Transcript ch03

Marketing Research
Aaker, Kumar, Day and Leone
Tenth Edition
Instructor’s Presentation Slides
2
Chapter Three
The Marketing Research Process
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Overview of Marketing Research Process
MR Process Evolves From Answers to Five Key Questions:
Why should we do research?
What research should be done?
Is it worth doing the research?
How should the research be designed
to achieve the research objectives?
What will we do with the research?
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Marketing Research Process
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Step 1- Research Process
▫ Problem or opportunity analysis
 Which problems or opportunities are anticipated?
 What is the scope of the problems and the possible reasons?
▫ Evaluation of decision alternatives
 What are the alternatives being studied?
 What are the criteria for choosing among the alternatives?
 What is the timing or importance of the decision?
▫ Research users
 Who are the decision makers?
 Are there any covert purposes?
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Problem or Opportunity Analysis
• What Do Today’s
Buyers Want?
• Today’s Buyers are:
▫ Skeptical
▫ Cautious
▫ Tired of selling and sales
pressure
▫ Busy
▫ Confused
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Step 2 - Research Objective
▫ A statement of what information is
needed
▫ Research objective should be framed
to ensure information obtained will
satisfy research purpose
Components of research objectives:
• Research Question
• Hypothesis Development
• Research Boundaries
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Research Question
▫
Asks what specific information is required to achieve the
research purpose
Sample questions to determine if a
specific advertisement should be run:
• Will the advertisement be noticed?
• Will it be interpreted accurately?
• Will it influence attitudes?
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Hypothesis Development
• A hypothesis is a possible answer to a research
question.
• Generating a hypothesis
 Draw on previous research efforts
 Borrow from other disciplines such as:
 Psychology
 Sociology
 Marketing
 Economics
 Manager’s experience with related problems, coupled with knowledge
and the use of judgment
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Hypothesis Development (Contd.)
Source
• Theory
• Management experience
• Exploratory research
Research
Purpose
Research
Question
Hypothesis
Research
Design
Research
Objective
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Step 3 - Estimating the Value of Information
▫ Value depends on:
 Importance of decision
 Uncertainty that
surrounds it
 Influence of research
information on the
decision
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Illustrative Decision Models
Success
$ 4 million
Introduce
Failure
$ 1 million
Case A
Do not introduce
$0
Success
$ 4 million
Introduce
-$ 2.5 million
Case B
Failure
Do not introduce
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$0
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The International Marketing Research Process
• Marketing research process is
consistent for both domestic and
international markets
• Variety of market environments
affect international marketing
research process
Major Environmental Forces
Influencing International Marketing
Research Process:
• Economic Environment
• Social-cultural Environment
• Political and Legal Environment
• Technological, Multimedia and
Infrastructural Facilities
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The International Marketing Research Process (Contd.)
• To avoid mistakes:
▫ Profile your target customers and
clients
▫ Interview target segments to assess
how well they match your
preconceived ideas
▫ Hire local researchers
▫ Use a variety of methods (Qualitative
and quantitative methods) to get a
well-rounded picture
▫ Look at the findings and analyze what
must be done differently, abroad or
internationally, in comparison with
current domestic marketing activities
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Framing Research Questions in an International
Environment
• Possible questions:
▫
Do opportunities exist for entry into foreign
markets?
▫
Which foreign markets warrant detailed
investigation?
▫
What are the major economic, political, legal, and
other environmental facts in each potential
country?
▫
What mode of entry does the company plan to
adopt?
▫
What is the market potential in these countries?
▫
Who are the firm’s present and potential
customers?
▫
What is the nature of competition in the foreign
market?
▫
What kind of marketing strategy should the firm
adopt?
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Marketing Research 10th Edition