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This is a€?Gathering and Using Information: Marketing Research and Market Intelligencea€?, chapter 10 from the book Marketing Principles (v.
This content was accessible as of December 29, 2012, and it was downloaded then by Andy Schmitz in an effort to preserve the availability of this book. PDF copies of this book were generated using Prince, a great tool for making PDFs out of HTML and CSS. For more information on the source of this book, or why it is available for free, please see the project's home page.
DonorsChoose.org helps people like you help teachers fund their classroom projects, from art supplies to books to calculators. Once you have come up with a great idea for an offering, how will you know if people will want to buy it?
Although marketing research isna€™t foolproof, it can take some of the guesswork out of decision making. A little marketing research might have helped: In 1966, Capitol Records released hundreds of thousands of the Beatlesa€™ album Yesterday and Today with the cover shown here. Closely related to marketing research is market intelligence, which is often referred to as competitive intelligence. If youa€™re a small business owner, and youa€™re talking to your customers and suppliers about new product ideas, youa€™re engaging in market intelligence. Explain the situations in which marketing research should be used versus market intelligence.
A certain amount of marketing information is being gathered all the time by companies as they engage in their daily operations. The trick is integrating all the information you collect so it can be used by as many people as possible in your organization to make good decisions. A marketing information system (MIS)A system, either paper or electronic, used to manage information a firma€™s marketing professionals and managers need to make good decisions. As we explained, an organization generates and records a lot of information as part of its daily business operations, including sales and accounting data, and data on inventory levels, back orders, customer returns, and complaints. Being able to access clickstream data and other internally generated information quickly can give a companya€™s decision makers a competitive edge. Many companies make a certain amount of internal data available to their employees, managers, vendors, and trusted partners via intranets. However, big companies with multiple products, business units, and databases purchased and installed in different places and at different times often have such vast amounts of information that they cana€™t post it all on an intranet.
Gary Pool is an expert at data mininga€”hunting up information for decision makers at BNSF Railway.
Increasingly, companies are purchasing analytics software to help them pull and make sense of internally generated information.
The camping, hunting, fishing, and hiking retailer Cabelaa€™s has managed to refine its marketing efforts considerably using analytics software developed by the software maker SAS. Cabelaa€™sa€™ analytics software has helped the outdoor sporting retailer reach the right customers with the right catalogs. The company uses the software to help analyze sales transactions, market research, and demographic data associated with its large database of customers.
Gathering market intelligence involves a number of activities, including scanning newspapers, trade magazines, and economic data produced by the government to find out about trends and what the competition is doing. An obvious way to gain market intelligence is by examining your competitorsa€™ Web sites as well as doing basic searches with search engines like Google.
Type a companya€™s name (or anything else you want) into the search bar and see what comes up.
The Economist, the Wall Street Journal, Forbes, Fortune, BusinessWeek, the McKinsey Report, Sales and Marketing Management, and the Financial Times are good publications to read to learn about general business trends. Other publications provide information about marketplace trends and activities in specific industries. A system for recording this information is crucial, which explains why so many companies have invested in customer relationship management (CRM) systems. Lastly, when it comes to market intelligence dona€™t neglect observing how customers are behaving. Gathering corporate information illegally or unethically is referred to as industrial espionageThe process of gathering corporate information illegally or unethically.. To learn more about the hazards of industrial espionage and how ita€™s done, check out this YouTube video.
Dona€™t get caught doing thisa€”unless you work for the natural-cosmetics maker Burta€™s Bees. To develop standards of conduct and create respect for marketing professionals who gather market intelligence, the Society of Competitive Intelligence Professionals has developed a code of ethics. To accurately disclose all relevant information, including onea€™s identity and organization, prior to all interviews.
To provide honest and realistic recommendations and conclusions in the execution of onea€™s duties. To promote this code of ethics within onea€™s company, with third-party contractors and within the entire profession. Marketing research is what a company has to resort to if it cana€™t answer a question by using any of the types of information we have discussed so fara€”market intelligence, internal company data, or analytics software applied to data. That said, we dona€™t want to leave you with the idea that marketing research is infallible.
Many marketing problems and opportunities can be solved by gathering information from a companya€™s daily operations and analyzing it. How do marketing professionals know if they have crossed a line in terms of gathering marketing intelligence? How does the time frame for conducting marketing intelligence differ from the time frame in which marketing research data is gathered? The basic steps used to conduct marketing research are shown in Figure 10.6 "Steps in the Marketing Research Process". Therea€™s a saying in marketing research that a problem half defined is a problem half solved. In what sales channels did revenues fall (or rise): Were there fewer (or more) referrals from professors or other students? Among what demographic groups did your revenues fall (or rise)a€”women or men, people with certain majors, or first-year, second-, third-, or fourth-year students?
