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
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.
Marketing research has become a very important part of small businesses and large corporations gaining information about their customers and how they feel about their products and services. According to Philip Kotler, "Marketing research is systematic problem analysis, model building and fact-finding for the purpose of improved decision-king and control in the marketing of goods and services (Kotler & Keller, 2012)”. The initial step in the marketing process is to identify the problem the company is having and then decide the way the marketing team would like to conduct the research. The marketing team will devise a plan on how to gather the information and set a budget for the research project. In the planning of how they will conduct the
(3) Comparing the results of the tests with the description of the client’s behaviour (e.g. good auditory com...
Research and development is a very important aspect of this industry and it is very draining on a company's funds. Great emphasis is also placed on product placement and marketing. Though these products are usually marketed towards industry professionals such as doctors and hospital management.
For instance, Primark 's products offer customers clothing as a base product, of witch actual benefits are being to be cheap and trendy, and they may have some return policy as augmented benefit in case of defects. Each product may be realised following a new product development process to improve its success rate (Harris and Schaefer, 2015, p.43-47).
There are so many marketing techniques that companies use in today’s world. There are also many competitions that companies face because of the advancement of marketing and different kind of brands. Old spice does a great job advertising and campaigning by using classical conditioning. Old Spice is an American brand that males use for grooming, they do a great job marketing the product and presenting them to consumers. Classical conditioning is when theorists teach either animal or human certain behaviors passively through repetition. After the theorist teach the animals, the theorist measure and see what the response. One of the most important thing about classical conditioning is to see something repetitively, and learning how to behave. Old Spice uses classical conditioning to influence consumers’ attitude because it shows the commercials repetitively. Classical conditioning also involves unconditioned stimulus, conditioned stimulus, conditioned and unconditioned response. Old spice’s commercials have everything included. Response campaign was a huge success because it involved everyone; it included mass media such as TV, print and digital ads.
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.
Market research assists a company to determine the best media outlets to place their advertisements. For instance, a youth-based market may prefer an online advertisement while older customers may opt for radio stations and television adverts.
...product that suits that needs of the customer is part of the planning process. To do this, customer needs can be speculated and then an information gathering plan is developed and then the information is gathered. The results should be analyzed and checked for validity. Based on the conclusions, the product changes can be made. Customer feedback can also be used to make product improvements.
Marketing is not a static construct, but it grows and develops over time to become what is known as marketing today. “The marketing revolution divides neatly into four separate eras’, eras’ which parallel rather closely the classic pattern of development in the marketing revolution.” (Keith, 1960). The first of these 4 eras was until the 1930’s and was production and profit orientated, and are considered to be outdated. During this era “the new product decision was product oriented not marketing orientated.” (Keith, 1960). “The second era was a sales oriented era, whereby marketing was seen as a series of activities designed to produce profit through ascertaining, creating, stimulating, and satisfying the needs/wants of a selected segment of the market.” (Eldridge, 1970, p. 4). The 3rd and 4th eras are a representation of what
By application- The product or the brand are positioned as the best solution for a particular task or use.
Marketing Analysis is “the study and evaluation of market trends. The goal is to determine what products a company should produce and how to sell them. Business strategies and tactics
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:
...cular market. Companies that conduct market research normally save a lot of money by understanding what type of product or service is needed, other than entering the market blindly without knowing what to expect.
One must look at the economic environment and how it will affect the launch of the product. One must look at: