D077 Module 3

D077 Module 3 Leave the first rating Students also studied Terms in this set (57) Save D077 Marketing, Sale, and Custome...300 terms lsumner95Preview Concepts in Marketing, Sales, and C...176 terms kwoodkePreview

D077: Unit 3 Test and Module Quiz ...

45 terms cerealilzPreview WGU D 386 term kam Marketing ResearchSystematic gathering, recording, and analyzing data about customers, competitors, and the market. Helps create a business plan, launch a new product/service, determine customer needs Purpose of marketing researchHelps companies make better business decisions and gain advantages against competition Questions that can be answered through market research What is happening in the market? Which consumer needs are important?Marketing Research IdentifiesThe problem to be solved or the opportunity to be explored. Also involves collecting information Subjects for Market ResearchEnvironmental factors, customer attitudes, product research, marketing/advertising/promotion research, corporate research Environmental Factors and how they affect consumer behavior Health of economy, legal environment, market trends, technology and its influence, culture Customer AttitudesUnderstanding if their needs are being met, satisfaction levels, preferences for product/features/pricing Product ResearchWhere opportunities and gaps exist for improving products/introducing new ones, sizing the market for a product, testing product effectiveness Marketing, advertising, and promotion research Improve effectiveness of marketing activities, events, packaging/display testing Corporate ResearchStrengthening an organization's position in market through brand building, R + D, mergers and acquisitions, etc.

When to use marketing researchWhen stakeholders have different views. When you are taking a significant shift in direction and need an informed decision A company is introducing a new product and wants to conduct market research to position the item for maximum growth and sales.Which component of marketing research provides this information?Product- Product research will meet this need and is already part of the research and development process.A sales manager reviews the latest reports for a primary product in a rapidly growing market and sees that sales have dropped significantly. The manager conducts marketing research to understand the drop in sales.Which benefit of marketing research will assist this sales manager?Identifying competitors - One of the questions marketing research can answer is, "Who are competitors in the market?" Which type of research yields data that are useful to a sales manager who wishes to better understand the company's customers?Marketing - Marketing research would provide a profile of the company's customers. "The purpose of marketing research is to help companies make better business decisions and gain advantages against the competition by better understanding their current and target customers." A sales manager uses market research to examine a geographic area the company wants to consider for expansion.What is a benefit of this market research?Determine likely customers. - One benefit of marketing research is determining potential customers. Marketing research can be used to determine the population most likely to use the product.What should data be assessed forReliability ( stable/consistent results ) and Validity ( accurately measures what it's intended to measure ) Primary ResearchResearch tailored to the specific problem or challenge you're trying to address. It can be (first) qualitative and (second) quantitative QualitativeExplores ideas, perceptions, and behaviors in depth with a relatively small number of research participants. Answers questions with more complex, open ended responses. Big picture QuantitativeInfo that can be easily counted, tabulated, and statistically analyzed. When needs to understand exact percentage of people Secondary ResearchUsing already existing data that may be relevant to what you want to know.Internal data and some external data. Secondary data providers charge fees!Which data set is considered secondary research? Customer list - A company's customer list is a set of data already assembled by the company.The marketing department hires a research company to conduct surveys with retail owners to evaluate its new product distributed to retailers.Which type of data collection is used in this example?Primary research is designed to address a specific company inquiry or problem and is conducted directly with the individuals for whom the inquiry is designed. In this case, the marketing department is hiring a research company to conduct surveys directly with the market, which represents primary research.

A marketing manager wants to better understand customer wants and needs in a product. The marketing department sends out an open ended question survey with a 10% off coupon to current customers to ask about their product preferences.Which kind of research is this survey?Qualitative - This kind of open-ended survey is an example of qualitative research."Qualitative research explores ideas, perceptions, and behaviors in depth with a relatively small number of research participants." A sales manager is analyzing the sales reports for the prior year in an effort to budget for the next year's marketing.What type of data is this manager reviewing?Quantitative - Sales numbers represent quantitative, numerical data that can be used to budget for next year's marketing. The data are secondary because the sales department generated the data without the marketing manager's input.Primary Benefits and LimitationsBenefits: info is directly related to what you want to know Limitations: can be costly/time-consuming to collect, requires expertise in data collection Secondary Benefits and LimitationsBenefits: lower cost/less time to collect, and data already exists

Limitations: info may be dated, may not directly address what you need to know

Oldest Method of Primary ResearchObservation! Watching customers/non customers engage in a variety of behaviors. Inexpensive and quick Enthographic ResearchRequires the researcher closely and directly observes the consumer to follow and record various revelant behaviors Group ThinkWhen a participant manages to persuade others to adopt his or her way of thinking instead of allowing full range of opinions to come to light A/B TestingMarketing experiment where 2 variants of a campaign are tested to see which is most effective Primary Research TechniquesObservation, in-depth interviews, focus groups, social listening, survey research, experiements ObservationWatching customers and noncustomers engage with a product In-Depth InterviewsConversations with an individual the marketer wants to understand better Focus GroupsSmall groups of individuals (usually 6-12) who delve deeply into topics of interest Social ListeningMonitoring conversations on social media or soliciting input from a social media community Survey ResearchAsking individual consumers to provide responses on a questionnaire ExperiementsTesting the effect of varying a factor or a set of factors in a marketing artifact Secondary Research TechniquesInternal Data, gov agency/non profit/NGO data, industry/professional associations, commercial marketing research companies, internet searches

Internal dataInformation your company already has collected, such as sales and marketing records, customer account information, and product purchasing and usage data.Government agency, nonprofit, and NGO dataAgencies freely publish economic data, demographic data, trade statistics, and regulatory information.Industry and professional associationsMost industries have dedicated media and organizations, which publish online or offline news, magazines, newsletters, and journals and collect data about their industry or profession.Commercial marketing research companiesSyndicated research of consumer data for purchase as well as database information on consumer purchases and behavior.Internet searchesMay provide useful insights into what data has already been collected.Ethics in gathering content (primary)Ask participants consent to gather data. Be transparent about how data'll be used.Don't use stereotypes to screen participants. Ensure things are clear. Don't lead participant to "correct/desired answer.Ethics in analyzing and using content (primary) Avoid stereotypes, Use data as stated they would use it. Disclose to participants if data was sold, avoid conflicts of interest Ethics in storing content (primary)Protect participant's privacy, if data breach occurs, notify participant's Ethics in secondary dataEvaluate if source is credible/reliable, cite source, don't misinterpret message, ensure usage is incompliance w laws A shoe company is introducing a new shoe for the summer season and decides to price the shoe lower than the competition with the goal of increasing market share.Which pricing strategy is being used?Penetration A realtor has sent VIP invitations to local TV stations, inviting them to a private viewing of beachfront condos to generate media attention.Which element of the marketing mix is represented by this private viewing?Promotion A company uses unified and constant communication to reach its customers, including print media, retail signage, an e-commerce website, and social media.What type of communication is this company using?Omnichannel A company develops a new, high end product which has no direct competition that is popular with customers. The company seeks to temporarily set the price of the product high to gain as much profit as possible.What is this name of this pricing strategy?Skimming