MKT 337 Lecture Notes - Lecture 8: Neuromarketing, Statistical Inference, Marketing Mix
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Chapter 8: Marketing Research from Customer Insights to Actions
The Role of Marketing Research
What is Marketing Research?
Marketing Research- Is the process of defining a marketing problem and
opportunity, systematically collecting and analyzing information and recommending
actions.
- Research to reduce risk of and thereby improve marketing decisions.
The Challenges in Doing Good Marketing Research
Whatever the marketing issue involved, good marketing research is challenging.
Marketing research must overcome difficulties and obtain the information needed
so that marketers can make reasonable estimates about what consumers want and
will buy.
Five-Step Marketing Research Approach
Decision: a conscious choice from among two or more alternatives.
1. Define the Problem
a. Set Research Objectives: specific, measurable goals the decision
makers seek to achieve in conducting the marketing reseach
i. Exploratory: provides ideas about a relatively vague problem.
ii. Descriptive research: involves trying to fin the frequency that
something occurs or the extent of a relationship between two
factors.
iii. Casual research: most sophisticated, tries to determine the
extent to which the change in one factor changes another one.
b. Identify Possible Marketing Actions: Effective decision makers
develop specific measures of success, which are criteria or standards
used in evaluating proposed solutions to a problem.
2. Develop the Research Plan
a. Specify Constraints: in a decision are the restrictions placed on
potential solutions to a problem. Usually consisting of time and
money.
b. Identify Data Needed or Marketing Action: focus on collecting data
that help managers make a clear choice between products
c. Determine how to Collect Data:
i. Concepts: ideas about products or services.
ii. Methods: Approaches that can be used to collect data to solve
all or part of the problem.
1. Sampling: technique to select a group of distributors,
customers, or prospects and treating the information
they provide as typical of all those in whom they are
interested.
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