ZeePedia buy college essays online


Principles of Marketing

<<< Previous THE MARKETING RESEARCH PROCESS:Developing the Research Plan, Research Approaches Next >>>
 
img
Principles of Marketing ­ MGT301
VU
Lesson ­ 12
Lesson overview and learning objectives:
In last Lesson we discussed the marketing information system. Today's Lesson Outlines the
marketing research process, including defining the problem and research objectives and developing
the research plan. We will also discuss the key issues of planning primary data collection,
implementing the research plan and interpreting and reporting the findings.
So our today's topics are:
A. THE MARKETING RESEARCH PROCESS:
a. Marketing Research an Introduction:
Every marketer needs marketing research, and most large companies have their own marketing
research departments. Marketing research involves a four-step process. The first step consists of
the manager and researcher carefully defining the problem and setting the research objectives. The
objective may be exploratory, descriptive, or causal. The second step consists of developing the
research plan for collecting data from primary and secondary sources. Primary data collection calls
for choosing a research approach (observation, survey, experiment); choosing a contact method
(mail, telephone, personal); designing a sampling plan (whom to survey, how many to survey, and
how to choose them); and developing research instruments (questionnaire, mechanical). The third
step consists of implementing the marketing research plan by collecting, processing, and analyzing
the information. The fourth step consists of interpreting and reporting the findings. Further
information analysis helps marketing managers to apply the information and provides advanced
statistical procedures and models to develop more rigorous findings from the information.
Some marketers face special marketing research considerations, such as conducting research in
small-business, non-profit, or international situations.  Marketing research can be conducted
effectively by small organizations with small budgets. International marketing researchers follow
the same steps as domestic researchers but often face more challenging problems.
All
organizations need to understand the major public policy and ethics issues surrounding marketing
research.
b. Uses & Application of Research in Marketing:
Decision-making is crucial process in all types of the organization. This decision-making requires
then information that is collected and acquired through the marketing research process this
information can be regarding customers companies or competitor or the other environmental
factors. Major uses of the marketing research in the organizations are as following:
Measurement of market potential.
Analysis of market share.
Determination of market characteristics
Sales analysis.
Product testing.
Forecasting.
Studies of business trends
Studies of competitors' products.
54
img
Principles of Marketing ­ MGT301
VU
c. THE MARKETING RESEARCH PROCESS
Before  researcher  can
provide  managers  with
information,  they  must
1.. Probllem Deffiiniittiion and tthe
1 Prob em De n on and he
know  what  kind  of
Research Objjecttiives
Research Ob ec ves
problem  the  manager
wishes to solve. Marketing
research
process
has
2.. Devellopiing tthe Research Pllan
2 Deve op ng he Research P an
following steps:
1. Defining
the
problem
and
3.. IImpllementtattiion
research objectives
3 mp emen a on
2. Developing
the
research plan,
3. Implementing  the
4.. IIntterprettattiion and Reporttiing
4 n erpre a on and Repor ng
research plan, and
off Fiindiings
o F nd ngs
4. Interpreting
and
reporting
the
findings.
Now we will discuss these steps in detail:
Step 1 Defining the Problem and Research Objectives
The marketing manager and the researcher must work closely together to define the problem
carefully and agree on the research objectives. Marketing managers must know enough about
marketing research to help in the planning and to interpret research results. Defining the problem
and research objectives is often the hardest step in the process. After the problem has been defined
carefully, the manager and researcher must set the research objectives. The three general types of
objectives are:
1). Exploratory research where the objective is to gather preliminary information  that
will help to better define problems and suggest hypotheses for their solution.
2). Descriptive research is where the intent is to describe things such as the market
potential for a product or the demographics and attitudes of customers who buy the product.
3). Casual research is research to test hypotheses about cause-and-effect relationships.
The statement of the problem and research objectives will guide the entire research process. It is
always best to put the problem and research objectives statements in writing so agreement can be
reached and everyone knows the direction of the research effort.
Step 2  Developing the Research Plan
In developing the research plan, the attempt is to determine the information needed  (outline
sources of secondary data), develop a plan for gathering it efficiently, and presenting the plan to
marketing management.  The plan spells out specific research approaches, contact methods,
sampling plans, and instruments that researchers will use to gather new data. The firm should
know what data already  exists before the process of collecting new data begins. The steps that
should be followed are. Developing the research plan involves all of the following:
1.
Determining Specific Information Needs
2.
Gathering Secondary Information
3.
Planning Primary Data Collection
55
img
Principles of Marketing ­ MGT301
VU
1). Determine specific information needs. In this step research objectives are translated
into specific information needs. For example, determine the demographic, economic, and lifestyle
characteristics of a target audience.
2). Gathering secondary information.
a).  Secondary data is information that already exists somewhere, having been
collected for another purpose. Sources of secondary data include both internal and external
