Chapter 4 Market Research PDF

Chapter 4 Managing Marketing Information to Gain Customer Insights  (199) Indiana Jones and the Dial of Destiny | Teaser Trail er - YouTube  3000 became Pretty Woman because the original title sounded too futuristic.  Rope Burns became Million Dollar Baby beca...

Chapter 4 Managing Marketing Information to Gain Customer Insights  (199) Indiana Jones and the Dial of Destiny | Teaser Trail er - YouTube  3000 became Pretty Woman because the original title sounded too futuristic.  Rope Burns became Million Dollar Baby because audiences didn’t like the original name.  Shoeless Joe became the baseball classic Field of Dreams to avoid suggesting that Kevin Costner was playing a homeless person.  Studios also try to reduce their risks with additional forms of marketing research such as: Concept testing and script assessment. These techniques are used to assess early ideas for proposed new films. In addition, because many scripts and films today are part of a series such as The Fast and The Furious, The Hunger Games, and Star Wars, these forms of research can ensure that sequels are consistent with expectations created by the past movies.  Test (or preview) screenings. In test screenings, 300 to 400 prospective moviegoers are recruited to attend a “sneak preview” of a film before its release. After viewing the movie, the audience completes a survey to critique its title, plot, characters, music, and ending to identify improvements to make in the final edit. John Cameron, for example, used a test screening of a segment of Avatar to convince Twentieth Century Fox executives of the movie’s potential appeal.  Tracking studies. Before an upcoming film’s release studios will ask prospective moviegoers in the target audience three questions: (1) Are you aware of the film? (2) Are you interested in seeing the film? (3) Will you see the film? Studios also use “social listening” to understand what potential moviegoers are saying on Twitter, YouTube, Tumblr, Facebook, Instagram, and other social media sites. Studios use these data to monitor a promotional campaign, forecast the movie’s opening weekend box-office sales and, if necessary, add additional marketing activities to promote the film. Marketing Information and Customer Insights Customer insights are fresh marketing information-based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and relationships. Marketing Information and Customer Insights Customer insights Fresh and deep insights into customer needs and wants Important but difficult to obtain  Needs and buying motives not obvious  Customers usually can’t tell you what and why Better information and more effective use of existing information Walmart – Sam Walton – Store locations Apple iMac - 4 colours - Sorry No Beige, Think Different Anomaly in Kodak digital cameras Marketing Information and Customer Insights Managing Marketing Information Companies are forming customer insights teams  Include all company functional areas  Collect information from a wide variety of sources  Use insights to create more value for their customers  How To Find Consumer Insights In Marketing? - YouTube  Best Use of Mobile Media Wheel One Missed Call – YouTu be Kan Khajura Tesan by Hindustan Unilever (HUL) - Hear the strory from the person who created it! - YouTube Marketing Information and Customer Insights Managing Marketing Information Marketing information system (MIS) refers to the people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights. Marketing Information and Customer Insights Assessing Marketing Information Needs A marketing information system (MIS) provides information to the company’s marketing and other managers and external partners such as suppliers, resellers, and marketing service agencies. https://18knowledge.com/blog/walmarts-retail-link-point-of-sa le-data/ Assessing Marketing Information Needs Characteristics of a Good MIS Balancing the information users would like to have against what they need and what is feasible to offer User’s Needs MIS Offerings Developing Marketing Information Marketers obtain information from: Internal data Marketing intelligence Marketing research Developing Marketing Information Internal Data Internal databases are collections of consumer and market information obtained from data sources within the company network. Developing Marketing Information Competitive Marketing Intelligence Competitive marketing intelligence is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment. To Get Customer Insights, Don't Ask Questions - YouTube Marketing Research Marketing research is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. Milkshake Marketing Marketing Research Marketing Research Defining the Problem and Research Objectives Exploratory research Descriptive research Causal research Marketing Research Developing the Research Plan Outlines sources of existing data Spells out the specific research approaches, contact methods, sampling plans, and instruments to gather data  Marketing Research Developing the Research Plan Management problem Research objectives Information needed viddler.com/embed/95ff1 99e How the results will help management decisions Budget Marketing Research Developing the Research Plan Secondary data is information that already exists somewhere, having been collected for another purpose. Primary data is information collected for the specific purpose at hand.  Marketing Research Gathering Secondary Data Disadvantages Advantages - data may not be Lower cost Relevant Obtained quickly Accurate Cannot collect Current otherwise Impartial Business Opportunities in India: Investment Ideas, I ndustry Research, Reports | IBEF  Marketing Research Primary Data Collection Research Approaches Contact Methods Sampling Plan Research Instruments Marketing Research Marketing Research Primary Data Collection Research Approaches Observational research involves gathering primary data by observing relevant people, actions, and situations. Ethnographic research involves sending trained observers to watch and interact with consumers in their “natural environments.” Marketing Research Primary Data Collection Research Approaches Survey research involves gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior. Experimental research involves gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses. Marketing Research Focus Group—Personal Contact Method Six to 10 people Trained moderator Challenges  Expensive  Difficult to generalize from small group  Consumers not always open and honest Suppose you are conducting market research for your favorite soda brand. Sales have been lagging for two quarters, and you are determined to find out why. You decide to host an in-person focus group to gain customer insights into your brand’s current product offerings. You are also interested in obtaining feedback on a new product that your brand plans to launch in the next six months. Determine the makeup of your focus group. Who should be invited to the focus group, and why? What types of information would you want to obtain? Identify possible questions to present to the focus group. Marketing Research Online Contact Methods Advantages Low cost Speed Higher response rates Good for hard to reach groups Marketing Research Primary Data Collection Sampling Plan A sample is a segment of the population selected for marketing research to represent the population as a whole. Who is to be studied? How many people should be studied? How should the people be chosen? Marketing Research Marketing Research Primary Data Collection Research Instruments--Questionnaires Most common In person, by phone, or online Flexible Researchers must be careful with wording and ordering of questions  Closed-ended  Open-ended Useful in exploratory research  Marketing Research Primary Data Collection Mechanical Research Instruments Checko ut scanner People s Neuro- meters market ing Mechanic al devices Marketing Research Implementing the Research Plan Collecting the information Processing the information Analyzing the information Interpreting and Reporting Findings Interpret findings Draw conclusions Report to management  (208) Customer Service Secrets That Made Zappos Succ essful – YouTube (208) The Zappos Family - How They Work - YouTube