Mgmt 324 Notes (Marketing Research)

Mgmt 324 Notes (Marketing Research) - Marketing Management...

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1 Marketing Management Qiang Liu Marketing Research “Collecting data is much like collecting garbage. You must know in advance what you are going to do with the stuff before you collect it.” Attributed to Mark Twain
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2 Why do research? How well do you know the average American consumer? 1. I went fishing at least once in the past year. 2. Information from advertising helps me make better buying decisions. 3. I like to pay cash for everything I buy. 4. I am interested in spices and seasonings. 5. I believe in the existence of the devil. 6. TV is my primary form of entertainment. 7. I would rather spend a quiet evening at home than go out to a party. 37% 60% 60% 71% 73% 51% 78% Source: Hoch, Stephen J.; “Who Do We Know: Predicting the Interests and Opinions of the American Consumer”; Journal of Consumer Research; Vol. 15, Dec 1988 Managerial intuition and experience are not sufficient to make risky and important marketing decisions. Human beings are limited and biased information processors.
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3 Marketing research links the firm to the market Marketing research answers critical business questions: Problem identification and diagnosis – what went wrong? Why? New product development – what should we offer? Evaluation of options – what should we do? Monitoring of performance – how did we do? Development of strategy – where do we go from here? Actions Information Data Firm Market Marketing Research
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4 Data collection Primary data are originated by the researcher for the purpose of the investigation at hand, e.g. student data survey last week. Secondary data are not gathered for the immediate study at hand but for some other purpose and already exist somewhere, e.g. government census data, marketing research firm data. Fit your research better You can control quality Cost and time uneconomical Cost and time economical Problems of fit Problem of accuracy
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Data collection http://www.ffk-wilkinson.com/intl/ 6
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7 Type of Research Increasing uncertainty Exploratory Research Descriptive Research Causal Research (Ambiguous Problem) (Aware of Problem) (Problem Clearly Defined) Will young people purchase more Pringles if we cut the price? Will they buy more if we add new flavors? What kinds of people are buying Pringles vs. our competitors’
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Mgmt 324 Notes (Marketing Research) - Marketing Management...

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