Marketing Research and Information System, Schemes and Mind Maps of Marketing

Download Marketing Research and Information System and more Schemes and Mind Maps Marketing in PDF only on Docsity! Marketing Research and Information System CHAPTER 4 Devy Schonfeld Housekeeping Turn off your cell phones an put them away. If you anticipate an emergency please let me know. Please put out your name cards  I will be updating the syllabus this weekend; Assignment 1 is due March 10th  I am available for office hours!  What is Marketing Research, why is it important?  Systematic design, collection, interpretation, and reporting of information – To help marketers solve specific marketing problems they do not know. – Take advantage of marketing opportunities.  Increases the firm's ability to make informed decisions and respond to customer needs – Better understand market opportunities. – Ascertain new products' potential for success. – Determine feasibility of a marketing strategy. – Reduce time-to-market and lower costs. Market research is expensive and time consuming!  Weigh the costs and benefits of collecting the data – Will it really give you the information you seek? – Will it improve your result? • Make the product better? • Better satisfy a customer need? – Is the information available freely somewhere else? – Can you afford the time? – Is it the best use of your money? –Most people don’t do it enough! What is held every 10 years in the US as required by the Constitution and yields crucial data for marketers? It is also FREE!  http://factfinder2.census.gov/faces/nav/jsf /pages/index.xhtml Examples of when to use Exploratory Research  Should Six Flags open a theme park in San Fernando Valley?  Why don’t LAMC students use the library more? Exploratory research is typically done in the very early phase of a research study, and can provide information to let you know if you should continue further… Conclusive Research  Designed to verify insights through an objective procedure to help marketers make decisions  Used in the final stages of decision making  Studies are: – Quantitative – Formal – Specific Examples of when to use conclusive research  Six Flags decides that San Fernando is a good location to expand – Where exactly? – How big? – What menu items to offer? – What hours to open? – How many people can we expect the first year? Conclusive research is typically done in later phase of a research study, and is usually numerical…. What is a Hypothesis? A hypothesis is a proposed statement made on the basis of limited evidence that can be proved or disproved and is used as a starting point for further investigation. Let’s break that down: It is a proposed statement. A hypothesis is not fact, and should not be argued as right or wrong until it is tested and proven one way or the other. It is made on the basis of limited (but hopefully some) evidence. Your hypothesis should be informed by as much knowledge as you have. This should include data that you have gathered, any research you have done, and the analysis of the current problems you have performed. It can be proved or disproved. A hypothesis pretty much says, “I think by making this change, it will cause this effect.” So, based on your results, you should be able to say “this is true” or “this is false.” It is used as a starting point for further investigation. The key word here is starting point. Your hypothesis should be formed and agreed upon before you make any wireframes or designs as it is what guides the design of your test. It helps you focus on what elements to change, how to change them, and which to leave alone. Sample Hypothesis 1. Not asking for a phone number on registration forms will increase registrations. 2. If I give out more candy during this class less students will not fall asleep. 3. If I don’t give any quizzes or assignments fewer students will drop this class 4. Reducing the number of parking spaces will force students to use public transportation or car pool. 5. Dropping the price will increase unit sales 6. Advertising more will increase foot traffic Let’s Do Some Market Research! The Marketing 21 Class has been charged with finding out if LAMC should offer a shuttle service for students. Collecting Data Helps prove or disprove the research hypothesis  Observed and recorded or collected directly from respondents by you!  Collected to address a specific problem that cannot be answered by secondary data alone PRIMARY DATA  Gives cheap, fast information  Can help frame research question and/or validate primary data  Already collected by someone else. SECONDARY DATA Methods of Collecting Primary Data Sampling Survey Methods Observation How do we select our sample size? What information do you need? How would you choose or exclude? Table 4.3: Comparison of the Four Basic Survey Methods (page 97) Questionnaire Construction  Questions should be: – Clear – Easy to understand – Directed toward a specific objective – Designed to elicit information that meets the study’s data requirements – Impartial – Carefully worded so as not to offend respondents Question Types If LAMC were to offer a shuttle how would it work to best serve you? (please describe) ______________________ ______________________ ______________________ OPEN-ENDED QUESTION DICHOTOMOUS QUESTION Would you consider using and LAMC Shuttle? YES NO MULTIPLE-CHOICE QUESTION Where do you live? Within 5 miles Between 5-10 miles More than 10 miles Interpreting Research Findings  Analyze the data – Statistical interpretation: Focuses on what is typical and what deviates from the average  Analysis of data may lead researchers to accept or reject their hypothesis  Did you answer the question you set out to answer? Reporting Research Findings  PRESENTATION IS KEY!!!!!!  Prepare a formal, written document  Determine level of detail  Clear and objective presentation  Consider the intended audience  Point out deficiencies in the data  GIVE RECOMMENDATION FIRST, THEN DIVE INTO THE DETAILS. Online Resources Abound!  Survey Monkey – What it is: online survey tool – www.surveymonkey.com  Doodle Poll – Helps with scheduling – http://doodle.com  Jooners – Creates sign-up sheets – http://www.jooners.com/  Google Plus Hangouts – Can be used for focus groups – https://plus.google.com/hango uts  Kickstarter.com – Crowdfund your project  Facebook Groups – Three options, public, closed, secret  Glassdoor.com and LinkedIn.com – How much should you pay for a job? – How to interview – Who can you hire?  Biz Stats – What it is: Gives you information about companies of similar size in your industry – www.bizstat.com  Zoom Prospector – Helps companies choose the best locations for their facilities based on market data provided by a network of communities. – www.zoomprospector.com