Chapter Objectives § In this chapter, we focus on the following questions: § What are the components of a modern marketing information system? § What constitutes good marketing research? § How can marketing decision support systems help marketing managers make better decisions? § How can demand be more accurately measured and forecasted? 1 Copyright © 2003 Prentice-Hall, Inc.
Marketing Research System § Suppliers of Marketing Research § Engaging students or professors to design and carry out projects § Using the Internet § Checking out rivals § Syndicated-service research firms § Custom marketing research firms § Specialty-line marketing research firms 2 Copyright © 2003 Prentice-Hall, Inc.
Marketing Research System § The Marketing Research Process § Step 1: Define the Problem, the Decision Alternatives, and the Research Objectives § Step 2: Develop the Research Plan § Data Sources § Research Approaches § Observational research § Focus group research 3 Copyright © 2003 Prentice-Hall, Inc.
Figure 5 -2: Focus group research 4 Copyright © 2003 Prentice-Hall, Inc.
Marketing Research System § § § Survey research Behavioral data Experimental research § Research Instruments § Questionnaires § Psychological tools § Mechanical devices § Quantitative measures 5 Copyright © 2003 Prentice-Hall, Inc.
Marketing Research System § Contact Methods § Mail questionnaire § Personal interviewing § Arranged interviews § Intercept interviews § Online methods § Click-stream § Cookies § Automated telephone surveys 6 Copyright © 2003 Prentice-Hall, Inc.
Table 5 -4: The Seven Characteristics of Good Marketing Research 1. Scientific method Effective marketing research uses the principles of the scientific method: careful observation, formulation of hypotheses, prediction, and testing. 2. Research creativity At its best, marketing research develops innovative ways to solve a problem: a clothing company catering to teenagers gave several young men video cameras, then used the videos for focus groups held in restaurants and other places teens frequent. 3. Multiple methods Marketing researchers shy away from overreliance on any one method. They also recognize the value of using two or three methods to increase confidence in the results. See text for complete table 7 Copyright © 2003 Prentice-Hall, Inc.
Forecasting and Demand Measurement § Which Market to Measure? § § Market Potential market Available market Target market (severed market) § Penetrated market § A Vocabulary for Demand Measurement § Market Demand § Market share § Market penetration index § Share penetration index 8 Copyright © 2003 Prentice-Hall, Inc.
Figure 5 -4: Market Demand Functions 9 Copyright © 2003 Prentice-Hall, Inc.
Forecasting and Demand Measurement § Market Forecast § Market Potential § Product penetration percentage § Company Demand § Company Sales Forecast § Sales quota § Sales budget § Company Sales Potential 10 Copyright © 2003 Prentice-Hall, Inc.
Forecasting and Demand Measurement § Estimating Current demand § Total Market Potential § Area Market Potential § Market-Buildup Method 11 Copyright © 2003 Prentice-Hall, Inc.
Table 5 -6: Market-Buildup Method Using SIC Codes 2511 2521 (b) Number of Establishments 1 6 10 60 5 SIC (a) Annual Sales in Millions of $ (c) Potential Number of Lathe Sales Per $1 Million Customer Sales 2 10 100 1 3 5 15 5 1 5 25 30 200 Market Potential (a x b x c) 12 Copyright © 2003 Prentice-Hall, Inc.
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