ADMS 2200 Week 4 - Chp 4-5 eCLASS - PDF

ADMS 2200 – Week 4 ROADMAP  Marketing Research  Research Design Process  Online Research  Big Data  Break  Consumer Decision Making Process  Influences on Buying Decisions  Beliefs & Attitudes  Quiz  Homework/To Do Next Week...

ADMS 2200 – Week 4 ROADMAP  Marketing Research  Research Design Process  Online Research  Big Data  Break  Consumer Decision Making Process  Influences on Buying Decisions  Beliefs & Attitudes  Quiz  Homework/To Do Next Week Andrew Temes ADMS 2200 Introductory Marketing 1  Chapter 4 Marketing Research and Analytics Adapted for the sixth Canadian edition by Marc Boivin Marketing Research and Marketing Analytics Marketing research Marketing analytics Copyright © 2024 by Cengage Canada.  1 2 The 3 Marketing Research 4 Process 5 6 7  The Marketing Research Process Step 1: Identify and 1 formulate the problem or opportunity. The most important step in the process; “garbage in, garbage out” Copyright © 2024 by Cengage Canada.  The Marketing Research Process Step 2: Plan the research 2 design and gather secondary data. Which question(s) will be answered, how and when data will be gathered, and how the data will be analyzed Determine which of two research designs to use. Copyright © 2024 by Cengage Canada. Research Design Process Copyright © 2024 by Cengage Canada. Secondary Data Data that already exists Internal to the company External, but already in existence Copyright © 2024 by Cengage Canada.  The Marketing Research Process 3 Step 3: Specify the sampling procedure. Can’t talk to everyone, so must select a subset of the population—a sample 1. Population of interest must be defined 2. Must the sample be representative of population? I. Yes: Probability sample II. No: Nonprobability sample 3. Types of errors that can occur must be acknowledged. Copyright © 2024 by Cengage Canada. Copyright © 2024 by Cengage Canada.  The Marketing Research Process 4 Step 4: Collect Primary Data Copyright © 2024 by Cengage Canada. The Marketing Research Process Collecting primary data. Copyright © 2024 by Cengage Canada. The Marketing Research Process Primary Data Collection Methods Qualitative data collection methods Depth Interviews Focus Groups One-to-one Small groups of Costly people with Time consuming different characteristics Guided discussions Copyright © 2024 by Cengage Canada. The Marketing Research Process Primary Data Collection Methods Survey Research Online survey Mall intercept interviews Telephone interviews Mail survey Copyright © 2024 by Cengage Canada. Copyright © 2024 by Cengage Canada. The Marketing Research Process Questionnaire Design All surveys require a questionnaire. Three types of questions Open-ended Close-ended Scaled-response Copyright © 2024 by Cengage Canada. The Marketing Research Process Primary Data Collection Observational research Ethnographic research Experiments Copyright © 2024 by Cengage Canada.  The Marketing Research Process 5 Step 5: Analyze the data. Interpret and draw conclusions from the mass of collected data. Copyright © 2024 by Cengage Canada.  The Marketing Research Process Step 6: Prepare and present 6 the report. Clear, concise statement of the research issue studied; the objectives; and simple explanation of the methodology Summary of major findings Conclusion with recommendations Copyright © 2024 by Cengage Canada. The Marketing Research Process Step 7: Provide follow-up. 7 Internal research provider Answer further questions and support decisions. External research provider Schedule follow-up with client to manage client relationship Copyright © 2024 by Cengage Canada. The Impact of Technology on Marketing Research and Marketing Analytics Mobile Marketing Social Media Uses of the Internet Research Marketing Research Online surveys In-the-moment The use of Research panels surveys via cell databases of social Focus groups phone media sites Online research communities Copyright © 2024 by Cengage Canada. The Impact of Technology on Marketing Research and Marketing Analytics Big data Exponential growth in the volume, variety, and velocity of information The development of complex new tools to analyze and create meaning from the data Gathered both online and offline Big data tool sets allow companies to understand consumer better Copyright © 2024 by Cengage Canada. The Impact of Technology on Marketing Research and Marketing Analytics BUT… how do you use or even access the data? Data