Transcript Marketing Research Essentials

Chapter 1
Chapter One
The Role of Market Research
in Management Decision Making
Learning Objectives
The Role of
Marketing Research
in Management
Decision Making
Copyright © 2002
South-Western College Publishing Co.
Chapter 1
Learning
The Role of Market Research
in Management Decision Making
Learning Objectives
Objectives
1. To review the marketing concept and the
marketing mix.
2. To comprehend the marketing environment
within which managers must make
decisions.
3. To define marketing research.
4. To understand the importance of marketing
research in shaping marketing decisions.
5. To learn when marketing research should and
should not be conducted.
Chapter 1
Learning
The Role of Market Research
in Management Decision Making
Learning Objectives
Objectives
6. To understand the history of marketing
research.
7. To examine career opportunities in
marketing research.
Learning Objectives
Chapter 1
The Role of Market Research
in Management Decision Making
The Nature of
Marketing
The Role of Market
Research in Decision
Making
The Profound Impact
of the Internet
Deciding Whether
to Conduct Market
Research
The History and
Future of Marketing
Research
To review the marketing concept and
the marketing mix.
Marketing:
The process of planning and executing the
conception, pricing, promotion, and
distribution of ideas, goods, and services.
The Marketing Concept
(1) a consumer orientation
(2) a goal orientation
(3) a systems orientation
Learning Objectives
Chapter 1
The Role of Market Research
in Management Decision Making
The Nature of
Marketing
The Role of Market
Research in Decision
Making
The Profound Impact
of the Internet
Deciding Whether
to Conduct Market
Research
The History and
Future of Marketing
Research
To comprehend the marketing
environment.
Identifying Target Markets and Researching
the Marketing Mix: The Opportunistic
Nature of Marketing Research
A marketing mix:
The unique blend of product/service,
pricing, promotion, and distribution
strategies designed to reach a specific
target market.
The External Marketing Environment
Altering the marketing mix because of changes.
Learning Objectives
Chapter 1
The Role of Market Research
in Management Decision Making
To define marketing research.
The Nature of
Marketing
Marketing Research Defined
The Role of Market
Research in Decision
Making
The planning, collection, and analysis of
data relevant to market decision making and
communication of the results of this analysis
to management.
The Profound Impact
of the Internet
Deciding Whether
to Conduct Market
Research
The History and
Future of Marketing
Research
The Importance of Marketing Research to
Management
• descriptive function
• diagnostic function
• predictive function
Learning Objectives
Chapter 1
The Role of Market Research
in Management Decision Making
To understand the importance of
marketing research.
The Nature of
Marketing
The Role of Market
Research in Decision
Making
The Profound Impact
of the Internet
Deciding Whether
to Conduct Market
Research
The History and
Future of Marketing
Research
The Unrelenting drive for Quality and
Customer Satisfaction
The Paramount Importance of Keeping
Existing Customers
Managers Must Understand the EverChanging Marketplace
Learning Objectives
Chapter 1
The Role of Market Research
in Management Decision Making
The Nature of
Marketing
The Role of Market
Research in Decision
Making
The Profound Impact
of the Internet
Deciding Whether
to Conduct Market
Research
The History and
Future of Marketing
Research
To understand the importance of
marketing research.
The Proactive Role of Marketing Research
A proactive management:
• alters the marketing mix to fit newly
emerging patterns in economic, social,
and competitive environments
• new opportunities
• develops a long-run marketing strategy
Learning Objectives
Chapter 1
The Role of Market Research
in Management Decision Making
The Nature of
Marketing
The Role of Market
Research in Decision
Making
The Profound Impact
of the Internet
Deciding Whether
to Conduct Market
Research
The History and
Future of Marketing
Research
To understand the importance of
marketing research.
Applied Research versus Basic Research
Applied research
To better understand the market.
Basic research
To expand the frontiers of knowledge.
Learning Objectives
Chapter 1
The Role of Market Research
in Management Decision Making
The Nature of
Marketing
The Role of Market
Research in Decision
Making
The Profound Impact
of the Internet
Deciding Whether
to Conduct Market
Research
The History and
Future of Marketing
Research
To understand the importance of
marketing research.
