MGM 301 Study Guide - Midterm Guide: Vintage Clothing, Customer Relationship Management, Mass Customization
20 Jun 2018
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MARKETING REVIEW- TEST #2
Chapter 8- Marketing Research
Marketing Research- Process of defining a marketing problem and opportunity,
systematically collecting and analyzing information and recommending actions
-Does not provide answers, provides information to managers to interpret
information about different consumers
-Must overcome difficulties and obtain information needs so marketers can make
reasonable estimates about what consumers want and will buy
oEX) Movie “Big”- Tom Hanx is a little kid in older body, to understand
consumer you have to get into the mind of consumer
-Uses for Marketing Research
oEnvironmental scanning
oDemand forecasting- try to understand specifically how its going to affect
sales of product, very important to predict demand so can have right
amount of production
EX) study was done to predict sales of product by number of
tweets on twitter
3 movies- “My life in ruins”, “Land of the lost”, “The
hangover”- looked at # of tweet day before movie opened,
hangover had most
Looked at sales after one week- hangover had most
After week one tweets decreased for first 2 movies but
remained the same for the hangover
oSegmentation- understanding consumers
oMarket tracking- sales changing (better or worse), scanner panels* (most
valuable), scanning data, scan customers track of what they buy
oNew product testing
oAd pre-testing- ex) eye tracking- company that analyzes where consumers
eyes are attracted to- makes sure consumer is looking or getting the
message, track order in which people pay attention
oProduct positioning- how people see your product, need to do market
research
oTest marketing- testing products
5 Step marketing research approach:
1. Define the Problem- 2 key elements
a. Set research objectives- research and objectives are specific, measurable
goals the decision maker seeks to achieve in conducting the research
-Marketers need to be clear on purpose of research that leads to
marketing actions
-Marketing Information System (MIS)- an integrated decision
support system, constantly collects information, and designs it so
its useful
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a..1. MIS Data Classification- based on 2 dimensions
a..1.a. Source of data internal to the company or do
you have to go outside to get it?
a..1.b. Primary data collected for a specific purpose
or secondary data already collected and revisiting
for a different purpose than it was collected for
Types of External Primary Research
3 Types of research
-Exploratory Research- provides idea about relatively vague
problem, what you do in early stages of market research, not really
sure what looking for but very open minded
a..1. Observations- watch consumers, set up ways to
mirror
a..2. Depth interviews- bring consumers in and
interview, very expensive, not done often
a..3. Focus group- like depth interview but usually have
about 10 consumers at a time, good for getting ideas but not
for representation
-Descriptive Research- trying to find frequency that something
occurs or extent of a relationship between two factors, very
specific about information you want (usually information to
describe some characteristic of population
a..1. Observation- a lot more quantification- personal
observation (Fischer price has little kids test out toys, more
natural than survey) automated observation (IRI- scanner
panel data- have data bases of what people are buying, how
much they are paying)
a..2. Survey- most common way, can chose different
methods, most common is survey through mail even though
low response rate (15-20%)
a..2.a. Problem- you don’t know what you have
because not everyone responds
a..3. Trying to describe specific population, but typically
you cant do a census (only government can afford) if cant
afford census, they take a sample (subset of people chosen
from population)
a..4. 2 key Factors
a..4.a. Population
a..4.b. Sample- good sampling need to chose
certain people within a population to represent
everyone (cross-section of people), if chosen at
random then sample will most likely represent
population
a..4.b.i. Response rate- out of all people selected in
sample how many actually comply and
participate
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find more resources at oneclass.com
a..4.b.ii. Representiveness- did people drop out at
random or was their something systematic
going on
a..4.b.iii. Error (bias)- anything that causes sample not
to represent population
-Causal Research- (most sophisticated) tries to determine the
extent to which the change in one factor changes another one,
proposing there is a cause effect relationship
a..1. Experiments- lab- bring people into lab, field- do
experiment in actual field itself
a..2. 2 Key concepts:
a..2.a. Manipulation- something always being
manipulated (dependent variable)
a..2.a.i. Demographics, product interest, cities can
influence on so many thins besides
advertising
a..2.b. Control- for everything else, do this by
randomization
a..2.c. Lab Study- Hand lotion- independent
variable is amount of oil, dependent is find version
where people will receive creamy but not greasy
a..2.c.i. Manipulated amount of oil and controlled
other things that might alter peoples
responses for dependent variables
a..2.d. Field Studies- test marketing- realistic
setting, harder to control, good handle with data
from IRI
a..2.d.i. Cost- typically at least $1M
a..2.d.ii. Competition- if they figure out who it is,
will do everything to show up
a..2.d.iii. Timing- can be very time consuming
a..2.d.iv. Repurchase Rate- if lo, stretches timing out
a..2.d.v. Fine tuning
a..2.e. Test marketing (2 or more alternative
marketing programs)
a..2.e.i. Product formulations, advertising campaign,
pricing, packaging
a..2.e.ii. Scanner panels- constantly collecting data
from all households on purchases- get
information you cannot get from doing
simple surveys (repeating, how often
buying, how much?)
a..2.e.iii. IRI behavior scan- split cable feed- combine
scanner power data with ability to
manipulate different versions of ads going to
different households (television)
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Marketing research- process of defining a marketing problem and opportunity, systematically collecting and analyzing information and recommending actions. Does not provide answers, provides information to managers to interpret information about different consumers. Uses for marketing research: environmental scanning, demand forecasting- try to understand specifically how its going to affect sales of product, very important to predict demand so can have right amount of production. Ex) study was done to predict sales of product by number of tweets on twitter. 3 movies- my life in ruins , land of the lost , the hangover - looked at # of tweet day before movie opened, hangover had most. Looked at sales after one week- hangover had most. 5 step marketing research approach: define the problem- 2 key elements, set research objectives- research and objectives are specific, measurable goals the decision maker seeks to achieve in conducting the research. Marketers need to be clear on purpose of research that leads to marketing actions.