visualization The engine for bringing patterns to light Create ability for managers to share, describe, and explain what has been discovered Big data could be seen as disruptive to market research, but there is room for both. Big data analytics can uncover who bought a product, how often, where, etc., but it doesn’t answer the question WHY. Copyright © 2024 by Cengage Canada. Marketing Analytics and Marketing Strategy Marketing Research Simpler data analysis Marketing Analytics Answers predefined questions Larger data sets, more- complex analysis methods Seeks to find new insights Copyright © 2024 by Cengage Canada. Marketing Analytics and Marketing Strategy Data used in marketing analytics Inside the company Sales data from check-out scanning software Website data Interactions on social media sites Other communications Outside the company Government sources Supply chain partners Commercial data sources Copyright © 2024 by Cengage Canada. Marketing Analytics and Marketing Strategy Organizing the data The data must be organized: structured but flexible. Data warehouse = marketing information system Copyright © 2024 by Cengage Canada.  Analyzing the data: data mining Copyright © 2024 by Cengage Canada. Marketing Analytics and Marketing Strategy Copyright © 2024 by Cengage Canada. Data Collection Concerns Intrusive Methods of Collection Data Sharing Transparency Small and generally reasonably Are consumers aware of how contained trade-offs and when data are shared? Voluntary, and we Sharing among apps and understand the impact programs Larger reach and no consent Data sold to other companies Facebook tracking of browser activity Copyright © 2024 by Cengage Canada. When to Use Marketing Research or Marketing Analytics Competitive Environmental MARKETING intelligence scanning INTELLIGENCE Copyright © 2024 by Cengage Canada.  Chapter 5 Consumer Decision Making Adapted for the sixth Canadian edition by Marc Boivin The Importance of Understanding Consumer Behaviour Without an understanding, the development of an effective marketing mix is highly compromised. Consumer preferences are continually changing. Study how consumers make purchase decisions. How they use the purchase How they dispose What factors influence the purchase, use, and disposal Copyright © 2024 by Cengage Canada. Consumer Decision- Making Process Step 1: Need Recognition Actual state Desired state Copyright © 2024 by Cengage Canada. Step 2: Information Search Memory search Internal information search Past experience Copyright © 2024 by Cengage Canada. Step 2: Information Search Personal experience External Nonmarketing information Personal sources -controlled search Social media Copyright © 2024 by Cengage Canada. Step 2: Information Search Mass media Salespeople External Marketing- information Sales promotion controlled search Packaging/labelling Social media Copyright © 2024 by Cengage Canada. Step 2: Information Search Nonmarketing- controlled External Marketing- information controlled search Consumer-to- Perhaps more consumer valuable Copyright © 2024 by Cengage Canada. Step 2: Information Search Factors Perceived risk Knowledge Prior experience Level of interest in the good or service Confidence in decision-making ability Copyright © 2024 by Cengage Canada. Step 2: Information Search alternatives alternatives alternatives EVOKED SET Copyright © 2024 by Cengage Canada. Step 3 and 4: Evaluation of Alternatives and Purchase Cutoffs Product Other attribute(s) criteria Consideration Set Copyright © 2024 by Cengage Canada. Step 5: Postpurchase Behaviour Provide decision confirmation from evaluation of alternatives through to purchase to postpurchase, or may result in cognitive dissonance Copyright © 2024 by Cengage Canada. Types of Consumer Buying Decisions and the Significance of Consumer Involvement Buy first, Evaluate evaluate first, then later buy Copyright © 2022 by Cengage Canada. Factors Determining Involvement Levels Perceived risk Previous Interest of negative experience consequences Situation Social visibility Copyright © 2024 by Cengage Canada. Marketing Implications of Involvement Marketing strategy varies according to level of involvement Low involvement: Strategy may focus on in-store (packaging, in- store promotions) Extensive involvement: Strategy may focus on what has been learned from the marketing environment Copyright © 2024 by Cengage Canada. Factors Influencing Consumer Buying Decisions Copyright © 2024 