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Lecture 2

ARBUS 302 Lecture 2 (Jan 21, chpt 4&5).doc

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University of Waterloo
Arts and Business
Kevin Hood

January 21, 2013 Class Notes CHAPTER 4 - Marketing Research Marketing research - consists of a set of techniques and principles for systematically collecting, recoding, analyzing, and interpreting data that can aid decision makers involved in marketing good, services, and ideas. Why do Market Research? - Measure and forecast future demand for your products and services - Realistic view of the coming year - allocate needed resources (finite) - make business changes proactively instead of reactively Why is it important to keep the market research data "real"? If you manipulate data to fit to an already determined outcome, the data is not real. Let's do some research! Introduce yourself to someone you have not met before - what is their favourite pet Remember their name - very important in business Five steps in the marketing research process 1 - Define Research Problem and Objectives 2 - Design the Research Project 3 - Collect Data 4 -Analyze Data 5 - Present an Action Video: Kraft Ritz Chips Watch the video and learn how Kraft brought their new product "Ritz chips" to the market. What were the key market research objectives? Grow their revenue given the resources they have. Gathered interpretive information. Chip category was growing twice as fast as the cracker category. Use market research to find the balance between chip and cracker. Keep the butteriness that Ritz brand carries. What did they learn? Learn the difference betwen the chips and the crackers. What makes a chip, a chip? Chips are younger, more fun, exciting, flavourful, thinner. Learn how to talk about the product - descriptive language. Baked didn't say flavourful but Toasted did. Shelf placement - chip or cracker isle? They chose the cracker isle because they already have a presence there. They also chose to do a bag that can stand like a box. Step 1: Defining the Objectives and Research Needs - Clearly define the problem and research objectives to keep the scope of the project in check. - Determine how the informatin can be obtained 1 Bottled Water on the Decline? Coke has seen a decline in sales of the Dasani product line: - What are the research objetives? Why has bottled water declined? - How can the information be obtained? Talk to people (the customers) Step 2: Designing the Research Project Type of Data Type of Research Secondary Research - already done Primary Research - research you do on your own Determine specific data Needs - target customers - pattern of product use - demand factors - response of marketing channels - customer reactions - projected sales Advantage and Disadvantages of Secondary and Primary Data - see slides Syndicated data - data that comes from data banks, etc. data that you have to pay for. The free data is free but it is not specific to your company Sources of Secondary Data - see powerpoint slides Step 3: Exploratory versus conclusive data collection Conclusive - you are concluding Exploratory Methods - observation - cameras in stores, etc. - in-depth interview - you can capture things like emotion which surveys cannot - focus group - 5-10 ppl in a room, put a product in the room and have 0 influence from the product creators and have the people in the room have a free for all about the product, usually a two way mirrow, etc. so people can hear the feedback -projective technique - group of people, give them different scenarios and see what their responses are - social media - it is a free for all forum of people talking openly about the stuff they love and hate. the people doing the research are not influencing the people in any way Ethical Dilemma: Watching Consumers - marketing research firms dedicated to watching consumers - gather data that would not otherwise be availble - Should researchers get consent prior to observing? - you cannot always get peoples consent Exploratory Research: Focus Group 2 - form groups of 5 with a group leader to discuss and answer the following questions: - are you in favour of the sale of water in plastic bottles on campus? Yes. Yes. - do you feel bottled water should be banned or controlled? No. Controlled. - group leaders be prepared to present your group views - If you make something that is convenient, inconvenient than people will likely purchase less of it. It is hard to ban it all together though. Conclusive Research Methods Can be either: Descriptive - Qualitative - user characteristics and feelings. a descriptive view of the market. The downside of these questions is that it takes time - it's a long answer Experiemental - Quantitative - research and data. These are easy to determine results Survey Research: structured versus unstructured response What Not to Do When Designing a Questionnaire: see slides Drop off rate on surveys: when people stop taking a survey make sure your questions are clear and easy to understand as well as answer. Think about people's ability to pull up the answer of the quesetions quickly. Web Surveying - response rates are relatively high - respondents may lie less - it is inexpensive - results are processed and received quickly (because it's data) Where do these surveys originate from? They come from a trusted source - it is a vendor the customer has a relationship with. Using Experimental Research How can firms use experimental research to improve value for customers and the firm? It's beginning to smell a lot like Christmas: Challenge: Retailers need to get shoppers into the holiday spending mood Answer: Use an experiemtn to determine what factors in the retail environment contribute to customers holiday mood. Results: Retailers who used holiday music and holiday scents together were viewed more favourably than those who use neither or just one. Scanner Research: Instant acces to consumer and sales information Panel Research Target groups of consumer and then study the behaviour of specific groups of consumers and how they respond to changes in the marketing mix.
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