Marketing Research MKTG 1030 Lecture Notes PDF

Marketing Management MKTG 1030 Class 4: Marketing Research Mahsan 1  What is it? Course Review & Targeting, The Marketing Positioning, Plan Segmentation Personal...

Marketing Management MKTG 1030 Class 4: Marketing Research Mahsan 1  What is it? Course Review & Targeting, The Marketing Positioning, Plan Segmentation Personal Understanding Branding The Consumer MARKETING Promotion MANAGEME Marketing NT Research MKTG 1030 Distribution Branding Pricing & Sales Midterm Exam New Products 2  Today, I want to start with a simple yet powerful thought: the world needs more questions than answers right now. In marketing research—and in life—asking the right questions is often more valuable than knowing all the answers. If you can train yourself to question the things you've always taken for granted —be it from your parents, society, culture, or anything else—you will truly stand out. The key to winning this game lies in two steps. First, develop the skill to ask good questions. These questions should challenge assumptions and dig deeper into what seems 'obvious.' Second, focus The Art of on understanding the 'why' behind your questions. This is where qualitative research comes in—it helps Asking us explore the motivations, emotions, and reasons behind phenomena. Skeptical form of thinking  While we have access to endless information about 'how' things happen—thanks to tools like ChatGPT and other platforms—the 'why' is what drives real change and innovation. Understanding the 'why' allows you to contribute meaningfully to the puzzle of knowledge. Today, we'll explore strategies for developing and answering these meaningful questions through marketing research. Let’s dive in and start shaping the questions that will lead to tomorrow’s answers Exciting time of Marketing Research World of business is changing rapidly due to technologies The power of anticipating environmental changes 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 or define marketing opportunities. 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. Generate, Refine and Evaluate Potential Marketing Actions Selecting target markets Product research Pricing research Promotion research Distribution research Dynamic environment Rising opportunities in marketplace a potential space for creating value all happens using marketing research like the one Knorr did successfully … Copyright Flatworld 2023 Example of a Marketing opportunity A campaign titled “ love at first taste” by Knorr It was based on a research from 12,000 respondents in 12 different nations. An important finding: 78% of people said they are more likely to be attached to a person who likes similar flavors. Also, Knorr research team noted that couples often mentioned flavor preferences on dating sites to signal a good match. https://www.youtube.com/wat ch?v=xwx7NnPQ44U https://www.youtube.com/wat ch?v=kS-3kHxaSSY  Steps in the Marketing Research Process Identify Design Establish information data Collect Communica the need types and collection data te the Establish for sources forms insights research marketin Analyze objective Determin g data s Determine e the research Determin methods of sample e Define accessing plan and research the data size design problem Step Step Step 11 Step 10 Step Step 9 8 Step Step Step 6 7 Step Step 4 5 2 3 1 Establish the Need for Marketing Research (1 of 3) Is there a real need for marketing research? Research takes time and costs money Cost of information may outweigh value of information Define the Problem If the problem is incorrectly defined, all the steps that follow are wasted effort Marketing research should only be conducted when firms need to make a decision and do not have the information available to guide decision-making  A well-crafted problem statement should address the following key criteria Clear Context Impact of 1 identification 2 and 3 the of the backgroun problem problem d Supportin Potential Urgency 4 g data 5 causes of 6 and the problem importanc e Nike’s online sales in North America have dropped by 10% this quarter (1. Problem identification). Competitors like Adidas and Under Armour are running stronger digital campaigns (2. Context), and this drop risks losing market share and revenue (3. Impact). Data shows customers now prefer more personalized shopping, which Nike’s website doesn’t offer (4. Supporting data). Possible causes include lack of personalization, fewer online ads, and slower website performance (5. Causes). Fixing this is urgent, as online sales are a big part of Nike’s revenue (6. Establish Objectives Research objectives state what the researchers must do Research objectives, when achieved, provide the information necessary to solve the problem identified in step 2 Identify Information Types and Sources Primary Information collected specifically for the information problem at hand. Information already collected Syndicated data: Sometimes research Secondary companies collect information and make it information available to all those who willing to pay a subscription. Determine Sample Plan and Size A sample is drawn from an entire group or population. The sample plan describes how each sample element, or unit, is to be drawn from the total population. Gives you representativeness! Sample size refers to determining how many elements of the population should be included in the sample. Gives you Protectiveness! Analyze Data Data analysis involves entering data into computer files, inspecting data for errors, and running tabulations and various statistical tests. (quantitative) Communicate the Results Communicating the results, the last step, is one of the most important phases of marketing research The best way to communicate? Its importance cannot be overstated because it is the report, or its presentation, that properly communicates the results to