Lecture Marketing research - Chapter 1: The role of Marketing research in management decision making

In this chapter you will learn: To review the marketing concept and the marketing mix, to comprehend the marketing environment within which managers must make decisions, to define marketing research, to understand the importance of marketing research in shaping marketing decisions, to learn when marketing research should and should not be conducted.
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Lecture Marketing research - Chapter 1: The role of Marketing research in management decision making Chapter One The Role of Marketing Research in Management Decision Making Copyright © 2004 John Wiley & Sons, Inc. Learning Objectives 1. To review the marketing concept and the marketing mix. 2. To comprehend the marketing environment within which managers must make decisions. 3. To define marketing research. 4. To understand the importance of marketing research in shaping marketing decisions. 5. To learn when marketing research should and should not be conducted. Learning Objectives Nature of Marketing To review the marketing concept and the marketing mix. Marketing: The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services. The Marketing Concept (1) a consumer orientation (2) a goal orientation (3) a systems orientation Learning Objectives Nature of Marketing To comprehend the marketing environment. The External Marketing Environment Marketing research is the key to understanding the environment • provides information for altering marketing mix • identifies new opportunities Learning Objectives Market Research and Decision Making To define marketing research. Marketing Research Defined The planning, collection, and analysis of data relevant to market decision making and communication of the results of this analysis to management. The Importance of Marketing Research to Management • descriptive function • diagnostic function • predictive function Learning Objectives Market Research and Decision Making To understand the importance of marketing research. The Proactive Role of Marketing Research A proactive management: • alters the marketing mix to fit newly emerging patterns in economic, social, and competitive environments • new opportunities • develops a long-run marketing strategy Learning Objectives Market Research and Decision Making To understand the importance of marketing research. Applied Research versus Basic Research Applied research To better understand the market. Basic research To expand the frontiers of knowledge. Learning Objectives Deciding Whether to Conduct Market Research To learn when marketing research should and should not be conducted. In a number of situations it is best not to conduct market research. • A Lack of Resources • lack of funds • insufficient funds to implement decisions from research • Research Results Would Not Be Useful • Clients may be hard-pressed to use the information Learning Objectives Deciding Whether to Conduct Market Research To learn when marketing research should and should not be conducted. Opportunity Has Passed Marketing research should not be undertaken if the opportunity for successful entry into a market has passed. The Decision Has Already Been Made Marketing research may be used improperly. Learning Objectives Deciding Whether to Conduct Market Research To learn when marketing research should and should not be conducted. When Managers Cannot Agree on What They Need to Know to Make a Decision The wrong phenomena might be studied When Decision-Making Already Exists Further research may be redundant and costly When the Costs of Conducting Research Outweigh the Benefits Potential new products with large profit margins may have a greater potential The Decision Whether to Conduct Market Research Table 1.1 Market Size Small Profit Margin Large Profit Margin Small Cost likely to be Possible benefits greater than benefit; greater than cost; e.g., eyeglasses e.g., ultra expensive replacement screw sportswear Large Benefits likely to be Benefits likely to be greater than costs; greater than costs; e.g., Stouffers frozen entries e.g.,medical equipment Learning Objectives Profound Impact of the Internet To understand the importance of marketing research. Advantages of Internet Surveys Rapid Development, Real Time Reporting Dramatically Reduced Costs Readily Personalized Ease and Convenience Encourage Respondent Participation Contact the Hard-to-Reach Learning Objectives Profound Impact of the Internet To understand the importance of marketing research. Other Uses of the Internet by Marketing Researchers Replacement of libraries and printed materials Distribution of requests for proposals and proposals Collaboration between the client and the research supplier Data mana ...