Session 9 - Market Research 1-2

Session 9 - Market Research 1-2 - Market Research 1 Session...

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1 Market Research 1 Session 9 Introduction to Marketing Professor Greenleaf Fall 2011
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2 Today’s Agenda Why firms need market research The market research process Types of research data Exploratory research
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3 Market Research 1
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4 Why firms need market research Gather information they need to make better marketing decisions Lets firm get closer to customers Monitor environment “What do we need to know?” Eyes and ears of firm
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5 d NYT 9.29.10 Market Research at Scholastic on kids and “digital reading” Full report at http://mediaroom.scholastic.com/kfrr
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6 Market Research Process Good market research is difficult Benefits should exceed costs Avoid expensive but useless “fishing expeditions 6000 names for Ford car: wanted one The Fate of the Edsel and Other Business Adventures ” by John Brooks 303 questions about cranberry sauce
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7 Key to Good Market Research 1) Define marketing problem or question that matters to the firm What key marketing problems in the category of “digital reading” can market research help Scholastic address? 2) Develop research question and objectives that will help firm solve the marketing problem What does Scholastic need to know to make these decisions well?
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8 Who will do this market research? In-house research services Specialized outside providers Scholastic used The Harrison Group Burke Marketing Services A.C. Nielsen Company Namelab Legal Marketing Research, Inc. Using outside provider can increase quality and reduce political influences
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9 Types of Data - Primary vs. Secondary Primary data Collected for a specific research project Advantages Created to address specific research question Know techniques used to gather data Often more accurate Disadvantages Expensive and time-consuming to collect Requires expertise firm may not have
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This note was uploaded on 04/05/2012 for the course STERN MKTG-UB.1. taught by Professor Greenleaf during the Fall '11 term at NYU.

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Session 9 - Market Research 1-2 - Market Research 1 Session...

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