sources. Companies can buy secondary data reports from outside suppliers (i.e., commercial data
sources).
Information can be obtained by using commercial online databases.  Examples include
CompuServe, Dialog, and Lexis-Nexus. Many of these sources are free. Advantages of secondary
data include:
1. It can usually be obtained more quickly and at a lower cost than primary data.
2. Sometimes data can be provided that an individual company could not collect on its own.
Some problems with collecting secondary data include:
1. The needed information might not exist.
2. Even if the data is found, it might not be useable.
3. The researcher must evaluate secondary information to make certain it is relevant,
accurate, current, and impartial. Secondary data is a good starting point; however, the company will
often have to collect primary data.
b). Primary data is information collected for the specific purpose at hand.
Planning Primary Data Collection. A plan for primary data collection calls for a number of
decisions on research approaches, contact methods, sampling plans, and research instruments.
Research Approaches:
a). Research approaches can be listed as:
1.
Observational research where information is gained by observing relevant
people, actions, and situations.  However, some things such as feelings,
attitudes, motives, and private behavior cannot be observed. Mechanical
observation can be obtained through single source data systems. This is
where electronic monitoring systems link consumers' exposure to television
advertising and promotion (measured using television meters) with what they
buy in stores (measured using store checkout scanners).  Observational
research can be used to obtain information that people are unwilling or
unable to provide.
2. Survey research is the gathering of primary data by asking people questions
about their knowledge, attitudes, preferences, and buying behavior. Survey research is best suited
for gathering descriptive information. Survey research is the most widely used form of primary
data collection The major advantage of this approach is flexibility while the disadvantages include
the respondent being unwilling to respond, giving inaccurate answers, or unwilling to spend the
time to answer.
3. Experimental research involves the gathering of primary data by selecting
matched groups of subjects, giving them different treatments, controlling related factors, and
checking for differences in-group responses. This form of research tries to explain cause-and-
effect relationships. Observation and surveys may be used to collect information in experimental
research. This form is best used for causal information.
56
Table of Contents:
  1. PRINCIPLES OF MARKETING:Introduction of Marketing, How is Marketing Done?
  2. ROAD MAP:UNDERSTANDING MARKETING AND MARKETING PROCESS
  3. MARKETING FUNCTIONS:CUSTOMER RELATIONSHIP MANAGEMENT
  4. MARKETING IN HISTORICAL PERSPECTIVE AND EVOLUTION OF MARKETING:End of the Mass Market
  5. MARKETING CHALLENGES IN THE 21st CENTURY:Connections with Customers
  6. STRATEGIC PLANNING AND MARKETING PROCESS:Setting Company Objectives and Goals
  7. PORTFOLIO ANALYSIS:MARKETING PROCESS,Marketing Strategy Planning Process
  8. MARKETING PROCESS:Analyzing marketing opportunities, Contents of Marketing Plan
  9. MARKETING ENVIRONMENT:The Companyís Microenvironment, Customers
  10. MARKETING MACRO ENVIRONMENT:Demographic Environment, Cultural Environment
  11. ANALYZING MARKETING OPPORTUNITIES AND DEVELOPING STRATEGIES:MIS, Marketing Research
  12. THE MARKETING RESEARCH PROCESS:Developing the Research Plan, Research Approaches
  13. THE MARKETING RESEARCH PROCESS (Continued):CONSUMER MARKET
  14. CONSUMER BUYING BEHAVIOR:Model of consumer behavior, Cultural Factors
  15. CONSUMER BUYING BEHAVIOR (CONTINUED):Personal Factors, Psychological Factors
  16. BUSINESS MARKETS AND BUYING BEHAVIOR:Market structure and demand
  17. MARKET SEGMENTATION:Steps in Target Marketing, Mass Marketing
  18. MARKET SEGMENTATION (CONTINUED):Market Targeting, How Many Differences to Promote
  19. Product:Marketing Mix, Levels of Product and Services, Consumer Products
  20. PRODUCT:Individual product decisions, Product Attributes, Branding
  21. PRODUCT:NEW PRODUCT DEVELOPMENT PROCESS, Idea generation, Test Marketing
  22. NEW PRODUCT DEVELOPMENT:PRODUCT LIFE- CYCLE STAGES AND STRATEGIES
  23. KEY TERMS:New-product development, Idea generation, Product development
  24. Price the 2nd P of Marketing Mix:Marketing Objectives, Costs, The Market and Demand
  25. PRICE THE 2ND P OF MARKETING MIX:General Pricing Approaches, Fixed Cost
  26. PRICE THE 2ND P OF MARKETING MIX:Discount and Allowance Pricing, Segmented Pricing
  27. PRICE THE 2ND P OF MARKETING MIX:Price Changes, Initiating Price Increases
  28. PLACE- THE 3RD P OF MARKETING MIX:Marketing Channel, Channel Behavior
  29. LOGISTIC MANAGEMENT:Push Versus Pull Strategy, Goals of the Logistics System
  30. RETAILING AND WHOLESALING:Customer Service, Product Line, Discount Stores
  31. KEY TERMS:Distribution channel, Franchise organization, Distribution center
  32. PROMOTION THE 4TH P OF MARKETING MIX:Integrated Marketing Communications
  33. ADVERTISING:The Five Mís of Advertising, Advertising decisions
  34. ADVERTISING:SALES PROMOTION, Evaluating Advertising, Sales Promotion
  35. PERSONAL SELLING:The Role of the Sales Force, Builds Relationships
  36. SALES FORCE MANAGEMENT:Managing the Sales Force, Compensating Salespeople
  37. SALES FORCE MANAGEMENT:DIRECT MARKETING, Forms of Direct Marketing
  38. DIRECT MARKETING:PUBLIC RELATIONS, Major Public Relations Decisions
  39. KEY TERMS:Public relations, Advertising, Catalog Marketing
  40. CREATING COMPETITIVE ADVANTAGE:Competitor Analysis, Competitive Strategies
  41. GLOBAL MARKETING:International Trade System, Economic Environment
  42. E-MARKETING:Internet Marketing, Electronic Commerce, Basic-Forms
  43. MARKETING AND SOCIETY:Social Criticisms of Marketing, Marketing Ethics
  44. MARKETING:BCG MATRIX, CONSUMER BEHAVIOR, PRODUCT AND SERVICES
  45. A NEW PRODUCT DEVELOPMENT:PRICING STRATEGIES, GLOBAL MARKET PLACE