Bell Ringer List some reasons why you think that some new businesses have almost immediate - PowerPoint Presentation

1. Bell RingerList some reasons why you think that some new businesses have almost immediate success while others fail miserably.The main idea: Successful companies must be able to understand the needs and wants of customers. Marketing research provides information to help a business plan, solve problems and make decisions regarding its products and services.

2. Marketing Information SystemsMarketing Co-Op: Chapter 28.1

3. Define Marketing ResearchThe process and methods used to gather information, analyze it, and report findings related to marketing goods and services

4. What is it used for?Identify opportunities in marketingSolve marketing problemsImplement marketing plansMonitor marketing performance and effectiveness

5. Company’s can use the research to:Determine customer attitudes and preferencesTest product featuresDetermine market size and growth potentialLearn about competitorsDetermine buying cyclesUnderstand company’s public perception

6. Why is Market Research ImportantIf businesses don’t pay attention to marketing research they could make costly marketing mistakes about:What products to produceWhat price to sell product forWho will buy the productHow to promote the product

7. Who uses Marketing Research?Individual BusinessesVarious manufacturersWholesalersRetailersLocal, state and federal governmentsNon-profit organizations

8. Lean CuisineMarketing Research Example:Stouffers:13 years doing research before starting Lean CuisineThey studies consumers interest and health dietingThey studied panelist to determine what people liked/disliked about their healthy mealsWhen they launched the Lean Cuisine line it was a major success with $125 Million in sales in the first year

9. Marketing Information SystemsDefine: What is database marketing?A process of designing, creating and managing customer listsIdentify: What data should be included in marketing information systems?Customer profile data, company records, competitors recordsAnalyze: What are some uses for customer lists?Locating, selecting and targeting customers with special programs

10. Database MarketingDatabase marketing, or customer relationship management, is the process of designing creating and managing consumer listsDatabase marketing lists are developed from the following:Face-to-face salesDirect mailTelephone or email purchasesService requestsWebsite visits

11. What do companies do with this information?The information collected about consumers is stored in computer databasesExample: American ExpressTheir database includes what customers buy, where they buy it, where they dine out and how much money they spendThe company uses this info to send their card members special customized offers on products, hotels, restaurants, etc

12. Using Technology to Gather InformationCustomer Loyalty ProgramsMany businesses use loyalty programsThe program offers discounts and other rewards to shop at a specific retailerCompanies use the loyalty to cards to compile information in their databases

13. Types, Trends, and Limitations of Marketing ResearchMarketing Co-Op 28.2

14. Quantitative vs. QualitativeQuantitativeAnswers questions has to “how many” or “how much”Relies heavily on questionnaires to obtain infoQualitativeFocuses on small number of peopleAnswers questions as to “why” or “how”

15. Attitude ResearchAlso known as opinion research -designed to obtain info on how people feelFor example: Best Buy Geek SquadCalling after service to see how satisfied the customer was with their service

16. Market IntelligenceConcerned with:the location and size of a marketthe competitionsegmentation within the market for a particular productData is used to assemble a profile of:Present and potential customersCompetitionThe overall industryHelps define target markets for particular products and services

17. Media ResearchAlso know as advertising researchDetermines the effectiveness of various media to advertise a good or service Can be conducted before or after a media campaignMedia Research measures:Audience – number of people exposed to the mediaFrequency – number of times a viewer is exposed to the mediaReach – percentage of the target audience that sees the mediaRatings – total number of audience impressions delivered over a set period of time

18. Product ResearchEvaluates a products design, packaging and usageInformation is also collected about competitors productsProduct and packaging is designed, tested, and changed if needed

19. Limitations of Marketing ResearchThe amount of information that is gathered is limited by the amount of money and time a company can afford to spendTest markets may give feedback, but it doesn’t mean they will buy the product later