Transcript Review Marketing Research PP

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Marketing Research
Systematic gathering, recording and
analyzing of information about
problems related to marketing goods
and services
Uses of Marketing Research
Preferences and opinions
Habits (lifestyle and
buying)
Trends (economic and
consumer)
Future consumer plans
Applications of Marketing
Research
Product planning
Price planning
Promotion planning
Place/distribution
Minimization of losses (risk
management)
Staffing requirements
Financial needs
Marketing Research can be
categorized into 4 areas:
Advertising Research
Product Research
Market Research
Sales Research
Advertising Research
Designed to measure:
Advertising
Message
What is it
saying?
Hitting target
market?
Recall?
Meeting goals?
Advertising
Media
TV, radio,
magazine etc.
Is your target
market
using/seeing it?
Return on costs?
Common Techniques for Ad
Research
Consumer panels
– oral, written or
observed
behavior
recorded
Ad recall
Written
diaries/home
monitors
Product Research
Focuses on…
Product design
Product usage
Product acceptance
by consumers
Competitive
products
Testing of existing
products
Package design
Applications of Product
Research
Designing the package

Reynolds Plastic Wrap
New uses for existing product

Arm and Hammer Baking Soda
New product concepts


low fat
single serving
Pricing the product
Market Research
Focuses on…
Customer buying
behavior – how
buying decision is
made, who makes
it, etc.
Market trends –
what the customers
are buying “out
there”
Common techniques for
Market Research
Questionnaires
Focus groups
Mall interviews
Phone interviews
Mystery shoppers
CLT (Central
Location Testing)
Sales Research
Focuses on…
Sales data
Sales forecasting
(determining
potential sales for
product)
Economic forecasting
(determining
potential economic
conditions)
Limitations of Marketing
Research
Cost
Limited time to collect data
Customer commitment/validity
of data
Time lag between research
and application