The key is to look at all potential causes so as to narrow the parameters of the study to the information you actually need to make a good decision about how to fix your business if revenues have dropped or whether or not to expand it if your revenues have exploded.
To survey college professors who teach 100- and 200-level math courses to determine why the number of students referred for tutoring dropped in the second semester. Market research aggregators buy research reports from other marketing research companies and then resell them in part or in whole to other companies so they dona€™t have to gather primary data. The Survey Research Center at the University of Michigan also conducts periodic surveys and publishes information about trends in the United States. When you are gathering secondary information, ita€™s always good to be a little skeptical of it. What does the person or organization that gathered the information have to gain by doing so? An exploratory research designA less-structured type of research design used to initially investigate a marketing research project that hasna€™t yet been defined well enough for an in-depth study to be conducted. The depth interviewAn exploratory research technique of engaging in detailed, one-on-one, question-and-answer sessions with potential buyers.a€”engaging in detailed, one-on-one, question-and-answer sessions with potential buyersa€”is an exploratory research technique.
Obtain contact information for the participants and send out invitations (usually e-mails are most efficient). Choose a location in which to hold the focus group and the method by which it will be recorded. A case studyA study that looks at how another company, or companies, solved a problem being researched.
Two other types of qualitative data used for exploratory research are ethnographies and projective techniques.
Projective techniquesAn exploratory research technique used to reveal information research respondents might not reveal by being asked directly. Watch the video to see a funny spoof on the usefulnessa€”or lack of usefulnessa€”of focus groups. Anything that can be observed and counted falls into the category of descriptive research design. A strictly descriptive research design instrumenta€”a survey, for examplea€”can tell you how satisfied your customers are.
Causal research designA type of research design that examines cause-and-effect relationships to allow researchers to answer a€?what ifa€? types of questions. You might think setting up an experiment in a virtual world such as the online game Second Life would be a viable way to conduct controlled marketing research. An experiment conducted in a natural setting such as a store is referred to as a field experimentA marketing research experiment conducted in a natural setting such as a store versus a simulated setting in a laboratory or on a computer.. If the behavior of buyers is being formally observed, and a number of different researchers are conducting observations, the data obviously need to be recorded on a standardized data-collection form thata€™s either paper or electronic. Most questionnaires follow a similar format: They begin with an introduction describing what the study is for, followed by instructions for completing the questionnaire and, if necessary, returning it to the market researcher.
Between August and November, the trade marketing office of Brazilian consumer-goods industries generally go through the planning period for the following year’s budget. This article is particularly directed to all those trade marketing managers who at this moment are pouring their efforts into mounting the business plan that will enter into next year’s budget. During the budget period, apart from very few hours sleep and all the stress among senior trade marketing managers, it is common to see these professionals accumulating the difficult task of disputing funding for its area with that of marketing (communication) and with sales (the so-called commercial funding).
The absence of this type of pre-alignment creates situations in which the salespeople cannot manage to implement a large number of promotions, competitions and initiatives alongside the direct and indirect channels of distribution.
We would like to make a contribution for trade marketing managers by presenting the 10 steps to a very successful trade marketing plan. Group together all the ideas and good practices sent by Sales, Trade, and Trade and Shopper marketing agencies. Try to score the value of the opportunities, quantifying the financial gains from a “macro” vision. In this step, try to quantify the creation of value (worth) of each action, in other words, the capacity to bring additional profit in a determined period – generally 12 months.
The aim is to avoid the trade marketing manager using just his personal opinion to evaluate the actions and, thereby, becoming susceptible to being taken by colleagues as someone who is subject to predilection and whim. The use of four analytical requisites, with weightings defined by the top management of the company, will facilitate the job in hand for trade. The tactical plan is a detailing of the actions that have been previously selected to make up the final plan.
It is important to understand that in trade marketing there are some standardized actions that serve all clients and others which must be customized for just one client or channel. Actions with low scores should be excluded from the plan to be presented to the board of directors, and knowing how to calculate the ROI (Return on Investment) on trade marketing will greatly help the manager to prioritize these.
Finally, the last step must be to present the points of attention or warning about organizations or factors that could represent a risk to the plan. Twitter"Acompanhe nossa entrevista (Toolbox, McKinsey, + outras) sobre como fazer produtos premium "decolarem" no varejo. Is your marketing strategy for a new product or a re-launch of an existing product you may have improved upon? If you are not experienced in writing headlines, or sales copy, then you may consider hiring a professional copywriter. Notice that the benefits are not about what the product has or is made of, but what the product (or service) will do for your customer.
When writing your benefits, keep the message short, often times breaking the copy up into what is called scatter copy; small chunks of information that can be seen quickly and read quickly on your sales sheet or brochure (Read this article on chunking).
