Marketing information and research

Marketing Information and Research

Chapter 5

WHAT IS MARKET RESEARCH?

WHY IS MARKET RESEARCHIMPORTANT?

TERMS TO KNOW:

AnalysisExperimentsFocus GroupInputOutputMarketing ResearchObservation

SurveyTest MarketRandom SamplingSampleSimulationsStoragePrimary DataSecondary Data

Consumer Differences

Page 122All consumers have different needs and wants. How can business best meet the unique needs and wants of different market segments?

How do fast food restaurants meets unique needs/wants of customers?

Expanding ChoicesPage 122-123Consumers have many more choices of products and services, and much more information about those choices, so their decisions are more informed.

When was a time that you were overwhelmed with too many choices?Or not enough choices?

CompetitionPage 123More and more intense. Gather info about competitors products/services to determine strengths and weaknesses.

How are you going to make sure your products stands out among competition?

Approaches to Planning

Page 124-125Read – Approaches to Planning

• How will each of the companies decide whether to make designs to use for the next year?

• Which of the companies do you believe will make decision that are most likely to be successful?

• What is the biggest difference in the way the companies make decisions?

Categories of Information

Page 125

ConsumersMarketing Mix

Business Environment

1. See problemPage 136-138

TERM - Marketing ResearchA. Define the problem.B. Analyze the situation.C. Develop a Data-Collection Procedure.• Primary Data• Secondary Data

2. Gather Information

Page 138-140

A. Select the participants.• Sample• Random Sampling

B. Collect the data.C. Analyze the data.D. Prepare the results.

3. Propose a SolutionPage 140-142

A. Research ReportsB. Presenting Research ResultsC. When to use Marketing Research

Collecting Primary Data

Page 144-149

A. Conducting Surveys• Survey• Focus group

B. Making Observations• Observation

C. Performing Experiments• Experiments

True of False

Focus groups can be composed of participants who are experts on the topic rather than a random

sample of the population.

True of False

TRUE

True of False

Marketing research helps businesses that are involved in

international competition.

True of False

TRUE

True of False

Surveys should only ask questions that are needed to accomplish the

objectives of the research.

True of False

TRUE

True of False

Whether or not to use marketing research depends solely on its

cost.

True of False

FALSE

True of False

The most precise and objective information about a potential market segment is obtained

through focus groups.

True of False

FALSE

True of False

A great deal can be learned about purchase behavior by observing

consumers.

True of False

TRUE

True of False

Secondary data is usually less expensive to obtain than primary

data.

True of False

TRUE