the client Let’s Dive Deeper! What is “Big Data”? Quantitative Big data can be defined simply as large amounts of data from multiple sources The term has been popularized in recent years in response to the numerous types and huge amounts of data to which companies now have access in real time How big data works in the NFL? In this video, Michelle McKenna, the NFL's Chief Information Officer, discusses her role in shaping the league's technology strategy. She highlights how the NFL uses data to enhance player performance, improve fan engagement, and drive strategic decisions, ultimately creating a more immersive fan experience and optimizing organizational operations https://www.youtube.com/watch?v=i0BIaEqhpqo Categories of Research Research involving the use of structured questions in which Quantitative response options have been research predetermined and a large number of respondents involved (generalization). Big Data! Categories of Research Research involving collecting, analyzing, and interpreting data by observing what people do and say! Thick data is a term used to emphasize the importance of gaining qualitative insights of phenomena to complement the quantitative knowledge provided by Qualitative big data research “why” or “what” Why VS. What Qualitative research In contrast, quantitative uncovers the "why" research focuses on the behind behaviors and "what," delivering motivations, providing measurable data and deep insights into statistical analysis of human actions. trends. For example, discussions around technologies like ChatGPT often highlight functionalities (the "what"), while qualitative research explores user adoption and emotional responses, offering a richer understanding of their societal impact. Let’s watch this video https://www.youtube.com/watch?v =QM67hGqNAZU Qualitative Method 1 Observation Techniques Observation methods: techniques in which phenomena of interest involving people, objects, and/or activities are systematically observed and documented Exampl eThe Odyssey project utilized an observational technique as Russell Belk and his colleagues embarked on a road trip across the United States to study consumer behavior in real- world contexts. By immersing themselves in various consumption experiences and interacting with consumers, they gathered firsthand insights into how individuals engage with products and services. This ethnographic approach allowed the researchers to observe behaviors, rituals, and meanings associated with consumption, enriching their understanding of the cultural and emotional dimensions that shape consumer experiences. CCT was emerged! Odyssey Project 1989 Qualitative Method 2 In-depth interviews A qualitative research method that involves one- on-one conversations to gather detailed insights from participants to answer research questions To explore participants' thoughts, Purpose feelings, and behaviors in depth In-depth interviews Difference focus on individual from experiences, while Focus focus groups gather Groups collective insights My Qualitative Yoga Paper Copyright Flatworld 2023 Thematic Coding Thematic coding is a process used in qualitative research to identify, analyze, and categorize patterns or themes within textual data, such as interview transcripts, open-ended survey responses, or focus group discussions There are various methods do coding in qualitative research such as open coding, selective coding … In-depth Interview (Data coding) in My Yoga Paper Qualitative Method 3 Focus Groups Focus groups are small groups of people (usually 6-12 individuals) brought together and guided by a moderator through an unstructured, spontaneous discussion for the purpose of gaining information relevant to the research problem Information from focus groups can be used to generate ideas, to learn the respondents’ “vocabulary” when relating to a product, or to gain some insight into basic consumer needs and attitudes Qualitative Method 4 Ethnographic Research Ethnographic research is a term borrowed from anthropology to describe a detailed, descriptive study of a group and its behavior, characteristics, culture, and so on by immersing oneself in the daily life of a community to observe and interact with members (lived experience) https://www.youtube.com/watch ?v=FTboT3au4-4 Qualitative Method 5 Projective techniques Involve situations in which participants are placed in (projected into) simulated activities in the hopes that they will reveal things about themselves that they might not reveal under direct questioning! Example of a Projective Method in the 'Professor Belk and I, Robot' Paper Is aggression toward robots Research considered bad behavior compared to Question aggression toward humans? Qualitative for Nike Focus Groups: Nike frequently conducts focus groups to gain insights into customer preferences and perceptions about their products. For instance, the company has used focus groups to gather feedback on new designs and materials for its running shoes. These insights help improve product functionality and aesthetics. Nike has used focus groups with younger demographics to explore preferences for sneakers like the Air Jordan line. These sessions often focus on aesthetics, brand perception, and cultural relevance, leading to designs that resonate with youth trends. (youth market engagement) Copyright Flatworld 2023 Quantitative Method What is a Survey? A survey involves questions posted to a large number of respondents using a predesigned questionnaire (Opposite to Qualitative research using semi-structured interviews) Usually, large number of respondents are required to represent important subgroups and ensure that a study accurately represents a larger population Basic Concepts in Measurement Measurement Determining a description or amount of some property of an object that is of interest Basic Concepts in Measurement Specific