Journal Entry Journal Entry “ “ Consumers accept only ____out Consumers accept only ____out of every 10 new products of every 10 new products introduced into the introduced into the marketplace. Why do you think marketplace. Why do you think this is?” this is?”
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Journal Entry “Consumers accept only ____out of every 10 new products introduced into the marketplace. Why do you think this is?”
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Journal EntryJournal Entry
““Consumers accept only ____out of Consumers accept only ____out of every 10 new products introduced every 10 new products introduced into the marketplace. Why do you into the marketplace. Why do you
think this is?” think this is?”
Key Terms and Main IdeasKey Terms and Main Ideas
Terms:Terms: Marketing ResearchMarketing Research
Marketing Marketing Information Information ManagementManagement
Database marketingDatabase marketing
DatabaseDatabase
Essential Questions?Essential Questions? Purpose of MRPurpose of MR
Purpose of Marketing Purpose of Marketing Information SystemInformation System
Procedures for Procedures for gathering gathering information using information using technologytechnology
Customer __________to Customer __________to another product another product
Inferior __________Inferior __________
Poor____________Poor____________
Misleading / ____ nameMisleading / ____ name
High priceHigh price
Unclear image of Unclear image of the products’ the products’ intended use intended use
What is Marketing What is Marketing Research?Research?
Involves marketing function that Involves marketing function that links____________,_____________, & public to the links____________,_____________, & public to the marketer through informationmarketer through information
Gathering,___________, & ___________of information Gathering,___________, & ___________of information about problems related to marketing about problems related to marketing
Why should MR matter to us as Why should MR matter to us as marketers?marketers?
To obtain To obtain information about:information about:
*_____________*_____________
*_____________*_____________
*_____________*_____________
*_____________*_____________
*& plans of potential *& plans of potential customers…ANDcustomers…AND
What can MR do?What can MR do? Determine what Determine what
customers________customers________
Minimize _________when Minimize _________when introducing a new introducing a new productproduct
Increase _______/profitsIncrease _______/profits
Solve problemsSolve problems
______________________
http://www.leancuisine.com/ProductBuzz/
Example=StouffersExample=Stouffers
Almost 13 years of MR to Almost 13 years of MR to develop Lean Cuisine develop Lean Cuisine product lineproduct line
Studied trends in Studied trends in health/dietinghealth/dieting
Success of $125 million in Success of $125 million in sales after the first year sales after the first year of national distributionof national distribution
Who uses MR?Who uses MR? _____businesses_____businesses
_____businesses_____businesses
______for profits______for profits
GovernmentGovernment
Entertainment BusinessEntertainment Business
Financial ServicesFinancial Services
Marketing Information System
• Set of _______& ___________that___________,___________, analyzes, & distributes marketing information used in making decisions
What’s included in a marketing information system?
• ________ records– sales, expenses, supplier data
• __________ records- such as prices, products, locations, market share
• Customer data– buying behavior, shopping patterns, demographics, lifestyles research