The Nature of the Applied Research
Depends on the Type of Research
Conducted
Programmatic research
To better understand the market.
Selective research
To expand the frontiers of knowledge.
Evaluative research
To assess program performance
Learning Objectives
Chapter 1
The Role of Market Research
in Management Decision Making
The Nature of
Marketing
The Role of Market
Research in Decision
Making
To understand the importance of
marketing research.
Advantages of Internet Surveys
Rapid Development, Real Time
Reporting
Dramatically Reduced Costs
The Profound Impact
of the Internet
Deciding Whether
to Conduct Market
Research
The History and
Future of Marketing
Research
Readily Personalized
Ease and Convenience Encourage
Respondent Participation
Contact the Hard-to-Reach
Learning Objectives
Chapter 1
The Role of Market Research
in Management Decision Making
The Nature of
Marketing
The Role of Market
Research in Decision
Making
To understand the importance of
marketing research.
Other Uses of the Internet by Marketing
Researchers
Replacement of libraries and printed
materials
The Profound Impact
of the Internet
Distribution of requests for proposals and
proposals
Deciding Whether
to Conduct Market
Research
Collaboration between the client and the
research supplier
The History and
Future of Marketing
Research
Data management and on-line analysis
Oral presentations of marketing surveys
Learning Objectives
Chapter 1
The Role of Market Research
in Management Decision Making
The Nature of
Marketing
The Role of Market
Research in Decision
Making
To learn when marketing research
should and should not be conducted.
In a number of situations it is best not to
conduct market research.
• A Lack of Resources
• lack of funds
The Profound Impact
of the Internet
Deciding Whether to
Conduct Market
Research
The History and
Future of Marketing
Research
• insufficient funds to implement
decisions from research
• Research Results Would Not Be Useful
• Clients may be hard-pressed to use the
information
Learning Objectives
Chapter 1
The Role of Market Research
in Management Decision Making
The Nature of
Marketing
The Role of Market
Research in Decision
Making
The Profound Impact
of the Internet
To learn when marketing research
should and should not be conducted.
Poor Timing in the Marketplace
Marketing research should not be
undertaken if the opportunity for
successful entry into a market has
passed.
The Decision Has Already Been Made
Deciding Whether to
Conduct Market
Research
The History and
Future of Marketing
Research
Marketing research may be used
improperly.
Learning Objectives
Chapter 1
The Role of Market Research
in Management Decision Making
The Nature of
Marketing
The Role of Market
Research in Decision
Making
The Profound Impact
of the Internet
Deciding Whether to
Conduct Market
Research
The History and
Future of Marketing
Research
To learn when marketing research
should and should not be conducted.
When Managers Cannot Agree on What
They Need to Know to Make a Decision
The wrong phenomena might be studied
When Decision-Making Already Exists
Further research may be redundant and
costly
When the Costs of Conducting Research
Outweigh the Benefits
Potential new products with large profit
margins may have a greater potential
Learning Objectives
Chapter 1
The Role of Market Research
in Management Decision Making
The Nature of
Marketing
The Role of Market
Research in Decision
Making
The Profound Impact
of the Internet
To understand the history of marketing
research.
The Development of Market Research
The Inception -- Pre-1900
Early Growth -- 1900-1920
The Adolescent Years -- 1920-1950
Deciding Whether to
Conduct Market
Research
The History and
Future of Marketing
Research
The Maturing of Marketing Research -1950 to Present
Learning Objectives
Chapter 1
The Decision Whether to Conduct Market Research
Table 1.2
The Role of Market Research
in Management Decision Making
Market Size
Small Profit Margin
Small Cost likely to be
greater than benefit;
e.g., eyeglasses
replacement screw
Large Benefits likely to be
greater than costs;
e.g., Stouffers frozen entries
Large Profit Margin
Possible benefits
greater than cost;
e.g., ultra expensive
sportswear
Benefits likely to be
greater than costs;
e.g.,medical equipment
Learning Objectives
Chapter 1
The Role of Market Research
in Management Decision Making
The End
Copyright © 2002 South-Western College Publishing Co.