features or characteristics of Propertie an object that can be used to s distinguish it from another object Objective properties are observable and tangible (age, income) Subjective properties are unobservable and intangible and must be translated onto a rating scale via scale development How Measurement Works Questionnaire Design Process Step 1: Decide on the types of questions to include (e.g., multiple-choice, open-ended, etc.). Step 2: Think about important factors related to the survey, like the audience and purpose. Step 3: Write each question clearly and carefully to avoid confusion. Step 4: Organize the questions in a logical and easy-to-follow order. Questionnaire Design Process The researcher should strive to minimize question bias Question bias is the ability of a question’s wording or format to influence respondents’ answers Quantitative for Nike Surveys: Nike regularly uses surveys to collect customer feedback on its products, stores, and online experiences. These surveys often explore satisfaction levels, preferences for new features, and pricing insights. What factors influence your decision to purchase Nike products? (Select all that apply) - Brand reputation - Quality - Price - Design - Athlete endorsements Copyright Flatworld 2023 Basic Concepts in Sampling Sample A subset of the population that should represent the entire group Sample Unit The basic level of investigation Basic Concepts in Sampling Non-probability Probability Samples Samples Ones in which members Instances in which the of the population have a chances (probability) of known chance selecting members from (probability) of being the population into the selected into the sample sample are unknown Probability Sampling Example: Imagine you have a list of 100 students in a school. You want to select 10 students randomly for a survey. You use a random number generator to pick 10 names from the list. Key Point: Every student in the population (all 100 students) has an equal and known chance of being selected. Copyright Flatworld 2023 Non-Probability Sampling Example: Now, imagine you stand outside the school and ask the first 10 students who walk out to participate in your survey. Key Point: Not all students in the school have an equal chance of being selected because only those who walk out first will be chosen, and the probability of selection is unknown. Probability Sampling is like drawing names from a hat where everyone has a fair chance. Non-Probability Sampling is like choosing whoever is most convenient or available. Copyright Flatworld 2023 Important Points about Sampling Representativeness: The sampling method (how you choose participants) determines if the sample represents the population. Only random sampling (a probability method) ensures the sample is truly representative. The way you select the sample is more important than its size for achieving representativeness. Improving Reliability: A larger sample size improves the accuracy and reliability of the results. Larger samples help to generalize findings with more confidence. Representativeness / Reliability Example: If you randomly pick 50 students from all grades, your sample represents the school. But if you only pick students from the basketball team, it won’t. Surveying 200 students gives more reliable results than just 5, but it must still include all groups to ensure representativeness. Copyright Flatworld 2023 The Elements of a Marketing Research Report A. 1. Title Page Front 2. Letter of Authorization Matter 3. Letter/Memo of Transmittal 4. Table of Contents 5. List of Illustrations 6. Abstract/Executive Summary B. 1. Introduction Body 2. Research Objectives 3. Method 4. Results 5. Limitations 6. Conclusions, or Conclusions and Recommendations C. 1. Appendices End Matter 2. Endnotes Storytelling storytelling is a powerful way to present final findings in marketing research. It helps make the data more engaging, relatable, and memorable for the audience. By weaving insights into a narrative, you can communicate complex findings in a way that resonates with decision-makers and stakeholders. https://www.youtube.com/watch?v=zEs1af0VpP8 Example of Storytelling: Instead of saying: "50% of customers prefer online shopping over in-store.” Tell a story: "Meet Sarah, a busy mom who prefers shopping online to save time. Like Sarah, 50% of our customers choose online shopping for convenience." Storytelling adds depth and makes the findings actionable and relatable. Copyright Flatworld 2023 This Week’s Lab Now that we are all marketing research experts, in this lab we will work together to develop a questionnaire to be given to all MKTG 1030 students The objectives of the questionnaire are to capture students‘ opinions and inform instructors about ： 1.how the course is going so far 2.improvements that could be made in the final 6 weeks of the course 3.improvements that can't be implemented this year, but could be incorporated in future Additionally, the survey should be short enough to achieve a minimum completion rate of 70% (school average) Read: Read: Textbook: Textbook: Principles Principles of of Marketing Marketingby byJeff Jeff Tanner Tanner and and Mary Mary Raymond Raymond VV 5.0, 5.0,Chapter Chapter10 10 Lab Prep: Prepare a question that you believe would be an excellent addition to our survey and bring it to the lab Next Week’s Lecture Products, Services and Branding In this class, we will look at how product, service and price combine to make the offering companies provide to consumers. We will take this to the next level and cover the importance of branding. This will ladder up to a discussion of brand architecture, which is a key component of your final project Read: Read: Textbook: Textbook: Principles Principles of of Marketing Marketingby byJeff Jeff Tanner Tanner and and Mary Mary Raymond Raymond VV 5.0, 5.0,Chapter Chapter66