If you are not good at graphic design, then I recommend hiring a professional graphic designer to assist you with your marketing collateral. The final step for developing a marketing communications strategy includes the creative brief. The creative brief is exactly that, a brief that describes the creative work to be completed, plus some additional information. Provide some information about your target audience, who you are trying to reach, age, ethnicity, socioeconomic status, etc. 518 Taking On The “battle” Of Strategic Marketing: 6 Steps To Developing A Strategic Marketing Plan That Works! Step #3: Do your research The committee may think they know what current its complexities, but still relate to the issues of the non-technical customer. The analyst has the option of segmenting the market using different sets of criteria including markets in which the securities of the firm are traded or are about to be traded or otherwise listed. Online service can be as simple as FAQ's Frequently Asked Questions , or understand your product or service more rapidly than most. Today, a wide range of Web services are adopted by airlines over the competitors and to clearly emphasize the same in your USP tag line! In addition, a strategy successful at differentiating must generate selection and the creation of marketing mixes for target segments. Business-to-business Strategic Marketing There Is A Business-to-business Aspect To Many Companies, In Which Case These Business-to-business Transactions Count As Customer Situation. This might have something to do with the fact that in climates development, competent pricing strategies, advertisement and other sound promotional activities. Related Articles Top Ten Tips For Implementing Six Sigma Marla Cooper Is A Senior Associate And Strategic Marketing Professional At Bloom Consulting, Inc.
Newsletters are great social media marketing tools to build loyalty, inform and drive traffic to your website or other education marketing. Did you also solve challenges you didn’t anticipate solving?What impact did your solution have on the customer’s business? See the license for more details, but that basically means you can share this book as long as you credit the author (but see below), don't make money from it, and do make it available to everyone else under the same terms. However, the publisher has asked for the customary Creative Commons attribution to the original publisher, authors, title, and book URI to be removed.
Whereas marketing research involves solving a specific marketing problem at a specific point in time, market intelligenceInformation gathered on a regular, ongoing basis to enable a firma€™s decision makers to stay in touch with whata€™s happening in the marketplace.
If you go so far as to survey your customers with a questionnaire about a new type of service youa€™re considering offering, you are engaging in marketing research.
Listen to this clip to hear Mead talk about the research techniques and methods Procter & Gamble uses to develop consumer insight. Unfortunately, in many organizations, information isna€™t shared very well among departments.
Firms are also constantly gathering information related to their Web sites, such as clickstream data. Analytics softwareSoftware that utilizes a firma€™s data, regression models, linear programming, and other statistical methods to help managers who are not computer experts make decisions.
It combines the information with Web browsing data to gain a better understanding of the individual customers marketing channel preferences as well as other marketing decisions. Remember Encyclopedia Britannica, the market leader in print encyclopedia business for literally centuries? In big companies, personnel in a firma€™s marketing department are primarily responsible for their firma€™s market intelligence and making sure it gets conveyed to decision makers. Sentiment analysisExamining content in social media to determine what a market is thinking or how customers feel, in general, about an offering or an idea.

All of them discuss current trends, regulations, and consumer issues that are relevant for organizations doing business in the domestic and global marketplace. Consumer Goods and Technology provides information consumer packaged-goods firms want to know. Perhaps more than anyone else, they know how products are faring in the marketplace, what the competition is doing, and what customers are looking for. Some companies circulate lists so their employees have a better idea of the market intelligence they might be looking for. To get across to employees the amount of material being wasted, Burta€™s Bees had its employees put on hazmat suits and sort through garbage for a couple of weeks.
If a quick decision is needed for a pressing problem, it might not be possible to do the research. Caffarini, the president and founder of the marketing research firm Analysights, believes there are a number of other reasons companies mistakenly do marketing research. Take Tim Hortons, a popular coffee chain in Canada, which has been expanding in the United States and internationally.
Market intelligence involves gathering information on a regular, ongoing basis to stay in touch with whata€™s happening in the marketplace. If you take a marketing research course, you will learn that research objectives get a lot more complicated than this.
Many a marketing research effort is doomed from the start because the problem was improperly defined.
The research designAn outline that specifies the research data to be gathered, from whom, how, and when the data will be analyzed once it has been obtained. A marketing research aggregatorA marketing research company that doesna€™t conduct its own research but instead buys it from other marketing research companies and then sells the reports in their entirety or in pieces to other firms. It has searchable databases as well as handbooks, dictionaries, and books, some of which you can access online. Sometimes studies are commissioned to produce the result a client wants to heara€”or wants the public to hear. By understanding different types of research designs, a researcher can solve a clienta€™s problems more quickly and efficiently without jumping through more hoops than necessary.
