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Summary Marketing Research H1-11 English
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Summary Marketing Research CH1-11 English ISBN 10: 1-29-215326-1 ISBN 13: 978-1-292-15326-1
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Summary marketing and research
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Exam Marketing research: 1, 3-11, 16Exam Statistics: 12-14
Chapter 1
Introduction to marketing research
Marketing research provides managers with new information to help them make (marketing)
decisions.
1.1 Marketing research is part of marketing
Short definition of ‘marketing’: meeting needs profitably. The American Marketing Association
defines marketing as the activity, set of instructions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and society at
large.
Modern marketing thought holds that firms should collaborate with and learn from consumers.
Crowdsourcing is the practice of obtaining services or ideas by asking for assistance from large groups
of people, generally online communities.
The philosophy of the marketing concept guides managers’ decisions
A philosophy may be thought of as a system of values or principles by which you live. Your philosophy
dictates your day to day decisions.
Product orientation: we make and sell product X
Sales orientation: to be successful we must set high sales quotas and sell, sell, sell!
A much more effective philosophy the marketing concept is defined by Philip Kotler: the marketing
concept is a business philosophy that holds that the key to achieving organizational goals consists of
the company being more effective than competitors in creating, delivering, and communication
customer value to its chosen target markets. put the customer first.
The “right” marketing strategy
Strategy is another name for planning.
A marketing strategy consists of selecting a segment of the market as the company’s target market
and designing the proper “mix” of product/service, price, promotion, and distribution system to meet
the wants and needs of the consumers within the target market.
To make the right decisions, managers must have objective, accurate, and timely information.
1.2 What is marketing research?
Marketing research: the process of designing, gathering, analysing, and reporting information that
may be used to solve a specific marketing problem, such as determining price or identifying the most
effective advertising media.
Is it marketing research of market research?
While the terms marketing research and market research are sometimes used interchangeably,
market research refers to applying marketing research to a specific market.
The function of marketing research
The function of marketing research is to link the consumer to the marketer.
,1.3 What are the uses of marketing research?
Identifying market opportunities and problems (1), generating, refining, and evaluating potential
market actions (2), and monitoring marketing performance (3).
Generating refining and evaluating potential market actions:
- Selecting target groups: determine the size of various market segments.
- Product research: successful companies are constantly looking for new products and services.
They know the lesson of the product life cycle.
- Pricing research: when a revolutionary new product is created, marketers use research to
determine the value consumers perceive in the new product. Marketing research is also
conducted to determine how consumers will react to different types of pricing tactics.
- Promotion research: firms want to know how effective the expenditures are for the
advertising, sales force, publicity/PR, and promotional offers.
- Distribution research: what are the best channels to get our products to consumers?
Monitoring marketing performance
Research firms have developed services that monitor what people are saying about companies,
brands, and competitors.
Scanner data allow managers to monitor their brands’ sales as well as sales of competitors-and thus
to monitor their market shares as well.
Firms also use marketing research to monitor other variables such as their employees’ and
customers’ satisfaction level.
Improving marketing as a process
Typical of such basic research would be attempts to define and classify marketing phenomena and to
develop theories that describe, explain, and predict marketing phenomena. Basic research is research
that is conducted to expand knowledge rather than to solve a specific problem.
Applied research is research that is conducted to solve specific problems.
Marketing research is sometimes wrong
Most marketing research studies are trying to understand and predict consumer behaviour, which is a
difficult task. Even when products are brought to market with the benefit of marketing research, the
predictions are not always accurate, but this doesn’t mean that marketing research is not usefull.
1.4 The marketing information system
An MIS is a structure consisting of people, equipment, and procedures to gather, sort, analyse,
evaluate, and distribute needed, timely, and accurate information to marketing decision makers. The
role of the MIS is to determine decision makers’ information needs, acquire the needed information,
and distribute that information to the decision makers in a form and at a time when they can use it
for decision making.
Components of an MIS
- Internal reports system: the internal reports system gathers information generated within a
firm, including orders, billing, receivables, inventory, levels, stockouts, and so on. In many
cases it is called the accounting information system. A good internal reports system can tell a
manager a great deal of information about what has happened in the past.
- Marketing intelligence system: the marketing intelligence system is defined as a set of
procedures and sources used by managers to obtain everyday information about pertinent
developments in the environment.
- Marketing decision support system (DSS): a marketing decision support system (DSS) is
defined as collected data that may be accessed and analysed using tools and techniques that
assist managers in decision making. Once companies collect large amounts of information,
, they store this information in huge databases that, when accessed with decision-making tools
and techniques, allow companies to ask “what if” questions. Answers are immediately
available.
- Marketing research system
How does marketing research differ from the other three components of an MIS?
1. The marketing research system gathers information for a specific situation facing the
company.
2. Marketing research referred to as ad hoc studies. (with respect to a specific purpose)
3. Marketing research projects are not continuous, unlike the other components. Therefore it’s
often referred to as projects. However, marketing research projects are launched only when
there is a justifiable need for information that is not available from the other components.
, Chapter 2
The marketing research industry
2.1 Evolution of an industry
Earliest known studies
Charles Coolidge Parlin conducted the first continuous and organized research in 1911, when he was
hired by the Curtis Publishing Company to gather information about customers and markets to help
Curtis sell advertising space.
Why did the industry grow?
When manufacturers began producing goods for distant markets, the need for marketing research
emerged.
2.2 Who conducts marketing research?
Client-side marketing research
Client-side research is research that is conducted within an organisation. Do-it-yourself (DIY) research
refers to firms conducting their own marketing research. (cost-effective)
Supply-side marketing research
Supply-side marketing research is research that is conducted by an outside firm hired to fulfil a
company’s marketing research needs. A supplier firm may be referred to as an agency or simply as a
supplier.
2.3 The industry structure
Types of firms and their specialties
- Full-service supplier firms have the capability to conduct the entire marketing research
project for buyer firms. The firms offer clients a broad range of services; they often define the
problem, specify the research design, collect and analyse the data, and prepare the final
written report.
- Limited-service supplier firms specialize in one or, at most, a few marketing research
activities. Firms can specialize in marketing research services such as online communities,
questionnaire development and pretesting, data collection, or data analysis.
- Table 2.2 on page 55 lists many different types of research firms and their specialties.
Industry performance
The marketing research industry relies on derived demand. As client firms develop new products,
expand into new markets, examine new opportunities, and develop and evaluate new promotional
campaigns, they need information to guide their decisions, as the world economy continues to
improve, client firms’ businesses will grow and so will the revenues and profits of the marketing
research firms that support them.
2.4 Challenges to the marketing research industry
Effective communication of results
A need exists for marketing researchers who can dig deeper into data and who can deliver strategic
insights with their result. In addition, there is an increasing demand that marketing researchers
provide simple and straightforward reports that ‘tell a story’ rather than give their clients lengthy,
complex documents.
Need for talented and skilled employees
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