Transcript Bell Ringer
Bell Ringer List some reasons why you think that some new businesses have almost immediate success while others fail miserably. The main idea: Successful companies must be able to understand the needs and wants of customers. Marketing research provides information to help a business plan, solve problems and make decisions regarding its products and services. Marketing Information Systems Marketing Co-Op: Chapter 28.1 The process and methods used to gather information, analyze it, and report findings related to marketing goods and services Identify opportunities in marketing Solve marketing problems Implement marketing plans Monitor marketing performance and effectiveness Determine customer attitudes and preferences Test product features Determine market size and growth potential Learn about competitors Determine buying cycles Understand company’s public perception If businesses don’t pay attention to marketing research they could make costly marketing mistakes about: What products to produce What price to sell product for Who will buy the product How to promote the product Individual Businesses Various manufacturers Wholesalers Retailers Local, state and federal governments Non-profit organizations Marketing Research Example: Stouffers:13 years doing research before starting Lean Cuisine They studies consumers interest and health dieting They studied panelist to determine what people liked/disliked about their healthy meals When they launched the Lean Cuisine line it was a major success with $125 Million in sales in the first year Define: What is database marketing? A process of designing, creating and managing customer lists Identify: What data should be included in marketing information systems? Customer profile data, company records, competitors records Analyze: What are some uses for customer lists? Locating, selecting and targeting customers with special programs Database marketing, or customer relationship management, is the process of designing creating and managing consumer lists Database marketing lists are developed from the following: Face-to-face sales Direct mail Telephone or email purchases Service requests Website visits The information collected about consumers is stored in computer databases Example: American Express Their database includes what customers buy, where they buy it, where they dine out and how much money they spend The company uses this info to send their card members special customized offers on products, hotels, restaurants, etc Customer Loyalty Programs Many businesses use loyalty programs The program offers discounts and other rewards to shop at a specific retailer Companies use the loyalty to cards to compile information in their databases Types, Trends, and Limitations of Marketing Research Marketing Co-Op 28.2 Quantitative vs. Qualitative Quantitative Answers questions has to “how many” or “how much” Relies heavily on questionnaires to obtain info Qualitative Focuses on small number of people Answers questions as to “why” or “how” Attitude Research Also known as opinion research -designed to obtain info on how people feel For example: Best Buy Geek Squad Calling after service to see how satisfied the customer was with their service Market Intelligence Concerned with: the location and size of a market the competition segmentation within the market for a particular product Data is used to assemble a profile of: Present and potential customers Competition The overall industry Helps define target markets for particular products and services Media Research Also know as advertising research Determines the effectiveness of various media to advertise a good or service Can be conducted before or after a media campaign Media Research measures: Audience – number of people exposed to the media Frequency – number of times a viewer is exposed to the media Reach – percentage of the target audience that sees the media Ratings – total number of audience impressions delivered over a set period of time Product Research Evaluates a products design, packaging and usage Information is also collected about competitors products Product and packaging is designed, tested, and changed if needed Limitations of Marketing Research The amount of information that is gathered is limited by the amount of money and time a company can afford to spend Test markets may give feedback, but it doesn’t mean they will buy the product later