UC Marketing Research Response Discussion

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Fhaal011

Business Finance

University of the Cumberlands

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Chapter 15. Marketing Research Tools.

Initial Postings: Read and reflect on the assigned readings for the week. Then post what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding in each assigned textbook chapter.Your initial post should be based upon the assigned reading for the week, so the textbook should be a source listed in your reference section and cited within the body of the text. Other sources are not required but feel free to use them if they aid in your discussion.

Also, provide a graduate-level response to each of the following questions:

Imagine designing a conjoint for your b-school’s café. In particular, you’re in charge of the daily pizza orders. Pizzas are tricky—while they’re a simple food, they can be created in a zillion combinations. What factors should you test in terms of your fellow students’ likely preferences? Wheat crust vs. white, thick vs. thin, plain cheese vs. sausage vs. sausage and green pepper vs. vegetarian (you get the picture). Design a conjoint that would result in identifying 2 or 3 popular slices that your café managers could order every morning. The student body knows you’re responsible—how do you make most of them happy? 

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© 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. © 2018 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 15 Marketing Research Tools © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 2 Marketing Framework © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 3 Discussion Questions #1 • How can you find the answers to the following questions? 1. How will your targeted customer respond to a price of $7.99 compared to $9.99? 2. Should you add a new feature that costs $4.00? 3. Which is a more effective slogan: “We love to see you smile” or “Have it your way”? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 4 Marketing Research • Marketing decisions should be fact-based • Smart marketers are continually gathering market information • Marketers also conduct specific research projects © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 5 Marketing Research Techniques © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 6 Marketing Research Process © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 7 Kinds of Data © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 8 Popular Research Techniques 1. 2. 3. 4. 5. 6. Cluster analysis Perceptual mapping Focus groups Conjoint analysis Scanner data Surveys © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 9 Cluster Analysis • Clustering • Form groups within groups of customers, who are seeking something similar and different across groups • Each group has different attributes • Often used for segmentation © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 10 Cluster Analysis Example (slide 1 of 4) • Segmentation of NPO supporters • Desired result: Determine if segment exists that may donate to an NPO that funds higher education • Start with a survey © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 11 Cluster Analysis Example (slide 2 of 4) • Survey used to interview customers © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 12 Cluster Analysis Example (slide 3 of 4) • NPO dataset © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 13 Cluster Analysis Example (slide 4 of 4) • Next, conduct cluster analysis • C1 cares about environment, but not much • C4 cares about medical causes; thinks higher ed is expensive and would support students • C2 cares about the arts; thinks higher ed helps society © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 14 Cluster Analysis Questions • Which segment is most attractive for the NPO to target? Why? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 15 Perceptual Mapping • Positioning studies are used to understand customer perceptions of brands in the marketplace • Perceptual maps assist in positioning • They give pictures of competing brands and attributes • Two approaches • Attribute-based approach • Multidimensional scaling (MDS) © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 16 Perceptual Mapping: Attribute-Based (slide 1 of 2) • In attribute-based perceptual mapping • Customers complete a survey © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 17 Perceptual Mapping: Attribute-Based (slide 2 of 2) • Responses on each question are averaged • Result is a pair of means for each attribute • e.g., BeFit Gym is perceived as a good value • The pairs of means are used to plot the attributes in a two-dimensional space © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 18 Perceptual Mapping Questions #1 1. Which attribute is most important? 2. How does BeFit Gym score on this attribute relative to competitors? 3. Which attribute should BeFit Gym consider improving? Why? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 19 Perceptual Mapping: MDS • Multidimensional scaling starts by asking, “How similar are these two brands?” • Asks for each pair of brands • Then, each brand is rated on attributes © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 20 Perceptual Mapping Questions #2 1. Which brands are viewed as most similar? 2. Which brand is the most different? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 21 Perceptual Mapping: MDS (slide 1 of 3) • Results are then plotted • Similar brands are closer together; different brands are further apart © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 22 Perceptual Mapping: MDS (slide 2 of 3) • Next, overlay the perceptual map with the attribute ratings © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 23 Perceptual Mapping: MDS (slide 3 of 3) Feature fun classes in ads Feature staff in ads Show fun amenities • MDS can be used to determine how to reposition the brand © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 24 Focus Groups (slide 1 of 2) • Focus groups • Used for concept testing & ad development • Exploratory technique using 2–4 groups of 8–10 customers • Not good for prediction; best to follow up with a survey • Usually last 1.5–2 hours © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 25 Focus Groups (slide 2 of 2) • Focus group moderator • • • • • Starts with introductions and easy questions Proceeds to key client questions Keeps the discussion going Brings out quieter members Controls overbearing members • Moderator usually analyzes results along with company input © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 26 Discussion Question #2 • Describe at least two research techniques to answer the following objective: How will customers respond to our new packaging? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 27 Conjoint Analysis (slide 1 of 2) • Conjoint studies • Used to understand how consumers make trade-offs • Helps uncover customers’ most important product attributes • Good for pricing, new products, branding, etc. • e.g., Would frequent fliers in a loyalty program want access to an elite club at large airports? