Unformatted text preview: MKTG 4100 Marketing Research Instructor Armen Tashchian Marketing Research for Decision Making
hat is W search? eting Re Mark Marketing Research
. . . the function that links an organization to its market through the gathering of information that improves marketing decisionmaking. Why Marketing Research ?? Managers must make decisions and often that requires additional information. Marketing research is needed to obtain, analyze, and interpret that information for management. This challenge has increased in recent years due to an explosion in data. "We are drowning in information and starved Tom Peters, 1991 for knowledge!" Thriving on Chaos "It is estimated that in the next three years (20069), humanity will generate more data than it has in the past 1,000 years nearly all of it digital!"AJC, 6/7/06, p. A1. "Every year the digital world creates about 3 million times the information contained in all the books ever written." Business Week, 3/31/08, p. 62. DEFINITION OF MARKETING RESEARCH EFINITION OF MARKETING RESEARCH Marketing research is the systematic gathering, recording, analyzing and interpreting of data about opportunities relating to marketing of goods and services Marketing Research
Two broad types of research approaches . . . 1. 2. Qualitative Quantitative Example of "Qualit ative Res earch" Positioning Statements Tested The One Bank to Know. A New Day. A New Way. All Buttoned Up. Everyday Excellence. The Choice is Clear. Excellence. One Bank sets the Standard. We'll Find a Way. A Persistence of Vision. The Special People of Premier. Which statement do you prefer? Favorably Perceived Slogans The One Bank to Know. The Special People of Premier. Everyday Excellence. The Choice is Clear. Focus Group Results . . . Mixed Response Slogans Generally Unfavorable Reactions A New Day. A New Way. All Buttoned Up. We'll Find a Way. Excellence. One Bank sets the Standard. A Persistence of Vision. Example of "Quant itative Re search" Bank Selection Criteria
Trust Competent Employees Excellent Customer Service Good Financial Services Friendly Employees Interest Rates Paid Convenient Locations Interest Rates Charged Care about Community Open When You Want Innovative Services Can you identify any missing criteria? Outcome Measures: 1. Customer Satisfaction 2. Likely to Recommend 3. Future Purchases Quantitative Research Examples How important was "Competent Employees" when you chose to do business with Premier Bank? Not At All Extremely Important Important 1 2 3 4 5 6 7 How likely are you to recommend Premier Bank to a friend? Definitely Definitely Will Not Will 1 2 3 4 5 6 7 What factors do people consider when buying a vehicle?
Factors ?? Ranking _________________ ___ _________________ ___ _________________ ___ _________________ ___ _________________ ___ _________________ ___ _________________ ___ _________________ ___ National Survey Results
Factors Ranking 27% Gas Mileage 25% Reliability 14% Purchase Price 12% Safety Features Manufacturer & Dealer Incentives 5% 3% Styling
Source: Consumer Reports Magazine, telephone survey August 2006, sampling margin of error = +/ 4.5 percentage points, 4.5 conducted by Opinion Research Corp. (AJC, 8/23/06, p. D4; Note: gas = $3.00/gallon) ...
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- Spring '12
- Marketing, Research Marketing research