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Marketing Research Aaker, Kumar, Day Seventh Edition Instructor’s Presentation Slides Chapter Three The Marketing Research Process 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? Marketing Research 7th Edition © Aaker, Kumar, Day Marketing Research Process Marketing Research 7th Edition © Aaker, Kumar, Day MARKETING PLANNING AND INFORMATION SYSTEM Planning system Information system • Strategic plans • Databases • Tactical plans • DSS 1. AGREE ON RESEARCH PROCESS • Problems or opportunities • Decision alternatives • Research users Marketing Research 7th Edition © Aaker, Kumar, Day 2. ESTABLISH RESEARCH OBJECTIVES • Problems or opportunities • Decision alternatives • Research users Estimate the value of information NO Do not conduct marketing research Is benefit > cost Marketing Research 7th Edition © Aaker, Kumar, Day YES 2. ESTABLISH RESEARCH OBJECTIVES • Problems or opportunities • Decision alternatives • Research users 5. COLLECT THE DATA 6. PREPARE AND ANALYZE THE DATA 7. REPORT THE RESEARCH RESULTS AND PROVIDE STRATEGIC RECOMMENDATIONS Marketing Research 7th Edition © Aaker, Kumar, Day 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 Marketing Research 7th Edition © Aaker, Kumar, Day Major Environmental Forces Influencing International Marketing Research Process Economic Environment Social-cultural Environment Political and Legal Environment Technological, Multimedia and Infrastructural Facilities Marketing Research 7th Edition © Aaker, Kumar, Day The Marketing Research Process Step 1 Research Purpose 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? Research users Who are the decision makers? Are there any covert purposes? Marketing Research 7th Edition © Aaker, Kumar, Day Kroger Opens Signature Store Kroger Co. is adding five new Signature stores in Houston. More than 1,000 questionnaires were sent to targeted area residents asking what kind of features the respondents (or future customers) would like to see included in a new supermarket in their neighborhood. Based on the surveys, Kroger added several variations: A larger selection of wines A sit-down coffee bar The largest all-natural food section U-Scan Express aisles Marketing Research 7th Edition © Aaker, Kumar, Day The Marketing Research Process (Contd.) Step 2 Research Objective A statement, in as precise terminology as possible, of what information is needed Should be framed to ensure information obtained will satisfy research purpose Research Question Hypothesis Development Research Boundaries Marketing Research 7th Edition © Aaker, Kumar, Day The Marketing Research Process (Contd.) 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? Marketing Research 7th Edition © Aaker, Kumar, Day The Marketing Research Process (Contd.) Hypothesis Development 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 Marketing Research 7th Edition © Aaker, Kumar, Day Source • Theory • Management experience • Exploratory research Research Purpose Research Question Hypothesis Research Design Research Objective Marketing Research 7th Edition © Aaker, Kumar, Day The Marketing Research Process (Contd.) Step 3 Estimating the Value of Information Value depends on: Importance of decision Uncertainty that surrounds it Influence of research information on the decision Marketing Research 7th Edition © Aaker, Kumar, Day Illustrative Decision Models Introduce Case A Success $ 4 million Failure $ 1 million Do not Introduce Success $ 4 million Introduce Failure Case B -$ 2.5 million Do not Introduce Marketing Research 7th Edition © Aaker, Kumar, Day What is an HMO? A health maintenance organization that involves fixed monthly payments directly to a group of doctors or a clinic that is then responsible for all the health needs covered by the plan. Advantages Total annual cost of an HMO to the consumer is lower than for group insurance plans Flat-fee formula discourages doctors from hospitalizing patients for longer than necessary Emphasis on preventative care produces fewer seriously ill patients. Disadvantages Restriction of the choice of physicians and hospitals to those affiliated with the HMO Marketing Research 7th Edition © Aaker, Kumar, Day The International Marketing Research Process Avoid mistakes: Profile you target customers and clients Interview target segments to assess how well they match your preconceived ideas Hire local researchers Use a variety of methods to get a well-rounded picture Qualitative methods Quantitative methods Look at the findings and analyze what must be done differently, abroad or internationally, in comparison with current domestic marketing activities Marketing Research 7th Edition © Aaker, Kumar, Day 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 strategy should the firm adopt? Marketing Research 7th Edition © Aaker, Kumar, Day