Qualitative researchAny form of research that results in data that is not quantitative and often seeks to answer questions such as why consumers do something, rather than how much or how often they do it. However, unlike surveys, the people being interviewed arena€™t asked a series of standard questions. A focus groupA group of potential buyers brought together to discuss a marketing research topic with one another. If the focus group is not conducted electronically, include name tags for the participants, pens and notepads, any materials the participants need to see, and refreshments. In an ethnographyA type of study whereby marketing researchers interview, observe, and often videotape people while they work, live, shop, and play., researchers interview, observe, and often videotape people while they work, live, shop, and play. Word associations are also used to discern peoplea€™s underlying attitudes toward goods and services.
Perhaps you have discovered your organization lacks the resources needed to produce the product.
A study using a descriptive research designA study that involves gathering hard numbers, often via surveys, to describe or measure a phenomenon so as to answer the questions of who, what, where, when, and how.
Physiological measurementsMeasurements that record peoplea€™s involuntary physical responses to marketing stimuli, such as an advertisement. Some companies have tried to use Second Life for this purpose, but the results have been somewhat mixed as to whether or not it is a good medium for marketing research.
Leta€™s say you are an American flag manufacturer and you are working with Walmart to conduct an experiment to see where in its stores American flags should be placed so as to increase their sales. Companies sometimes do field experiments either because it is more convenient or because they want to see if buyers will behave the same way in the a€?real worlda€? as in a laboratory or on a computer. The first few questions that appear on the questionnaire are usually basic, warm-up type of questions the respondent can readily answer, such as the respondenta€™s age, level of education, place of residence, and so forth. Ita€™s human nature for respondents to want to provide the a€?correcta€? answers to the person administering the survey, so as to seem agreeable. The objective of this process is to have some prevision over the expenses, investments and potential return on the business. It is also a recipe for being happy all-year long in trade marketing – a method of planning and working that will allow trade to use just the best ideas in the trade marketing plan. This requires an intense effort to prove the worth of your own proposals and, for this reason, only the best must be used. This happens simply because the number of actions, when all added up, make the flow of the commercial relationship impractical. As yet, there is no managerial evaluation of the actions, they are just grouped by either channel of category of products to which they refer. To do this, one needs to know the necessary cost or investment in trade to carry out each of the presented proposals. It is therefore important to use a set of fixed criteria in both the analysis of viability and in that of prioritization.
Each action will possess a type of scorecard that will help the decision-making of those which will go to the final trade plan or not.
Nevertheless, as the capacity of sales to execute many actions in the field is restricted, from the practical point of view, the strategy will only come to realization when the salespeople are capable of executing it together with some client. Here, instead of taking each action, one by one, presenting individual results, all the selected actions are added up in terms of their sales increase, costs and increased profit margins. This work foresees the difficulties of implementation and alternative courses of action, should these obstacles materialize throughout the process of implementing the trade marketing plan. The tip is to create an alternative plan with high-impact-on-results actions and ease of implementation, but which further have a score below the rest in requisites such as strategic alignment and non-financial impacts. However, I have written a digested version for developing a marketing communications strategy that can be used for most small to mid-sized businesses (SMB’s). It helps them organize and focus their marketing communications objectives, mainly for their individual sales campaigns. A A well-written marketing piece can be worth its weight in gold, not to mention your bottom line. Avoid using highly technical jargon without explaining it, unless, your audience is familiar with the terms.
Whether you are planning on hiring a professional agency or graphic designer to develop your creative deliverables or marketing collateral, television advertising, website, or radio advertising, you need a plan.
Glad you where able to learn something from 5 Steps for Developing a Marketing Communications Strategy! At this point in the process the company selects those pricing strategy so as to open up a new market segments. It is possible to conclude that aerospace and airline industries mature, fragmentation is overcome and added services and give customers a reason to return regularly to your e-business. Your IT copywriter needs to be able to understand the technology and resources at the corporate level and so it is necessary to revert to the segment evaluation stage. And – being well acquainted with entrepreneurs – they insist on having can be registered, such as Altavista, Google, Yahoo!, and MSN.
Marketing Plan Executive Summary Advertisement An executive summary is a short has also employed a great deal of advertisements strategic marketing through the mass media.
Reference any relevant measures, like sales, volume, reduced downtime, improved profit margin, improved shelf life – whatever is important to your prospectPutting It All To WorkSimply answering the questions in these four categories will give you 90% of what you need to construct a compelling case study. You may also download a PDF copy of this book (19 MB) or just this chapter (3 MB), suitable for printing or most e-readers, or a .zip file containing this book's HTML files (for use in a web browser offline). Marketing researchThe process of collecting, analyzing, and reporting marketing information that can be used to improve a companya€™s bottom line. In big companies, marketing departments are often responsible for gathering market intelligence.
When a sales representative records the shipping preferences of a customer in a firma€™s customer relationship management (CRM) system, this is also marketing information thata€™s being collected. You will learn that the company isna€™t just interested in what consumers want now but also years in the future. Marketing information systems range from paper-based systems to very sophisticated computer systems. Clickstream dataData collected from Web sites showing the Web pages visitors clicked on and the order of their clicks.
Walmarta€™s inventory information was updated by the minute (the retailera€™s huge computing center rivals the Pentagona€™s, incidentally); Targeta€™s was only updated daily. Now they have more time for analyzing the data with SAS, and we have become more flexible in the marketplace,a€? says Corey Bergstrom, director of marketing research and analysis for Cabelaa€™s. For example, does the customer prefer Cabelaa€™sa€™ one-hundred-page catalogs or the seventeen-hundred-page catalogs?
Encyclopedia Britannica didna€™t see the digital age coming and nearly went out of business as a result. Some companies subscribe to news service companies that regularly provide them with this information.
Suppose you want to monitor what people are saying about you or your company on blogs, the comment areas of Web sites, and social networks such as Facebook and Twitter.
All of the publications are online as well, although you might have to pay a subscription fee to look at some of the content. The American Marketing Association, Food Marketing Institute, Outdoor Industry Association, Semiconductor Industry Association, Trade Promotion Management Association, and Travel Industry Association provide their member companies with a wealth of information and often deliver them daily updates on industry happenings via e-mail. For example, during the latest economic downturn, many wholesalers and retailers noticed consumers began buying smaller amounts of goodsa€”just what they needed to get by during the week.
In 2001, Procter & Gamble admitted it had engaged in a€?dumpster divinga€? by sifting through a competitorsa€™ garbage to find out about its hair care products.
Sometimes companies hire professional spies to gather information about their competitors and their trade secrets or even bug their phones. Caffarinia€™s explanations (shown in parentheses) about why a companya€™s executives sometimes make bad decisions are somewhat humorous. Marketing research is what a company has to resort to if it cana€™t answer a question by using market intelligence, internal company data, or analytical software. Cokea€™s ill-fated decision to change the formula of Coca-Cola in 1985 is a case in point: Pepsi had been creeping up on Coke in terms of market share over the years as well as running a successful promotional campaign called the a€?Pepsi Challenge,a€? in which consumers were encouraged to do a blind taste test to see if they agreed that Pepsi was better. Primary dataData collected using hands-on tools such as interviews or surveys to answer a question for a specific research project. Government agencies also collect and report information on demographics, economic and employment data, health information, and balance-of-trade statistics, among a lot of other information. This is important research data for marketing managers monitoring consumer trends in the marketplace.
For example, throughout the twentieth century, numerous studies found that smoking was good for peoplea€™s health.
Perhaps via your regular market intelligence, you have spotted what appears to be a new opportunity in the marketplace. Instead the interviewer is armed with some general topics and asks questions that are open ended, meaning that they allow the interviewee to elaborate. The Walt Disney Company has recently begun using ethnographers to uncover the likes and dislikes of boys aged six to fourteen, a financially attractive market segment for Disney, but one in which the company has been losing market share. Using a word-association technique, a market researcher asks a person to say or write the first word that comes to his or her mind in response to another word. People are asked to look at a cartoon such as the one shown in Figure 10.8 "Example of a Cartoon-Completion Projective Technique". In other cases, you might decide you need more in-depth, quantitative research such as descriptive research or causal research, which are discussed next. Nor can an eye-tracking study tell you why peoplea€™s eyes tend to dwell on certain types of banner adsa€”only that they do.
Using a causal research design allows researchers to answer a€?what ifa€? types of questions. The German marketing research firm Komjuniti was one of the first a€?real-worlda€? companies to set up an a€?islanda€? in Second Life upon which it could conduct marketing research. The place the experiment is conducted or the demographic group of people the experiment is administered to is considered the test marketThe place an experiment is conducted or the demographic group of people an experiment is administered to..
One study the company conducted combined twenty-six different variables related to offers e-mailed to several thousand customers. Surveys are popular because they can be easily administered to large numbers of people fairly quickly.
The warm-up questions are then followed by a logical progression of more detailed, in-depth questions that get to the heart of the question being researched.
Therefore, there is always a hazard that people will try to tell you what you want to hear on a survey. The final document of this process is a business plan, by brand, category and sales channel, that integrates into the marketing, logistics, production and financial plan that companies submit to their shareholders in Brazil and abroad.
Apart from this, it will facilitate the relationship of this area, with all the rest, by showing how to say “No”, without feeling guilty, to any proposal that does not integrate, reinforce or mobilize the strategic incentives of your company’s brands within the trade marketing plan for the coming year. I have heard of cases of companies where a salesperson has had eleven actions in five different categories to present to his interlocutor in a large foodstuff distributor – something really non-viable.
Clearly, one is working with an estimate at this point, and for this, it is important to have agencies that can supply some notion of the costs, before making the proposal in itself.
The brand plan, plans of clients and the capacity of sales executing proposals should be considered. This allows the manager to present an integrated budget proposal (investments and costs) and of the potential increase in sales (which will go toward the commercial target), apart from the potential gains in market share (to be considered in the marketing budget – products). You can even adapt the list for individual marketing communication campaigns or individual marketing collateral, such as your company brochure or service brochure. If you feel you have additional information you want to contribute to the list, feel free to contribute using the comment section below. All too often I come across business owners who have little to no writing experience, who attempt to articulate their message, just to discover that the message does not convey what they want to say.
What is your take on how and what I should communicate to that donor to get his money but give away the bebefit.
Also keep in mind that the attachment of price list or pay no attention to the stores when it comes to other options.
You can start a wholesale business where you sell bakery the personnel in the firm: operators, customer services, distributors, vendors, sales personnel.
In fact, "most successful differentiation strategies involve the there are a lot of differences between customers of different localities, ages and nationalities.
Wouldna€™t it be great if you had some sort of crystal ball that would give you the answers to these questions? For example, if you own a convenience store, part of your daily market intelligence gathering would include driving around to see what competing stores are charging for gasoline or checking to see what types of products are being sold and advertised by them. When a firm gets a customer complaint and records it, this too is information that should be put to use.
For example, one group in a marketing department might research a problem related to a brand, uncover certain findings that would be useful to other brand managers, but never communicate them. So, for example, instead of a brand manager asking someone in accounting to run a report on the sales of a particular product, the brand manager could look on her firma€™s intranet for the information. Meet people like Gary Pool: Pool works for BNSF Railway and is one of BNSFa€™s a€?go-toa€? employees when it comes to gathering marketing data. The software incorporates regression models, linear programming, and other statistical methods to help managers answer a€?what ifa€? types of questions.
Are credit-lending terms loose or tight, and how will they affect what you and your customers are able to buy or not buy? If your firm is operating in a global market, you might be interested to know that some of these publications have Asian, European, and Middle Eastern editions.

Information Week provides information relevant to people and businesses working in the area of technology. They let their sales representatives know the types of books they want to publish and encourage their representatives to look for good potential textbook authors among the professors they sell to.
In many instances, they will tell you, if the information youa€™re looking for is general enough so they dona€™t have to divulge any information thata€™s confidential or that would be unethical to reveala€”an issue wea€™ll talk more about later in the book.
Seeing this trend, and realizing that they couldna€™t pass along higher costs to customers (because of, say, higher fuel prices), a number of consumer-goods manufacturers a€?shranka€? their products slightly rather than raise prices. Former and current employees can also reveal a companya€™s trade secret either deliberately or unwittingly. Unless your company has previously done some specific research on product namesa€”what consumers think of them, good or bada€”youa€™re probably not going to find the answer to that question in your internal company data. What questions will the research answer, and will knowing the answer result in the firm earning or saving more money than the research costs?
If one of your competitors comes up with a new offering and consumers are clamoring to get it, you certainly dona€™t need to undertake a research study to see if such a product would survive in the marketplace. The idea for telephone answering machines was initially rejected following marketing research. You have been tutoring for a while, and people have begun to realize youa€™re darned good at it. Coke spent four years researching a€?the problem.a€? Indeed, people seemed to like the taste of Pepsi better in blind taste tests. Syndicated researchPrimary data marketing research firms collect on a regular basis and sell to other companies. Instead, it buys research reports from other marketing research companies and then sells the reports in their entirety or in pieces to other firms. The World Bank and the United Nations are two international organizations that collect a great deal of information. You would then do exploratory research to investigate it further and a€?get your feet wet,a€? as the saying goes. A moderator is used to focus the discussion, the sessions are recorded, and the main points of consensus are later summarized by the market researcher. The ethnographers visit the homes of boys, observe the things they have in their rooms to get a sense of their hobbies, and accompany them and their mothers when they shop to see where they go, what the boys are interested in, and what they ultimately buy. If the initial word is a€?fast food,a€? what word does the person associate it with or respond with? One of the characters in the picture will have made a statement, and the person is asked to fill in the empty cartoon a€?bubblea€? with how they think the second character will respond. Most marketing research professionals advise using both types of research, if ita€™s feasible. Elsewhere, we explained that researchers have gone so far as to scan the brains of consumers to see what they really think about products versus what they say about them. In other words, if a firm changes X (say, a producta€™s price, design, placement, or advertising), what will happen to Y (say, sales or customer loyalty)? However, with so many other attractive fantasy islands in which to play, the company found it difficult to get Second Life residents, or players, to voluntarily visit the island and stay long enough so meaningful research could be conducted.
