Marketing research

• Marketing research


  The process of designing, gathering, analyzing, and reporting information that may be used to solve a specific marketing problem
• Importance of marketing research

  • Crucial for creating effective marketing strategies and understanding customer needs and market trends
• Use of marketing research

  • Identifying market opportunities
  • Monitoring marketing performance
  • Evaluating marketing action
• Definition of marketing research

  Marketing research supports marketing by providing the necessary data to make informed decisions about product development, pricing strategies, promotional activities, and distribution channels, thus enabling businesses to better meet consumer needs and preferences
• Marketing research uses


  • Selecting Target Markets
  • Product Research
  • Pricing Research
  • Promotion Research
  • Distribution Research
  • Monitoring Marketing Performance
• Types of marketing research

  • Basic research
  • Applied research
• Primary function of marketing research

  The role of marketing research in linking the consumer, customer, and public to the marketer through information that helps identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve the understanding of marketing as a process
• Marketing research vs market research

  While marketing research is broad and can include various areas of marketing activities, market research typically focuses specifically on analyzing a particular market or demographic
• Marketing


  Meeting needs profitably, encompassing the activities, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
• Marketing concept


  A business philosophy suggesting that the key to achieving organizational goals consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its chosen target markets
• Why is it important for decision-makers to have philosophies?

  Philosophies guide decision-makers in their daily actions and long-term strategies, ensuring that their choices align with overarching business goals and ethical standards
• Marketing Information System (MIS)

  A structured arrangement of people, equipment, methods, and controls designed to generate and assemble pertinent, timely, and accurate information for marketing decision makers
• Components of MIS


  • Internal Reports System
  • Marketing Intelligence System
  • Marketing Decision Support System (DSS)
  • Marketing Research System
• Situations where a manager would use different components of the marketing information system

  • Marketing Intelligence System
  • Internal Reports System
  • Marketing Decision Support System (DSS)
  • Marketing Research System
• Marketing Mix


  • Product
  • Price
  • Promotion
  • Place
• Marketing strategy


  Consists of selecting a segment of the market as the company's target market and designing the proper mix of product/service, price, promotion, and distribution system to meet the wants and needs of the consumers within the target market
• Right marketing strategy


  Developing the "right" marketing strategy involves selecting a target market, and creating a marketing mix that includes the right product, price, promotion, and distribution to meet the needs of that market. This strategy can change over time due to shifts in consumer preferences, technological advancements, and changes in the competitive landscape. Continuous marketing research is required.
• Crowdsourcing


  • LEGO uses its LEGO Ideas platform to crowdsource ideas for new LEGO sets from fans
  • Doritos has used its "Crash the Super Bowl" contest to crowdsource advertising ideas and commercials from customers
• Consumers vs customers


  Consumers are the end users of products/services, while customers are those who purchase the products/services
• GreenBook started as a printed directory in 1962 and is now a B2B media company
• Evolution in Marketing Research

  • Shift from traditional survey methods to online and technology-driven approaches
  • Emphasis on automation and artificial intelligence in current research methods
• Role and Influence of GreenBook

  • Acts as a leader in promoting innovative, evolutionary methods in market research
  • Functions both as a consultant (supplier) and a corporate entity (client), influencing industry standards and practices
• Technological Impact and Advocacy of GreenBook

  • Advocates for adapting to technological changes to remain relevant and effective
  • Strives to filter valuable information (signal) from the prevalent data noise
• Educational and Resource Provision of GreenBook


  • Provides tools and learning resources for insights professionals to thrive
  • Key products include the GRIT Report, Gen2 Advisors, IIeX events, Savio.pro marketplace, and the GreenBook Blog
• GRIT Report


  A strategic planning tool used within the market research industry that tracks trends, provides insights and analysis about various aspects of the market research sector, and is particularly valuable for both buyers and researchers as it helps them understand the evolving dynamics of the industry, highlights innovative practices, and assesses the performance and future outlook of different research methodologies and technologies
• Starbucks purchased Teavana in 2012 for $620 million, aiming to elevate tea to the status of coffee, a goal not yet achieved
• Starbucks' Tea Initiatives


  • Acquired Tazo in 1999; sold to Unilever in 2017
  • Closed most Teavana stores in 2017 due to low sales but continues to aim for a tea culture in its cafes
• Market Challenges and Strategies for Starbucks' Tea

  • Difficulty in marketing tea as a premium product compared to coffee
  • Tea industry tactics include unique, non-replicable drinks, health-oriented flavors, trained brewing staff, and highlighting tea's historical prestige
• Can marketing research help Starbucks increase tea sales?

  Yes, marketing research can help Starbucks identify consumer preferences, perceptions about tea, and potential markets. It provides insights into why consumers might not view tea as a premium product and suggests adjustments in product offerings or marketing strategies
• Uses of marketing research that could improve Starbucks' tea sales

  • Understanding Markets: Helps identify new consumer segments or geographic markets interested in premium teas
  • Improving Products and Services: Provides feedback on consumer reactions to different tea products, allowing Starbucks to tailor offerings
  • Monitoring Marketing Performance: Tracks the effectiveness of marketing campaigns and promotional activities, guiding adjustments for better results
• Which area of the marketing mix should Starbucks focus on to boost tea sales?

  Product Strategy: By innovating and expanding their range of specialty tea drinks and enhancing the in-store tea-drinking experience, Starbucks can attract more customers looking for premium tea experiences
• MIS components Starbucks should use

  • Marketing Research System: Conduct targeted research to understand customer expectations and perceptions about tea
  • Marketing Intelligence System: Gather data on current market trends in tea consumption and competitor strategies
  • Internal Records System: Analyze past sales data of tea products to identify trends and areas for improvement
• Definition of developing questions and designing questionnaire

  The process of creating effective survey questions and structuring the overall questionnaire to collect the necessary data for a marketing research study
• Types of measures in questionnaire design

  The different scales and formats used to quantify and categorize respondent answers, such as nominal, ordinal, interval, and ratio scales
• Surveys


  Involve interviews with a large number of respondents using a predesigned questionnaire
• Modes of data collection in surveys

  • Person-Administered Surveys
  • Computer-Assisted Surveys
  • Computer-Administered Surveys
  • Self-Administered Surveys
  • Mixed-Mode Surveys
• Person-Administered Surveys


  • An interviewer reads questions to a respondent and records their answers without the use of a computer
  • Personal interviewers can build rapport with respondents who are initially distrustful or suspicious of a survey
• Advantages of Person-Administered Surveys

  • Feedback: Interviewers can clarify queries or instructions on the spot, ensuring respondents understand and stay engaged
  • Rapport: Interviewers can establish a personal connection, alleviating distrust or apprehensions about the survey
  • Quality Control: Interviewers ensure only qualified individuals participate and maintain adherence to the survey protocol
  • Adaptability: Capable of adjusting to respondent needs, such as helping those unfamiliar with survey processes
• Disadvantages of Person-Administered Surveys

  • Human Error: Potential for mistakes in question sequence, wording, or recording responses
  • Slowness: Data collection and subsequent processing are slower compared to automated methods
  • Cost: Higher expenses due to the need for trained interviewers
  • Interview Evaluation Apprehension: Respondents may feel anxious about being judged by the interviewer, affecting their responses
• Computer-Assisted Surveys


  • Blend personal interaction with digital efficiency, where interviewers use computers or tablets to facilitate data collection
  • A modern evolution of traditional person-administered surveys, enhanced by digital technology