CHAPTER Day 13 BUS 222 Agenda • Questions • Quiz 2 Corrected – 1 A+, 8 A’s, 3 B’s, 3 C’s and 2 D’s • Quiz 3 will be on March 19 (one week) – Chaps 8 & 9 – 10 M/c , 30 Min. + extra credit question • Assignment 3 not Corrected yet – This afternoon or tomorrow (I hope) • Assignment 4 Posted – Due March 15 (next class) – Marketing Assignment 4.pdf • Discussion on Marketing Research Ch 1 -2 Check Yourself 1. What are the various segmentation methods? (6) Check Yourself 1. What is a perceptual map? 2. Identify the five positioning steps. Positioning Steps 1. Determine consumers’ perceptions and evaluations in relation to competitors’. 2. Identify competitors’ positions 3. Determine consumer preferences. 4. Select the position. 5. Monitor the positioning strategy. Perceptual Maps CHAPTER MARKETING RESEARCH McGraw-Hill/Irwin 09 Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Marketing Research LEARNING OBJECTIVES LO1 Identify the five steps in the marketing research process. LO2 Summarize the differences between secondary data and primary data. LO3 Describe the various internal and external secondary data sources. LO4 Describe the various primary data collection techniques. LO5 Examine the circumstances under which collecting information on consumers is ethical. Domino’s Domino’s Turn Around Courtesy Domino’s Pizza, LLC McDonald’s Makeover Market Research Outcome • What might have Chef Boyardee learned in research to design this product and this print ad? Ad Courtesy of ConAgra Foods Marketing Research Collecting Recording Analyzing Interpreting Decision Making What Would You Do? Meet Aaron, a marketing researcher: • • He has just finished giving a successful presentation to a major client. The client has asked for a list of companies that participated in the study and copies of all the completed surveys. Ryan McVay/Getty Images CASRO Website The Marketing Research Process Step 1: Defining the Objectives and Research Needs What information is needed to answer specific research questions? How should that information be obtained? Step 2: Designing the Research Type of data Type of research Step 3: Data Collection Process Secondary data Primary data External Secondary Data Syndicated Data External Secondary Data Scanner Research Information Resources, Inc. AC Nielsen Courtesy The Nielsen Co What if I reduce my price by 10%? IRI Website External Secondary Data Panel Research Group of consumers Survey or sales receipts ©BananaStock/PunchStock What are they buying or not buying? Flying Colours Ltd/Getty Images Internal Secondary Data Data Warehouse Data Mining Check Yourself 1. What is the difference between internal and external secondary research? Check Yourself 1. What is the difference between internal and external secondary research? Step 3: Data Collection Techniques Using Exploratory Research Stockbyte/Getty Images How can a firm use exploratory research to uncover consumers’ attitudes toward their product/service? Conclusive Research Methods Can be either: Descriptive Experimental Steve Cole/Getty Images Photodisc Collection/Getty Images Data Collection Techniques Exploratory Methods Observation Social Media In-depth interview Focus group Describing the benefits • How could Ziploc use exploratory research to design this ad? SC Johnson Co Check Yourself 1. What are the types of exploratory research? Data Collection Techniques Conclusive Research Methods Experiments Survey Scanner Panel Survey Research • Response rates are relatively high (3035%) • Respondents may lie less • It is inexpensive • Results are processed and received quickly • http://www.surveymo nkey.com/ Simon Fell/Getty Images Web Surveying Using Web Surveying The McGraw-Hill Companies, Inc/ John Flournoy, photographer How do firms successfully use web surveying? http://bizrateinsights.com/ Experimental Research AP Photo/Mary Altaffer Advantages and Disadvantages of Secondary and Primary Data Check Yourself 1. What are the types of conclusive research? 2. What are the advantages and disadvantages of primary and secondary research? ©Getty Images Step 4: Analyzing Data and Developing Insights Converting data into information to explain, predict and/or evaluate a particular situation. Step 5: Action Plan and Implementation Executive Summary Body Conclusions Limitations Digital Vision/Getty Images Supplements including tables, figures, appendices Check Yourself 1. What are the (5) steps in the marketing research process? 2. What is the difference between data and information? The Ethics of Using Customer Information Strong ethical orientation Adhere to ethical practices Check Yourself 1. Under what circumstances is it ethical to use consumer information in marketing research?