by Cengage Canada. A New Approach to Decision Making Copyright © 2024 by Cengage Canada. Cultural and Social Factors Affect Consumer Buying Decisions Cultural influences on consumer buying decisions Broadest and deepest influence Pervasive Functional Learned Dynamic The most defining element: values Correspond to consumption patterns Give rise to beliefs, which lead to attitudes Copyright © 2024 by Cengage Canada. Cultural and Social Factors Affect Consumer Buying Decisions Cultural influences on consumer buying decisions Subculture Social Class Homogenous group Group nearly equal in Attitudes, values, and status or esteem purchase decisions are Combination of similar income, education, wealth Education most reliable factor Copyright © 2024 by Cengage Canada. Social Influences on Consumer Buying Decisions Copyright © 2024 by Cengage Canada. Social Influences on Consumer Buying Decisions Opinion Leaders Family Reference groups who Socialization process influence others Influences values, First to try new products attitudes and self-concept Self-indulgent Variety of roles Vary by category Initiator, influencer, decision maker, purchaser, consumer Copyright © 2024 by Cengage Canada.  Gender Individual Influences on Lifestyle Age Consumer Buying Family life Behaviour Self-concept cycle Personality Copyright © 2024 by Cengage Canada.  Perception Psychological Influences on Attitudes Motivation Consumer Buying Behaviour Beliefs Learning Copyright © 2024 by Cengage Canada. Consumer Behaviour Elements–Working Together Effective marketers carefully study their target markets all the time to see the changes in their buying decisions. Adjustments are made to the marketing mix to meet the changing consumer needs and help to move the consumer through the buying process. Copyright © 2024 by Cengage Canada.  ADMS 2200 – Week 4 Groups For the final marketing plan assignment, you will work in groups of 7-8 You will be able to CHOOSE YOUR OWN GROUPS Groups are due by midnight Friday, Oct 11th ; anyone not in a group at that time will be randomly assigned to one (once this is done, no changes will be allowed) You may create smaller groups, and I will add others or combine groups You should be able to start creating your groups now Everyone must work in a group – no exceptions  ADMS 2200 – Week 4 Quiz (Ch 1-5) Quiz will take place on the day of your Week 5 class (week of Oct 1st); you will have a 24hr period in which to start the exam The quiz will be multiple choice and executed via eClass, but we will still have a lecture that day (check schedule to see if yours is in-person or asynchronous) Once you begin, you will be given 25 minutes to answer 25 questions; no restarting and no pausing All questions will be worth the same towards your grade; any unanswered questions are considered incorrect You are responsible for all content in chapters 1-5 inclusive (from the text book 6th ed.) The quiz will be made available on eClass on the quiz date (under Week 5) The quiz is worth 5% of your overall grade  ADMS2200-I ADMS2200-C ADMS2200-G ADMS2200-D 6th Notes/ Resources/ Exams/ Cases/ Week TU 11:30-2:30 WE 11:30-2:30 TH 4:00-7:00 FR 2:30-5:30 Topic Ed. Assignments VH-D SLH-F SLH-A SLH-A Chpt Marketing Research & Analytics 4 4 24-Sep 25-Sep 26-Sep 27-Sep Quiz to be Reviewed by Instructor Consumer Decision Making 5 B2B Marketing 6 Quiz (eClass) 5 01-Oct 02-Oct 03-Oct 04-Oct Segmentation, Targeting, Positioning 7 (All Text & Lecture Material To-Date) Brand Management 8 Product Concepts 9 Marketing Plan Groups to be 6 08-Oct 09-Oct 10-Oct 11-Oct Services Marketing 10 Assigned by Instructor Reading Week Oct 15-18 Mid-Term Exam (e-Class) 7 22-Oct 23-Oct 24-Oct 25-Oct Mid-Term Exam (via eClass – No Lecture) (All Text & Lecture Material To-Date) Pricing Setting 11 8 29-Oct 30-Oct 31-Oct 01-Nov Marketing Plan Assigned Marketing Channels 12 Discussion Forum to be Reviewed by 9 05-Nov 06-Nov 07-Nov 08-Nov Marketing Communications 13 Instructor Digital Storytelling 14 10 12-Nov 13-Nov 14-Nov 15-Nov Discussion Forum Due (eClass) Customer Relationship Management 16 Marketing Plan Written, Video & 11 19-Nov 20-Nov 21-Nov 22-Nov Marketing Plan Due (via eClass – No Lecture) Peer Evaluation Due Final Exam (eClass) 12 26-Nov 27-Nov 28-Nov 29-Nov Final Exam (via eClass – No Lecture) (All Text & Lecture Material To-Date) Deliverables Due (Check eClass for Details) Asynchronous Lecture (Recording Posted on eClass) No Lecture