Introduction to marketing research PDF

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Introduction to marketing research...

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Introduction to marketing research Marketing The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for costumers, clients, partners and society at large. Marketing concept A business philosophy that holds that the key to achieving organizational goals consists of the company being more effective than its competitors in creating, delivering, and communicating customer value to its chosen target markets. Marketing strategy Consist of selecting a segment of the market as the company’s target market and designing the proper mi (4P’s) to meet the wants and needs of the consumers within the target market. Marketing research Is the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem. Market research (subset of marketing research) Applying marketing research to a specific market. Process used to define the size, location, and/or makeup of the market for a product or service. The function of Marketing research Link the consumer to the marketer The 1 2 3

use of marketing research Identifying market opportunities and problems Generating, refining, and evaluating potential market actions Monitoring marketing performance

2 Generating, refining and evaluating potential market actions Selecting Target Markets To determine the size of various market segments and if those are growing or shrinking. Product research Identifying if new products or services will be successful. Pricing research Used to determine the value consumer perceive in the new product. Promotion research Knowing how effective the advertising, sales force, publicity/PR, and promotional offers are. Also on the effectiveness of different media. Distribution research What are the best channels to get the product to the consumers, best dealers and the service they provide, how satisfied are they, are they motivated and should multichannel distribution be used.

3 Monitoring marketing performance Collecting data and analyze it to see how effective certain actions were. Monitor their brands sales, costumer’s satisfaction etc. Improving Marketing as a process Basic research is conducted to expand our knowledge rather than to solve a specific problem. Applied research is conducted to solve specific problems. Marketing research is sometimes wrong Most marketing research studies are trying to understand and predict consumer behavior, which is a difficult task. Therefore, it can be wrong sometimes. The Marketing Information system A MIS is a structure consisting of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers. Components of MIS Internal reports system gathers information generated within a firm, including orders, billing, receivables, inventory level, stockouts, and so on. Marketing Intelligence system is defined as a set of procedures and sources used by managers to obtain everyday information about pertinent developments in the environment. Marketing Decision Support System is defined as a collected data that may be accessed and analyzed using tools and techniques that assist managers in decision making. Marketing research system gathers information for specific situation facing the company....