In the days afterward, sales skyrocketeda€”people bought flags no matter where they were displayed.
Before a large company rolls out a product to the entire marketplace, it will often place the offering in a test market to see how well it will be received.
However, to produce the best results, the questionnaire for the survey needs to be carefully designed. Lastly, the questionnaire wraps up with a statement that thanks the respondent for participating in the survey and information and explains when and how they will be paid for participating. Consequently, care needs to be taken that the survey questions are written in an unbiased, neutral way. As such, the prioritization is the key to profitable growth of mass consumer-goods companies. If you feel you are not qualified to develop your marketing collateral, it is best that you hire a professional to do the work.
Tourism enables people from many countries to see and potential adaptability of the segmentation structure across national boundaries. Below are some strategies that business houses adopt for and even from company to company, the basic theme stays the same. Such formats would suggest you to give a background of who are able to contact you and deal with you directly. This is simply a matter of taking all of your answers and adding detail where you’d like to go into more depth (as long as it’s relevant to the prospect), rewording to ensure that each sentence leads into the next, and adding appropriate lead-ins where necessary.Next, make your case study really powerful by adding a quote from the customer.
After all, you dona€™t want to quit your day job to develop a product thata€™s going to be a flop. Pool knows how to access different databases and write computer programs to extract the right information from the right places at BNSF, a process known as data miningThe process of extracting information from large databases so as to uncover patterns and trends.. For example, a€?If we spend 10 percent more of our advertising on TV ads instead of magazine ads, what effect will it have on sales?a€? Oracle Corporationa€™s Crystal Ball is one brand of analytical software.
How will rising fuel prices and alternate energy sources affect your firm and your products?
Southwest had anticipated the problem, and early on locked in contracts to buy fuel for its planes at much lower prices. It provides companies with news about business and legal developments that could affect their operations. Some companies use sentiment analysis to determine how the market is reacting to a new product.
World Trade provides information about issues relevant to organizations shipping and receiving goods from other countries. Befriending an expert in your industry, along with business journalists and writers, can be helpful, too. Also, unlike internal data, which is generated on a regular basis, marketing research is not ongoing.
So was the hit sitcom Seinfeld, a show that in 2002 TV Guide named the number-one television program of all time. For example, maybe your business has dropped off because your school is experiencing financial trouble and has lowered the number of scholarships given to incoming freshmen.
Secondary dataData already collected by your firm or another organization for purposes other than the marketing research project at hand. Census Bureau collects census data every ten years to gather information about who lives where. Exploratory research is less structured than other types of research, and secondary data is often utilized. A depth interview also allows a researcher to ask logical follow-up questions such as a€?Can you tell me what you mean when you say you felt uncomfortable using the service?a€? or a€?Can you give me some examples?a€? to help dig further and shed additional light on the research problem.
Textbook publishers often gather groups of professors at educational conferences to participate in focus groups. Some researchers believe ita€™s hard to generalize, or apply, the results of a case study to other companies. On the one hand, the qualitative-type research used in exploratory research is often considered too a€?lightweight.a€? Remember earlier in the chapter when we discussed telephone answering machines and the hit TV sitcom Seinfeld? To conduct causal research, the researcher designs an experiment that a€?controls,a€? or holds constant, all of a producta€™s marketing elements except one (or using advanced techniques of research, a few elements can be studied at the same time). Obviously, the terrorist attacks in the United States would have skewed the experimenta€™s data.
The company then tracked the results of the sales generated to see if they were in line with the earlier experiment it had conducted that led it to make the offer.
In other words, they shouldna€™t lead a person taking the questionnaire to answer a question one way or another by virtue of the way you have worded it. If you have any suggestions or additional thoughts on developing a marketing communications strategy I would encourage you to leave a comment below.
The reason why the company failed in its 2006 efforts to target these and target each segment individually so as to maximize sales. Successful marketing campaigns also arise some B2C marketing jobs, like a company representative that copywriter is a solid background of some sort in the IT industry. Having that added stamp of approval and confirmation that you performed as you claim makes the piece more interesting and believable.
However, truly understanding customers involves not just collecting quantitative data (numbers) related to them but qualitative data, such as comments about what they think. They use it to monitor the overall traffic of visitors that a site gets, to see which areas of the site people arena€™t visiting and explore why, and to automatically offer visitors products and promotions by virtue of their browsing patterns. Combining data into one location is called data warehousingA location for combining and storing data., and makes Poola€™s analysis easier. Other airlines werena€™t as prepared and lost money because their fuel expenses skyrocketed.
The Centers for Disease Control (CDC) uses sentiment analysis to track the progress of flu; as people post or tweet how sick they are, the CDC can determine where the flu is increasing or decreasing. Innovation: Americaa€™s Journal of Technology Commercialization provides information about innovative products that are about to hit the marketplace.
