Transcript Chapter One: The Role of Marketing Research in Management

MARKETING RESEARCH
ESSENTIALS
WITH DATA ANALYSIS IN EXCEL AND SPAA
McDaniel │ Gates │ Sivaramakrishnan │ Main
Chapter One: The Role of Marketing Research in Management
Decision-Making
LEARNING OBJECTIVES
Chapter One: The Role of Marketing Research in Management Decision Making
• Describe the marketing concept and the marketing mix
• Understand the marketing environment within which
managers must make decisions
• Define marketing research
• Understand the importance of marketing research in
shaping marketing decisions
• Learn when marketing research should and should not
be conducted
The Nature of Marketing
• Marketing: “The process of planning and executing the
conception, pricing, promotion, and distribution of ideas,
goods, and services to create exchanges that satisfy
individual and organizational objectives.”
The Nature of Marketing
Marketing Concept: “A business philosophy based on
consumer, goal, and systems orientation.”
Marketing
Concept
Why Should Marketing Research Be
Conducted?
• Understand customers’ needs and wants
• Identify target market and create matching brand identity
and marketing mix
• Understand changes in the external environment and
identify opportunities and threats
Marketing Research: Defined
• “The planning, collection, and analysis of data relevant to
marketing decision-making and the communication of the
results of this analysis to management.”
The Importance of
Marketing Research
Roles of Marketing Research
Descriptive:
• Gathering and presenting statements of fact (industry sales trends)
Diagnostic:
• Explanation of data or actions (impact on sales due to
package design change)
Predictive:
• Specification of how to use descriptive and diagnostic
research to predict the results of a planned marketing
decision
The Importance of
Marketing Research
The Drive for Quality and Customer Satisfaction
Return on Quality:
• Quality delivered is desired by target market and positively
impacts profit
Continual Improvement for Customers:
• Meet changing customer needs
Customer Satisfaction:
• Will increase as customer needs are met
The Importance of
Marketing Research
Customer Retention:
• Develop customer relationships, increase loyalty, retain
customers
The Ever-Changing Marketplace:
• Understand how customers change, and opportunities
and threats
•Be proactive rather than reactive
Marketing Strategy:
• Develop a long-run marketing strategy for the
company
Types of Research Studies
• Solves a specific problem
• Better understanding of the
marketplace
• Determines why a strategy
or tactic failed
• Reduces uncertainty in
management
decision-making
• Expands frontiers of knowledge
rather than solving a specific
problem
• Validate a theory
• Learn about a concept
• Universities, grant recipients,
etc. conduct basic research
Applied Research Studies
Programmatic
Develop marketing options through
segmentation, opportunity analyses, or
consumer attitudes and predict usage
studies
Selective
Test decision alternatives
Evaluative
Assess program performance
The Decision to Conduct Research
Reconsider conducting marketing research when:
 Resources are lacking
 Research results would not be useful long-term
 The opportunity has passed
 A decision has already been made
 Managers cannot agree on what they need to know
 Decision-making data already exist
 The research costs outweigh the benefits
The Decision to Conduct Research
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