New Paradigm For Marketing Research In The Information Age

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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 Research—Examines 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
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