MKT_300_Marketing_Research_FULL

MKT_300_Marketing_Research_FULL - Andrea Webb, 2nd Year PhD...

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Unformatted text preview: Andrea Webb, 2nd Year PhD Student RAmya Raman, 2nd Year MBA Student Marketing Research 10.3.11 # thought activity Research problem: Noah wants to know his likelihood of winning in ping pong against the students in this lecture. Data collection methods: Surveyed first two rows of students in 1100 Grainger Single indicator Likelihood scale from 1-7 Survey question: If I were to play Noah in table tennis, how likely would you be to win? Results: WHY MARKETING RESEARCH MATTERS? The marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do (Chapter 1). Customer focus (knowing needs and wants) and value are the paths to sales and profits! The marketing process Key objectives Define the marketing information system and its parts Explain the importance of information in gaining insights about the marketplace and customers Outline the steps in marketing research process Applied learning: Defining the research problem Using the appropriate research techniques Analyzing information and interpreting findings Defining the marketing information system Marketing Information System (MIS) consists of people and procedures for 1. assessing informational needs 2. developing the needed information , and 3. helping decision makers to use the information to generate and validate actionable customer and market insights Assessing informational needs Information you would like vs. need to have Why is this information needed? How will it be used? What is feasible? Sufficient time? Does the value outweigh the costs? Value Decreased uncertainty, Increased likelihood of correct decision Costs Costs of obtaining, analyzing, storing and delivering information Developing the needed information Internal Databases Prior customer research within the company network Customer Relationship Management (CRM) data collected from customer touch points External Data Marketing research: the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. USING MARKETING RESEARCH We can use Marketing Research to: Identify & Evaluate Opportunities Analyze Market Segments Select Target Markets Plan & Implement Marketing Mix Analyze Marketing Performance the Marketing Research Process...
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MKT_300_Marketing_Research_FULL - Andrea Webb, 2nd Year PhD...

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