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 28 Conjoint Analysis (slide 2 of 2) • Participants rate each option from least to most preferred • What feature do customers want? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 29 Conjoint Analysis Questions #1 • Fliers’ judgments are in the last column 1. Describe how the customers’ preferred option differs from the 2nd most preferred. 2. What does this difference mean to marketers? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 30 Conjoint Analysis Questions #2 • Regression is run on data with flier ratings as the dependent variable • Predicted rating = 5 + 1 Club + 2 Upgrade – 4 Fee 1. How would you interpret this? 2. How would you design your program based on these results? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 31 Scanner Data (slide 1 of 4) • Companies use scanners to track purchase information and store it in a database • Tracked information includes: • What you bought • How much you bought • What brands you bought • How much you paid for everything • Loyalty cards then link this information to each customer © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 32 Scanner Data (slide 2 of 4) • Store and area auditors integrate additional information into database • e.g., Prices of competing brands, sales/featured items, advertised brands • Companies can add data from customer panel who provide household information and agree to have their media tracked • These data, with the other tracked data, determine purchase patterns © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 33 Scanner Data (slide 3 of 4) • Scanner data can be used to forecast demand and determine responses to marketing changes • Experiments with scanner data • Increase price by X—what happens to sales? • Manipulate independent variable (price); hold all else constant; measure impact on dependent variable (sales) – Compare sales results to control group • High internal validity © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 34 Scanner Data (slide 4 of 4) • Naturalistic observation with scanner data • Instead of manipulating environment, just constantly monitor • Things happen that are beyond your control – e.g., Competitors raise price • High external validity • More difficult to attribute sales differences to one localized action • Smart companies do experiments and naturalistic observation © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 35 Surveys (slide 1 of 2) • Surveys • Often used to measure customer satisfaction, repurchase intentions, etc. • To administer 1. Write survey questions 2. Pretest them 3. Administer to a sample of customers 4. Analyze results © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 36 Surveys (slide 2 of 2) • Survey considerations • Surveys can be administered in person, over • • • • phone, on the Web, etc. Surveys should be short to enhance response rate Responses should be confidential Responses should not be used for subsequent sales opportunities Respondents can be consumers or B2B © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 37 Surveys—Factor Analysis • Factor analysis is utilized to simplify variables • Factor analysis examines strong and weak correlations to identify underlying factors common to the responses • High correlations imply that you may be measuring the same concept © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 38 Discussion Question #3 • Which items hang together? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 39 Discussion Questions #4 1. What would you label Factor 1? 2. What would you label Factor 2? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 40 Discussion Questions #5 • You developed an idea for a new shoe: Having a single shoe sole in which you can clip on different shoe tops to create different shoes (the Onesole). • Describe appropriate research techniques to answer each of the following questions. 1. Is this concept viable? 2. Which will generate more sales: one pair of soles and one shoe top for $30, or one pair of shoe soles and 3 shoe tops for $50? © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 41 Managerial Recap (slide 1 of 2) • Cluster analysis identifies similar customer groups—ideal for segmentation • Surveys and MDS are used to create perceptual maps—ideal for positioning • Focus groups are exploratory—ideal for product concept and ad testing © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 42 Managerial Recap (slide 2 of 2) • Conjoint methods indicate trade-offs— ideal for product design • Scanner data—ideal for investigating brand switching, loyalty, price sensitivity, and marketing experiments • Surveys—ideal for satisfaction • Can be simplified through factor analysis © 2018 Cengage Learning.® May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 15. 43 Reflection and Discussion Forum Week 14 AV Assigned Readings: Chapter 15. Marketing Research Tools. Initial Postings: Read and reflect on the assigned readings for the week. Then post what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding in each assigned textbook chapter. Your initial post should be based upon the assigned reading for the week, so the textbook should be a source listed in your reference section and cited within the body of the text. Other sources are not required but feel free to use them if they aid in your discussion. Also, provide a graduate-level response to each of the following questions: i. Imagine designing a conjoint for your b-school's café. In particular, you're in charge of the daily pizza orders. Pizzas are tricky-while they're a simple food, they can be created in a zillion combinations. What factors should you test in terms of your fellow students' likely preferences? Wheat crust vs. white, thick vs. thin, plain cheese vs. sausage vs. sausage and green pepper vs. vegetarian (you get the picture). Design a conjoint that would result in identifying 2 or 3 popular slices that your café managers could order every morning. The student body knows you're responsible-how do you make most of them happy? [Your post must be substantive and demonstrate insight gained from the course material. Postings must be in the student's own words - do not provide quotes!] [Your initial post should be at least 450+ words and in APA format (including Times New Roman with font size 12 and double spaced). Post the actual body of your paper in the discussion thread then attach a Word version of the paper for APA review]
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Marketing Research Discussion

Student Name
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2

Marketing Research Discussion
One term worth noting in the reading was the marketing research techniques. A lack of
thorough market investigation into industry tendencies and customer behavior and preferences
can make it challenging for any business to comprehend if it is headed in the correct direction
(Iacobucci, 2016). Therefore, companies must obtain particular industry information before
publicizing new services or products in their marketplace. Several market research techniques
can be applied. The first market research technique is cluster analysis, a statistical technique that
one can use to group similar things into respective classifications. Cluster ...


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