New Paradigm For Marketing Research In The Information Age

New Paradigm for Marketing Research in the Information Age

Doug, Justin, Matt, Rhette

Introduction

u Feature, Function, Benefit of Service to Firm, Market and Culture

u Identification of Internal and External Customers

u Comparative and Competitive Advantage

u SWOT Analysis

u Financial Opportunities

u Human Resource/Workforce & Customer Service Concerns

u Role of Advertising, Promotions and Channel Partners

u Externalities- Positive and Negative

Function of Marketing Research in the Information Age

∑ Marketing Research is a combination of Market Research, Product Research and Advertising Research

∑ Market Research--Examines the business environment. Evaluates the overall market, including economic trends and supply/demand curves

∑ Product Research- Evaluates what products can practically be produced and what products already produced should continue production

∑ Advertising Research- Designed to improve the efficiency of advertising.

Forms of Market Research

∑ Market Research is accomplished through many different techniques which include:

∑ Ad tracking

∑ Advertising research

∑ Brand name testing

∑ Consumer decision process research

∑ Consumer satisfaction studies

∑ Demand estimation

∑ Mystery shopping

∑ Price elasticity testing

∑ Test Marketing

Market Research Methods

∑ Qualitative Marketing Research

∑ Used to evaluate the usefulness, effectiveness and practicality of a product or service in a small controlled environment

∑ Quantitative Marketing Research

∑ Used to draw conclusions for a specific question. Typically involves random sampling and very large numbers of respondents. Surveys and questionnaires are common examples

∑ Ethnographic Studies

∑ Researcher observes society in its own setting

∑ Product-use analysis and computer cookie traces

∑ Experimental Techniques

∑ Researcher creates an artificial environment to manipulate specific factors and concentrate on one variable.

∑ Purchase laboratories and test markets

Benefits/Consequences of Marketing Research

u To the Firm

u Business benefit from market research in many ways

u Determine which products are being sold and what products may continue to sell

u Determine what advertising techniques are effective

u Identifies the elasticity of demand for a given product

u Allow for feedback from the consumer in an indirect and controlled environment

u To the Market

u Promotes healthy competition

u Evaluates the effectiveness of advertising techniques in the market as a whole

u Determines the overall status of the market, including supply and demand curves

u Evaluates the status of various products selling to the same market (inferior and superior goods)

u To the Culture/Consumer

u Allows the consumer to respond, typically anonymously with complaints and praises

u Allows the company to target you directly through advertising research

u Prices are decreased to do increased competitive forces

Identification of Internal and External Customers

u Internal Customers

u Issues with Internal Customers

u Communication

u Importance

u Criteria for Identification

u Three issues concerning internal customers

u Recognizing the importance of serving internal customers

u Communication

u Structured approach to internal customers

u The Importance of Serving Your Internal Customers

u recognize the benefits of improving the service you offer your internal customers

u define who key and non-key internal customers are

u create an effective customer experience statement

u Communicating with Your Internal Customers

u recognize the benefits of communicating effectively with internal customers

u use internal customers' physical experiences to meet and exceed internal customers' likely expectations

u use assertive behavior to manage conflict in a given scenario

∑ Internal Customer Service--A Structured Approach

∑ recognize the benefits