You will first want to talk to your firma€™s salespeople to get their a€?takea€? on the problem.
Even the best companies, like Coca-Cola, have made mistakes in marketing research that have led to huge flops. Or it explodes, and you cana€™t cope with the number of students youa€™re being asked help. But the outcry among the public was so great that the new formula didna€™t last longa€”a matter of monthsa€”before the old formula was reinstated. As you will see there are a huge number of studies in every category imaginable that you can buy for relatively small amounts of money.
Basic demographic information about sex, age, race, and types of housing in which people live in each U.S.
Table 10.1 "Examples of Primary Data Sources versus Secondary Data Sources" shows some examples of primary versus secondary data sources. However, focus groups can also be conducted on the telephone, in online chat rooms, or both, using meeting software like WebEx.
Nonetheless, collecting information about companies that encountered the same problems your firm is facing can give you a certain amount of insight about what direction you should take.
If many people reply that way, and youa€™re conducting research for Burger King, that could indicate Burger King has a problem. It involves recording the movements of a persona€™s eyes when they look at some sort of stimulus, such as a banner ad or a Web page. Some of your customers may be leery about (or prohibited from) providing their name or even the name of the company.
Software can be used to automatically tally the vast amounts of clickstream data gathered from Web sites and generate reports for managers based on that information. Leta€™s now examine some of the sources of information you can look at to gather market intelligence.
If an organization decides that it needs to conduct marketing research, it can either conduct marketing research itself or hire a marketing research firm to do it. In the next section of this chapter, wea€™ll discuss the steps related to conducting marketing research.
Conversely, if youa€™re swamped with people who want you to tutor them, perhaps your school awarded more scholarships than usual, so there are a greater number of students who need your services. Collecting primary data is more time consuming, work intensive, and expensive than collecting secondary data.
In fact, one way to begin a research project is to carefully study a successful product or service.
However, if the research is being conducted for Wendya€™s, which recently began running an advertising campaign to the effect that Wendya€™s offerings are a€?better than fast food,a€? it could indicate that the campaign is working. On the other hand, relying solely on quantitative information often results in market research that lacks ideas. The Walt Disney Company has a research facility in Austin, Texas, that it uses to take physical measurements of viewers when they see Disney programs and advertisements. Sometimes the experiments are conducted in a laboratory using a simulated setting designed to replicate the conditions buyers would experience.
International came up with what it thought was a really cute name for bug spray that would appeal to children. While a dashboard may display a piece of information, such as the number of carloads sold in West Virginia, the manager can click on the number and get more detail.
Collecting market intelligence can also help a company generate ideas or product concepts that can then be tested by conducting market research.
As you will learn, many things can go wrong along the way that can affect the results of research and the conclusions drawn from it. Alternately, perhaps you ran an ad in your schoola€™s college newspaper, and that led to the influx of students wanting you to tutor them.
Consequently, you should always try to collect secondary data first to solve your research problem, if you can.
The company conducts independent, unbiased surveys of customer satisfaction, product quality, and buyer behavior for various industries. It would have been easy for an observer to see that trying to drive a car and hold a cup of hot coffee at the same time is difficult. You would send them students to be tutored, and they would give you a cut of their pay for each student you referred to them.
You may find yourself coming up with additional relevant questions and answers – as long as they help demonstrate your expertise, include them!Background This section gives you the opportunity to outline the situation your customer was in and the challenge they faced; it also allows you to talk about the related challenges you faced as a result.What was the customer’s goal for this project? If this research contains the answer to your question, there is no need for you to replicate it. One of the best-known sellers of syndicated research is the Nielsen Company, which produces the Nielsen ratings.
See below for questions you can ask to help gauge the credibility of secondary information.
What prompted the goal – a need to save money, improve performance, reduce downtime?What, if any, alternatives did the customer explore before turning to you?
The Nielsen ratings measure the size of television, radio, and newspaper audiences in various markets. Did other vendors attempt a solution but fail?Were there market factors that influenced how you approached the assignment – was there a competitive product the customer was attempting to match or improve upon? Was the market demanding a specific product feature or capability?SelectionThis section gives you the chance to highlight the reasons you were chosen for the project.Was the assignment unique in a way that made it a perfect fit for your company? You’ll enhance your credibility if you present results in a goal-to-outcome comparison that connects what the customer needed and how you addressed it spot-on. The companies then compile the information and sell it to firms in various industries that subscribe to their services.
The Nielsen Company has also recently teamed up with Facebook to collect marketing research information. Via Facebook, users will see surveys in some of the spaces in which they used to see online ads.Alan Rappeport and David Gelles, a€?Facebook to Form Alliance with Nielsen,a€? Financial Times, September 23, 2009, 16.

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