Please enable JavaScript.
Coggle requires JavaScript to display documents.
Chapter 4 - Marketing Research, Seven steps to social media success:, To…
Chapter 4 - Marketing Research
The Marketing Research Process
Step 3: Collect the Information
Expensive
Error Prone
Step 4: Analyze the Information
Step 2: Develop the Research Plan
Research Instruments (to gather primary data)
Qualitative Measures
Small Samples
Vague/inconsistent conclusions
Technological Devices
Questionnaires
Closed-ended questions
Open-ended Questions
Sampling Plan
Sampling Unit
Sampling Size
Sampling Procedure
Research Approaches (to gather primary data)
Surveys
Behavioral Data
Focus Groups: 6-10 people
Experiments
Observation
Data sources
Primary Data: freshly gathered
Secondary Data: already exists
Contact Methods
Mail
Telephone
Online
Fast
Honest/Thoughtful
Expansive
Versatile
Inexpensive
Personal
Step 5: Present the Findings
Translate data
Offer insights obtained, and recommendations for decision making
Step 1: Define the Problem, the Decision Alternatives, and the Research Objectives
Causal - to test a cause and effect relationship
Descriptive - seeks to quantify demand
Exploratory - to identify problems and suggest solutions
The request can be made too broad or too narrow.
Step 6: Make the Decision
Measuring Market Productivity
Marketing-Mix Modeling - to estimate causal relationships and measure how marketing activity affects outcomes.
Incremental Growth
Helps Isolate Effects - less effective at assessing how different marketing elements work in combination
Marketing Dashboards - Real time
Stakeholder Scorecard
Customer Scorecard
Marketing Metrics - to assess marketing effects
Interpret
Compare
Quantify
Easy to quantify marketing expenses
Hard to quantify brand awareness, enhanced brand image, greater customer loyalty, or improved product prospects.
The Scope of Marketing Research
Who does marketing research? - Companies can do their own, hire it own, or get creative.
Checking out rivals
Employee Creativity and Wisdom
Using the Internet
Marketing Partner Expertise - Research Firms
Syndicated-service research firms
Gather consumer and trade information for a fee
Custom marketing research firms
hired to carry out projects by designing the study and reporting the findings.
Specialty-line marketing research firms
Field Service interviewing services
Engaging students or professors to carry out projects - "crowdcasting"
Marketing Departments
Overcoming Barriers to using marketing research sufficiently or correctly.
Generating Consumer Insights - if marketers lack consumer insights, they often get in trouble.
Seven steps to social media success:
Locate potential influencers who have relevant interests
Reap the rewards
Incentivize influencers to spread positive word of mouth
Monitor the conversations
Identify influential individuals
Identify the factors they share
Recruit those influencers
To make the best possible tactical decisions in the short run and strategic decisions in the long run, marketers need timely, accurate, and actionable information about consumers, competition, and their brands.
Marketing research is the function that links the consumer, customer, and public to the marketer through specific information.
Gaining marketing insights is crucial for marketing success.
Short-term results often reflect profit-and-loss concerns as shown by sales turnover, shareholder value, or some combination of the two.
Brand equity measures could include customer awareness, attitudes, and behaviors (market share, relative price premium, number of complaints, distribution/availability, total number of customers, perceived quality, loyalty/retention.