marketing discussion

Anonymous
timer Asked: Jan 23rd, 2021

Question Description

This is something you can think about using Chapter 4 on Marketing Research:
What, in your opinion, do you think is the best type of marketing research – Quantitative or Qualitative?

(please write two different versions with 250 words each. you can have the same concept and idea but please write it in a different ways <better if you can come up with more ideas>)

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Chapter 3 Collecting Information and Forecasting Demand Components of a Modern Marketing Information System (MIS) Internal Inputs Finance/Accounting Sales/Marketing Customer Support Operations Marketing Data Repository Query / Analysis User Interface Reporting External Inputs Market Analysis Economic Outlook Marketing Research Promotional Channel Customer & Supplier Input Business Development Users Making ‘Actionable Insights’ , aka Decisions Marketing relies on many information sources to aggregate a ‘picture’ of the Marketing Landscape Marketing Intelligence • Marketing intelligence system: a set of procedures and sources that managers use to obtain everyday information about developments in the marketing environment Big Data Architecture Accommodates the 4 V’s of today’s data Improving Marketing Intelligence • • • • • • • • Motivate sales force to report new developments Motivate intermediaries to pass along intelligence Hire external experts to collect intelligence Network internally and externally Set up a customer advisory panel Take advantage of government-related data Purchase information from outside research vendors Collect marketing intelligence on Internet Marketing Intelligence on the Internet • Company/vendor/partner/competitor websites • Independent customer goods and service review forums • Social media and blogs • Combo sites offering customer reviews and expert opinions • Secondary data sources: government, private, databases/studies • Commissioned or DIY market research Communicating & Acting on Marketing intelligence •The competitive intelligence function works best when it is closely coordinated with the decision-making process - Given the speed of the Internet, it is important to act quickly on information gleaned online Analyzing the Macroenvironment •Needs and Trends - Fad - Trend - Megatrend Identifying the Major Forces • Six major forces in the broad environment Demographic Natural Economic Technological Socio-cultural Political-legal The Demographic Environment • Worldwide population growth • Population age mix • Ethnic and other markets • Educational groups • Household patterns The Economic Environment CONSUMER PSYCHOLOGY INCOME DISTRIBUTION INCOME, SAVINGS, DEBT, CREDIT The Sociocultural Environment Views of ourselves Views of others Views of organizations Views of society Views of nature Views of the universe The Sociocultural Environment •Core cultural values - Values are passed from parents to children and reinforced by social institutions •Subcultures - Groups with shared values, beliefs, preferences, and behaviors emerging from their special life experiences or circumstances The Natural Environment •Corporate environmentalism Opportunities for integrating environmental protection into strategic plans •Trends for marketers to be aware of: Shortage of raw materials, increased cost of energy, increased pollution levels The Technological Environment Accelerating pace of change Unlimited opportunities for innovation Varying R&D budgets Increased regulation of technological change The Political-Legal Environment Laws Government Agencies Pressure Groups Forecasting and Demand Measurement •Market demand measures - Potential market - Available market - Target market - Penetrated market Demand Measurement Vocabulary • Market demand (Figure 3.2) Demand Measurement Vocabulary Market forecast Market potential Company demand Company sales forecast Company sales potential Technology, Globalization & Social Responsibility •What major trends might affect marketing? • Technology • AI & machine learning • Cars • Apps • Globalization • Increased online commerce • Social Responsibility • Climate change • Poverty What are some products and advancements we can “predict”? Chapter 4 Conducting Marketing Research The Scope of Marketing Research •American Marketing Association - Marketing research is the function that links the consumer, customer, and public to the marketer through information—information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. The Scope of Marketing Research •Importance of marketing insights - Generating insights (how and why we observe certain effects in the marketplace) The Scope of Marketing Research Who Does Marketing Research? • Marketing departments in big firms • Everyone at small firms • Syndicated-service research firms • Custom marketing research firms • Specialty-line marketing research firms Research at Small Companies Engage students/pro fessors Tap employee creativity Tap partner expertise Use Internet Check out rivals The Scope of Marketing Research •Overcoming Barriers to the Use of Marketing Research - Many companies still fail to use it sufficiently or correctly The Marketing Research Process Step 1 • Define the problem • Define the decision alternatives • Define the research objectives • Market researchers will help develop specific objectives of the study. This ‘frames’ how the rest of the process will deliver data that will inform the business, so decision can be made. Step 2: Develop the Research Plan • Data sources and types • Secondary vs. Primary, Structured vs Unstructured, Qualitative vs Quantitative • Common approaches for primary data • Observational • Focus group • Survey (Direct response) • Behavioral • Choose survey instrument and delivery method • Depends on survey respondents and cost • Depends on what data type you want to collect • Questionnaires, qualitative measures, technological devices Questionnaire Questionnaire Qualitative Measures ZMET approach Laddering Brand personification Word association Projective techniques Visualization Technological Devices - Galvanometer - Tachistoscope - Eye-tracking - Facial detection - Skin sensors - Brain wave scanners - Audiometer - GPS Step 2: Develop the Research Plan •Sampling plan • Whom should we survey? • How many people should we survey? • How should we choose the respondents? • Contact/collection method (mail, telephone, personal, online) • Direct or Passive? • When, Where? • Why are these respondents a good proxy? Online Research •Advantages - Inexpensive - Expansive - Fast - Honest - Thoughtful - Versatile •Disadvantages - Small - Skewed - Excessive turnover - Technological problems - Technological inconsistencies Step 3 to Step 6 Step 3: Collect the Information Step 4: Analyze the Information Step 5: Present the Findings Step 6: Make the Decision Measuring Marketing Productivity: Marketing Metrics • Measures that help marketers quantify, compare, and interpret performance • Awareness • Market share • Share value/price • Number of complaints • Customer satisfaction • Customer volume • Perceived quality • Loyalty/retention Measuring Marketing Productivity: Marketing Mix Modeling • Analyzes data from a variety of sources, such as retailer scanner data, company shipment data, pricing, media, and promotion spending data, to understand more precisely the effects of specific marketing activities Measuring Marketing Productivity: Marketing Dashboards • A concise set of interconnected performance drivers to be viewed in common throughout the organization. ...
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