Introduction to Marketing

Transcription

1 Introduction to Marketing Theocharis Katranis Spring Semester

2 Today s Lecture 1. We will explain the importance of information in gaining insights about the marketplace and customers. 2. We will define the marketing information system and discuss its parts. 3. We will outline the steps in the marketing research process. 4. We will explain how companies analyze and use marketing information. 5. We will discuss the special issues some marketing researchers face, including public policy and ethics issues.

3 Marketing Information System (MIS) MIS consists of People and Procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights. 3

4 Assessing Marketing Information Needs The company must also take into consideration the COSTS of Obtaining, Analyzing, Storing and Delivering Information not only to the company itself but also to external partners like suppliers and resellers. 4

5 Developing Marketing Information It is the real challenge to find the right information from Inside and Outside Sources and to turn it into customer insights. 5

6 Developing Marketing Information Marketers can obtain information by : 1. Internal Data 2. Marketing Intelligence 3. Marketing Research 6

7 Internal Data Electronic collections of consumer and market information obtained from data sources within the company network i.e. 7 Information from : - Marketing Dept. (customer transactions, demographics, psychographics and buying behavior - Service Dept. - Accounting Dept - Operations Dept - Sales Dept

8 2. Marketing Intelligence It is the systematic collection and analysis of publicly available information about consumers, competitors and developments in the marketing environment. Information from : - Competitors Annual Reports, Business Publications, Trade Show Exhibits, Press Releases,Advertisements and Web pages. - Company Executives, Engineers, Scientists, Purchasing Agents, Sales force (Within the company) 8

9 3. Marketing Research It is the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization. It can help marketers to assess market potential and market share or to measure the effectiveness of pricing, product, distribution and promotion activities. 9

10 The Market Research Process Defining the problem and Research Objectives Developing the research plan for collecting information Implementing the research plan collecting and analyzing the data Interpreting and reporting the findings 10

11 Types of Research Objectives 1. The Objective of Exploratory Research The marketing research is to gather preliminary information that will help define the problem and suggest hypotheses. 11

12 Types of Research Objectives 2. The Objective of Descriptive Research The marketing research is to better describe marketing problems, situations or markets, such as the market potential for a product or the demographics and attitudes of consumers. 12

13 Types of Research Objectives 3. The Objective of Causal Research The marketing research is to test hypotheses about cause-and-effect relationships. 13

14 Developing the Research Plan The Research Plan outlines sources of existing data and spells out the specific research approaches, contact methods, sampling plans and instruments that researches will use to gather new data. 14

15 Gathering Secondary Data Secondary Data are information that already exists somewhere, having been collected for another purpose. -Companies can buy secondary data reports from outside suppliers i.e. Research companies -Companies can use commercial online databases. -Companies can use Web Search Engines i.e. Yahoo, Google. 15

16 Primary Data Collection 1. Observational Research 2. Survey Research 3. Experimental Research 16

17 1. Observational Research It is the research by gathering primary data by observing relevant people, actions and situations. 17

18 2. Survey Research It is the research by gathering primary data by asking people questions about their knowledge, attitudes, preferences and buying behavior. 18

19 3. Experimental Research It is the research by gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors and checking for differences in group responses. 19

20 Methods of Collecting Information 1. Mail 2. Telephone 3. Personal Interviews 4. Online 20

21 Implementing the Research Plan This involves Collecting, Processing and Analyzing the Information. Researches should watch closely to make sure that the plan is implemented correctly. Researches need to CHECK data for Accuracy and Completeness and code it for Analysis. 21

22 Interpreting and Reporting the Findings The Researcher should only present important findings and insights that are useful in the major decisions faced by management. Researchers and Managers must work together closely when interpreting research results and both must share the responsibility for the research process and resulting decisions. 22

23 Other Marketing Research Considerations 1. Marketing Research in Small Businesses and. Non-profit Organizations 2. International Marketing Research 3. Public Policy and Ethics in Marketing Research 23

24 Marketing Research in Small Businesses and Non-profit Organizations Many of the Marketing Research techniques can be used by smaller Organizations in a less format manner and at little or no expense i.e. by observation, surveys and secondary data available to large businesses. 24

25 International Marketing Research International Researchers deal with Diverse markets in many Different countries. International markets vary greatly in their levels of Economic Development, Cultures and Customs, and Buying Patterns. 25

26 Main Difficulties that International Researchers Face A. Finding good and reliable Secondary Data B. Language C. Questionnaire Preparation D. Consumers Reactions to Marketing Research 26

27 Ethics in Marketing Research 1. Intrusions on Consumer Privacy - Inconvenient Call Times - Fear of their private information/answers to be given to the public Consumers believe that companies try to sell to them their products through the research. Because of that, most of the times, consumers refuse to participate in the research. 27

28 Ethics in Marketing Research 2. Misuse of Research Findings Companies often use study results as claims in their advertising and promotion. Each Company must accept responsibility for policing the conduct and reporting of its own marketing research to protect consumers best interests and its own. 28

29 Summary - Lecture 3 1. We explained the importance of information in gaining insights about the marketplace and customers. 2. We defined the marketing information system and discuss its parts. 3. We outlined the steps in the marketing research process. 4. We explained how companies analyze and use marketing information. 5. We discussed the special issues some marketing researchers face, including public policy and ethics issues.

30 Chapters 3 and 4 END of Lecture 3 Thank you for your attention 30