Create your own awesome maps

Even on the go

with our free apps for iPhone, iPad and Android

Get Started

Already have an account?
Log In

Chp 1: Role of Marketing Research by Mind Map: Chp 1: Role of Marketing Research
0.0 stars - 0 reviews range from 0 to 5

Chp 1: Role of Marketing Research

In one sentence: write down your answer to... what is the  role of marketing research? To support and empower strategic and managerial  decision-making To better understand our customers, and their needs and  wants, including demographics, psychographics,  geographic concentrations/dispersions, and motivations

About Research

p. 3 - "Re-search means to search again." Applied research is the investigation of phenomena  to  discover whether their properties are appropriate  to a  particular need or want, usually a human need  or want.  In contrast, basic research investigates phenomena  without  reference to particular needs and wants.  Discussion Questions: Can our nation afford to spend millions of dollars  on  research that may have no practical benefit? Food for Thought: Some basic scientific research has no  foreseeable  practical value other than  "knowledge for knowledge"s  sake". Many technological, medical, and scientific  breakthoughs  were made possible only due to  the knowledge gained by  prior basic research.  More at http://en.wikipedia.org/wiki/Research

Basic or Pure

p. 4 - The goal of basic research is to expand the current  knowledge base, to verify a given theory, or to learn more  about  a concept. (PhD dissertations.) Basic research is driven by a scientist"s curiosity or interest  in a scientific question. The main motivation is to expand  man"s knowledge , not to create or invent something.  There is no obvious commercial value to the discoveries that  result from basic research. If basic work is done first, then  applied spin-offs often eventually result from this research. Not aimed at solving a particular problem. This is why professors write journal articles.

Academic Research

Applied

p. 4 - Goal is to provide information to solve a given problem,  to  take advantage of an opportunity, or to choose between  similar  alternatives. Applied research is designed to solve practical problems  of  the modern world, rather than to acquire knowledge for  knowledge"s sake. One might say that the goal of the applied  scientist is to improve the human condition. improve agricultural crop production treat or cure a specific disease improve the energy efficiency of homes & offices

Marketing Research

Significance of the Scientific Method

Use of empirical evidence (facts from experimentation and  observation) to confirm or disprove prior conceptions The scientific method refers to bodies of techniques for  investigating phenomena, acquiring new knowledge, or  correcting and integrating previous knowledge.  To be termed scientific, a method of inquiry must be based  on gathering observable, empirical and measurable  evidence subject to specific principles of reasoning. A  scientific method consists of the collection of data through  observation and experimentation, and the formulation and  testing of hypotheses. As opposed to historical method of simply analyzing what  has happened for critical review, scientific method provides a  process to follow going forward. Process (Chp. 2): 1. Define the question 2. Gather information and resources (observe) 3. Form hypothesis 4. Perform experiment and collect data 5. Analyze data 6. Interpret data and draw conclusions that serve as a starting  point for new hypothesis 7. Publish results 8. Retest (frequently done by other scientists)

For Basic

For Applied

Applied to Marketing

One purpose of marketing research is to obtain information that  identifies consumer"s problems and needs, bridging the  information gap between marketing executives and consumers. Example: DMX trans-dermal ointment to deliver arthritic pain  relief; unfortunately, customers did not believe that an ointment  would be as effective as the pill they were currently taking

Marketing Concept

be consumer oriented

stress long-run profitability

adopt a cross-functional perspective

relationship-era of marketing

total quality management

Why Conduct Research?

Strategically... To reduce uncertainty that results from information and  facilitates decision making about marketing strategies  Most models follow ADDIE: A - Analysis - problem/opportunity/customer D - Design - product/service to meet needs D - Develop - place, promo, price I - Implement - test market E - Evaluate - does it meet customer needs? company needs?

identify and evaluate opportunities

Diagnostic - what is happening Evaluative - performance & trends analysis

analyze market segments and select target markets

demographics psychographics geographic

plan and implement a marketing mix (4Ps)

see "Marketing Variables"

analyze and monitor marketing performance

market-share analysis; sales analysis

Marketing Variables

Product

concept testing

product testing

brand-name evaluation

package testing

Price

competitive analysis

sensitivity analysis

seasonal/quantity discounts

impact of discounts/coupons

Promotion

impact of coupons, sampling deals

consumer behavior/motivations

advertising effectiveness

Place/Distribution

site selection (distance/convenience)

site design (store atmosphere)

channel partner expectations

When to do Research?

time constraints

systematic research takes time; so depends on when the  information is needed

availability of data

1. will the data yield the required information 2. can we use existing data or must we collect new data 

nature of decision

is this a routine, tactical decision; does it warrant the  expenditure -- the more strategic, the more likely it is to do  research

cost/benefit analysis

I do this first: Urgent versus Important grid (2x2 matrix) What"s the ROI?  Is this the best use of funds? add Exhibit 1.2