Marketing Research Ninth Edition, Global Edition PDF

Marketing Research Ninth Edition, Global Edition Chapter 1 Introduction to Marketing Research Copyright © 2...

Marketing Research Ninth Edition, Global Edition Chapter 1 Introduction to Marketing Research Copyright © 2020 Pearson Education Ltd. All Rights Reserved. Learning Objectives In this chapter you will learn 1.1 The relationship of marketing research to marketing, the marketing concept, and marketing strategy 1.2 How to define marketing research 1.3 The function and uses of marketing research 1.4 How to describe a marketing information system (MIS) and understand why marketing research occupies a place in an MIS 1.5 The job skills that are useful in marketing research Copyright © 2020 Pearson Education Ltd. All Rights Reserved. What is Marketing? Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Copyright © 2020 Pearson Education Ltd. All Rights Reserved. Modern Marketing Modern marketing thought holds that firms should collaborate with and learn from consumers A common contemporary practice is crowdsourcing Copyright © 2020 Pearson Education Ltd. All Rights Reserved. What is the Marketing Concept? The marketing concept is a business philosophy that holds that the key to achieving organizational goals consists of the company’s being more effective than competitors in creating, delivering, and communicating customer value to its chosen target markets. Copyright © 2020 Pearson Education Ltd. All Rights Reserved. What is a Marketing Strategy? A marketing strategy consists of selecting a segment of the market as the company’s target market and designing the proper “mix” of the product/service, price, promotion, and distribution system to meet the wants and needs of the consumers within the target market. Copyright © 2020 Pearson Education Ltd. All Rights Reserved. What is Marketing Research? Marketing research is the process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem. Copyright © 2020 Pearson Education Ltd. All Rights Reserved. AMA Definition Marketing research: the function that links the consumer, customer, and public to the marketer through information – information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve the understanding of marketing as a process Copyright © 2020 Pearson Education Ltd. All Rights Reserved. Marketing or Market Research? Marketing research: a process used by businesses to collect, analyze, and interpret information used to make sound business decisions and successfully manage the business Market research: a process used to define the size, location, and/or makeup of the market for a product or service Copyright © 2020 Pearson Education Ltd. All Rights Reserved. Marketing Research Function Marketing research links the consumer to the marketer by providing information that can be used in making marketing decisions Copyright © 2020 Pearson Education Ltd. All Rights Reserved. Uses of Marketing Research Identify marketing opportunities and problems Generate, refine, and evaluate potential marketing actions Monitor marketing performance Copyright © 2020 Pearson Education Ltd. All Rights Reserved. Identifying Market Opportunities and Problems Some marketing research studies are designed to find out what consumers’ problems are and to assess the suitability of different proposed methods of resolving those problems. Copyright © 2020 Pearson Education Ltd. All Rights Reserved. Generate, Refine and Evaluate Potential Marketing Actions Selecting target markets Product research Pricing research Promotion research Distribution research Copyright © 2020 Pearson Education Ltd. All Rights Reserved. Monitor Marketing Performance Tracking data collected at point-of-sale terminals as consumer packages goods are scanned in grocery stores, mass-merchandisers, and convenience stores Tracking social media Copyright © 2020 Pearson Education Ltd. All Rights Reserved. Improve Marketing as a Process Basic research is conducted to expand our knowledge rather than to solve a specific problem. Applied research is conducted to solve specific problems. Copyright © 2020 Pearson Education Ltd. All Rights Reserved. Marketing Research is Sometimes Wrong Most marketing research studies are trying to understand and predict consumer behavior, which is a difficult task. Copyright © 2020 Pearson Education Ltd. All Rights Reserved. The Marketing Information System A MIS is a structure consisting of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers. Copyright © 2020 Pearson Education Ltd. All Rights Reserved. Components of an MIS Internal Reports System Marketing Intelligence System Marketing Decision Support System (DSS) Marketing Research System Copyright © 2020 Pearson Education Ltd. All Rights Reserved. Marketing Research System It gathers information for a specific situation -- not gathered by the other MIS component subsystems. Marketing research projects are not continuous -- they have a beginning and an end. Copyright © 2020 Pearson Education Ltd. All Rights Reserved.