaties and competing products. iii. Causal research – tries to determine the extent to which the change in one factor changes another one. Fisher-Price; changing the toy design is related to changes in the amount of time children play with the toy. b. Measures of success : criteria or standards in evaluating proposed solutions to the problem. i. Different research outcomes – based on the measure of success – lead to different marketing actions. ii. Don’t do the marketing research if you know all the research outcomes lead to the same action. A waste of time and money.
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Ex: Family Fun magazine has children and parents evaluate hundreds of new toys for its toy of the Year award. Always on point. BUT bad forecasts can lead to lost sales for understocks and severe losses for overstocks. 2.
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This note was uploaded on 10/04/2011 for the course MKTG 3104 taught by Professor Ebcoupey during the Spring '08 term at Virginia Tech.

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CHAPTER 8 - Chapter 8: Marketing Research: From Customer...

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