Transcript m310_intro_first_lecture_v2

Introduction to
Marketing Research
Dr. Michael R. Hyman, NMSU
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“It ain’t the things we don’t
know that gets us in trouble.
It’s the things we know that
ain’t so.”
Artemus Ward
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Marketing Research Defined
The systematic and objective process of
generating information for aid in making
marketing decisions
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Nature of Marketing Research
Answers marketing questions by:
• Linking consumers, customers, and public
to markets through information used to
identify and define marketing
• Generating, refining, and evaluating
marketing actions
• Monitoring marketing performance
• Helping to understand marketing as a
process
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Marketing Research versus
Marketing Information System
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MIS vs. Marketing Research
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Why Do Marketing Research?
• Make better marketing decisions
• Understand consumers and the
marketplace
• Find out what went wrong
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Help managers
select among
viable
alternatives
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Why Not Do Marketing Research?
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Lack of required resources
Poor timing in the marketplace
Decision has already been made
Managers cannot agree on needed
information
• Needed information already exists
• Costs outweigh benefits
• Lose element of surprise
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Determining When to Conduct
Marketing Research
Time Constraints
Availability of Data
Is sufficient
time
available?
Information
already on
hand
inadequate?
No
Yes
No
Nature of the Decision
Yes
Is the
decision of
strategic
or tactical
importance?
Yes
No
Benefits vs. Costs
Does the
information
value
exceed the
research cost?
Yes
Conduct
Marketing
Research
No
Do Not Conduct Marketing Research
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Information
Reduces
Uncertainty
I don’t know
if we should
enter the
Australian
Market?
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Value Should Exceed
Estimated Costs
Costs
Value
•Decreased certainty
•Increased likelihood
of a correct decision
•Improved marketing
performance and
resulting higher
profits
•Research
expenditures
•Delay of marketing
decision and
possible disclosure
of information to
rivals
•Possible erroneous
research results
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Marketing Research Activities
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Research by Stage in Product Life Cycle
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Research by
Type of
Marketing Mix
Decision
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Qualities of a Good Researcher
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Help manager
to understand
real problem
Select among
viable
alternatives
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Structures analysis
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Fits technique
to problem
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Good
communication
skills
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Avoids
needless
jargon
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Other Qualities
• Careful and conscientious
• Uses insider expertise
• Recognizes overt and covert purposes
for marketing research
• Before doing research, knows
– Manager’s decision rule
– Decision time horizon
– Impact of wrong decision
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Top Things Clients Want in a
Research Company or Department
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Maintains client confidentiality
Honesty
Punctuality
Flexibility
Delivers against projects specifications
Provides high-quality output
Responsive to client’s needs
High quality-control standards
Customer-orientated in interactions with client
Keeps client informed throughout a project
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Considerations for Hiring
Outside Suppliers
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Expertise
Urgency of the decision
Personnel resources
Economic factors
Objectivity
Confidentiality
Quality control
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Manager-Researcher Conflict
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Reasons for Manager-Research Conflict
Managers
Researchers
1. Decision oriented
1. Technique oriented
2. Intuitive
2. Analytical
3. Managers like to confirm
3. Researchers like to explore
4. Time orientation toward:
a. project immediacy (“I need
it now.”)
b. results about future behavior
(“what will sales be next year?”)
4. Time orientation toward:
a. Prolonging project (“later when
we have time for a complete study”)
b. results about past behavior
(“our trend has been . . .”)
5. Frugal (“keep the cost down”)
5. Not cost conscious (“you get what you
pay for”)
6. Results orientation:
a. managers do not like surprises--when
surprised they tend to reject the results
b. concern (“aren’t we number one yet?”)
c. certainty (“is it or isn’t it?”)
6. Results orientation:
a. researchers love surprises
b. abstraction (“our exponential gain. . .”)
c. probability (“may be”)
7. Proactive
7. Reactive
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Possible Jobs in Marketing
Research
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From Data to Action: Putting the
Voice of the Customer to Work
Source: AMA Best Practice Webcasts
Sponsored by: Maritz
Webcast Date: January 27, 2005
Time: 57 minutes
Presenter: Dr. Randall Brandt, VP-Customer
Experience and Loyalty Research, Maritz
Click here for free webcast (you’ll need to register
on the AMA site; introduces many topics covered
in this course)
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