New Paradigm for Marketing Research in the Information Age Doug, Justin, Matt, Rhette Introduction u Feature, Function, Benefit of Service to Firm, Market and Culture u Identification of Internal and External Customers u Comparative and Competitive Advantage u SWOT Analysis u Financial Opportunities u Human Resource/Workforce & Customer Service Concerns u Role of Advertising, Promotions and Channel Partners u Externalities Positive and Negative Function of Marketing Research in the Information Age ∑ Marketing Research is a combination of Market Research, Product Research and Advertising Research ∑ Market ResearchExamines the business environment. Evaluates the overall market, including economic trends and supply/demand curves ∑ Product Research Evaluates what products can practically be produced and what products already produced should continue production ∑ Advertising Research Designed to improve the efficiency of advertising. Forms of Market Research ∑ Market Research is accomplished through many different techniques which include: ∑ Ad tracking ∑ Advertising research ∑ Brand name testing ∑ Consumer decision process research ∑ Consumer satisfaction studies ∑ Demand estimation ∑ Mystery shopping ∑ Price elasticity testing ∑ Test Marketing Market Research Methods ∑ Qualitative Marketing Research ∑ Used to evaluate the usefulness, effectiveness and practicality of a product or service in a small controlled environment ∑ Quantitative Marketing Research ∑ Used to draw conclusions for a specific question. Typically involves random sampling and very large numbers of respondents. Surveys and questionnaires are common examples ∑ Ethnographic Studies ∑ Researcher observes society in its own setting ∑ Product-use analysis and computer cookie traces ∑ Experimental Techniques ∑ Researcher creates an artificial environment to manipulate specific factors and concentrate on one variable. ∑ Purchase laboratories and test markets Benefits/Consequences of Marketing Research u To the Firm u Business benefit from market research in many ways u Determine which products are being sold and what products may continue to sell u Determine what advertising techniques are effective u Identifies the elasticity of demand for a given product u Allow for feedback from the consumer in an indirect and controlled environment u To the Market u Promotes healthy competition u Evaluates the effectiveness of advertising techniques in the market as a whole u Determines the overall status of the market, including supply and demand curves u Evaluates the status of various products selling to the same market (inferior and superior goods) u To the Culture/Consumer u Allows the consumer to respond, typically anonymously with complaints and praises u Allows the company to target you directly through advertising research u Prices are decreased to do increased competitive forces Identification of Internal and External Customers u Internal Customers u Issues with Internal Customers u Communication u Importance u Criteria for Identification u Three issues concerning internal customers u Recognizing the importance of serving internal customers u Communication u Structured approach to internal customers
Companies use marketing research to identify problems or opportunities that they might encounter. Organizations may also use marketing research to identify their strengths and weaknesses, and certain trends that are forming in their market. H&R Block is a tax service company that prepares state and federal taxes for individual customers and small to mid-size companies (H&R Block, 2010). This company has defined their marketing research and has different types of marketing research techniques it uses. Furthermore, there are other types of H&R Block’s marketing research techniques that would be beneficial to if they were implemented correctly.
These data affect the consumer decision-making process through alternative evaluation, the consumer compares the different choices to best meet their individuals need. The consumer decides the criteria for judging the alternative products or services by evaluative criteria. Consumers use tangible and intangible criteria, and when evaluating alternatives, determine qualities that are important and evaluate the alternatives.
By application- The product or the brand are positioned as the best solution for a particular task or use.
as this helped the business in identifying the needs of the consumers in the market and has given the business with information which will help the business to ensure that there product is able to meet the consumers requirements and be successful in the market and helps the business to offer a better product than the competitor in the
...whole process (Cooke & Slack, 1991). For example, a manager expects to sell one hundred units of products with the gaining of ten thousand dollars profit but he fails to do so at the last. So, the manager shall redefine the problems. Lunenburg (2010) recommends that decision making process is constant and never ending. Evaluation of the outcome can be measured base on the satisfaction and dissatisfaction level of customers (Solomon & Stuart, 2000). Manager also can provide questionnaires to customers for the products’ evaluations. From those questionnaires, the customers’ points of view about their expectations after using the products like quality, attributes, functions and benefits of the products can be seen and referred. Once the decision making is carried out effectively and efficiently by the manager, the decision making process just can be considered as done.
Marketing research helps keep companies up to par with current market trends and can also keep a competitive edge. Market research helps lead to understanding your target market and can increase sales, and or reach more of an audience. The whole idea is to help identify potential customers and understand what your current existing customers want and or need. This is great for any business to also identify and opportunities that may be in their market, and examine and solve a particular problems that they may currently be seeing with their products.
As part of my marketing mix I plan to use market research for aspects such as pricing, promotion, and distribution.
One must look at the economic environment and how it will affect the launch of the product. One must look at:
Moreover, product and service evaluation forms will be distributed to customers. MISS will get to know its customers’ problems of wearing our product, needs and wants through the evaluation forms to improve its performance. Thus the existence customer can be maintained and more new customer will be attracted.
Products must be ensured to meet the needs of customers in terms of Appearance, Function, and Cost. Products should be conveniently available for customers to
...thering information and research. A market researcher’s goal is to effectively practice and use research methods, collect data, and analyze feedback for meaningful interpretation. Companies that utilize the benefits of research and best understand their customers are likely to sell more products or services. The data collected is useful for the decision making process to achieve company objectives, problems, and goals. Simply put, research tools help a company move forward to market themselves successfully for the long term.
According to the text, marketing research is defined by the American Marketing Association as "The systematic gathering, recording, and analyzing of data with respect to a particular market, where market refers to a specific customer group in a specific geographic area" (McDaniel & Gates, pg. 6). Marketing research serves two basic functions; first to provide data and insight to a company's decision makers and second to use the data to determine new opportunities for a company (McDaniel & Gates, pg. 6). Through the years, Marriott has used market research for opportunities to expand its brands. In the 1980's Marriott identified an opportunity to expand its target market a...
These days, if one wants to know how a given product might perform in a market, what
Briefly it is a systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company, allows management to make the changes necessary for better results through adopting a proactive approach. Therefore, if a company wants to know what type of products or services would be profitable it should make a market research. Furthermore, a comprehensive research will enable the company to know about the product imperfections (if there are) and to know if it has been able to satisfy customers’ needs. It attempts to provide accurate information that reflects a true state of affairs. Due to market research the company can formulate a viable marketing plan and estimate the success of its existing plan. There are two main sources of marketing research information:
Once the market research data is compiled, it is then evaluated and upon which recommendations and conclusions about are drawn. This includes how the design of the product would look like, its price, initial niche markets, etc.