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Chapter 10

BUS 346 Chapter 10: Marketing Research
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Department
Business
Course
BUS 346
Professor
Jason Varley
Semester
Spring

Description
 Marketing research is a prerequisite of successful decision making. o A set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services, or ideas. The Marketing Research Process 1. Will the research be useful; will it provide insights beyond what the managers already know and reduce uncertainty associated with the project? 2. Second, is top management committed to the project and willing to abide by the results of the research? 3. Third, should the marketing research project be small or large?  Marketing Research Process Step 1: Defining the Objectives and Research Needs o Marketers must clearly define the objectives of their marketing research project. o Researchers assess the value of a project through a careful comparison of the benefits of answering some of their questions and the costs associated with conducting the research  Marketing Research Process Step 2: Designing the Research o Researchers identify the type of data needed and determine the research necessary to collect them.  Marketing Research Process Step 3: Collecting the Data o Secondary data: Pieces of information that have already been collected from other sources and usually are readily available. o Primary data: Data collected to address specific research needs. o Researchers must choose a group of customers who represent the customers of interest, or a sample, and then generalize their opinions to describe all customers with the same characteristics.  Sample: A group of customers who represent the customers of interest in a research study.  Marketing Research Process Step 4: Analyzing the data and developing insights o Analyzing and interpreting the data should be both thorough and methodical.  Data: raw numbers or facts  Information: Organized, analyzed, interpreted data that offer value to marketers.  Marketing Research Process Step 5: Developing and Implementing an Action Plan o The analyst prepares the results and presents them to the appropriate decision makers, who undertake appropriate marketing strategies.  A typical marketing research presentation includes an executive summary, the body of the report (which discusses the research objectives, methodology used, and detailed findings), the conclusions, the limitations, and appropriate supplemental tables, figures, and appendixes. Secondary Data  Secondary data might come from free or very inexpensive external sources such as census data, information from trade associations, and reports published in magazines. o Although readily accessible, these inexpensive sources may not be specific or timely enough to solve the marketer’s research needs and objectives. o Firms also can purchase more specific or applicable secondary data from specialized research firms. o Finally, secondary sources can be accessed through internal sources, including the company’s sales invoices, customer lists, and other reports generated by the company itself.  Inexpensive External Secondary Data o Often, however, inexpensive data sources are not adequate to meet researchers’ needs. Because the data initially were acquired for some purpose other than the research question at hand  Syndicated External Secondary Data o Syndicated data: Data available for a fee from commercial research firms such as Information Resources Inc. (IRI), National Purchase Diary Panel, and Nielsen. o Scanner data: A type of syndicated external secondary data used in quantitative research that is obtained from scanner readings of UPC codes at check-out counters. o Panel data: Information collected from a group of consumers. o both panel and scanner data, as well as their more advanced iterations gathered through social media and online usage patterns, provide firms with a comprehensive picture of what consumers are buying or not buying. The key difference between scanner research and panel research is how the data are aggregated.  Internal Secondary Data o Customer information & purchase history o Data warehouses: Large computer files that store millions and even billions of pieces of individual data. o Data mining uses a variety of statistical analysis tools to uncover previously unknown patterns in the data or relationships among variables.  Data mining: The use of a variety of statistical analysis tools to uncover previously unknown patterns in the data stored in databases or relationships among variables.  By mining customer data and information, the company also reduces its churn levels.  Churn: The number of consumers who stop using a product or service, divided by the average number of consumers of that product or service.  The company can focus on what it does best. Overall,
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