Summary: Ninth Edition Of Marketing Research | Carl McDaniel

Read the summary and the most important questions on Ninth Edition of Marketing Research | Carl McDaniel JR

• 1 Introduction to marketing research

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• Opportunistic nature of marketing research. Explain?

  Marketing research is an excellent tool for discovering opportunities in the marketplace. Insights of marketing research help managers to create an effecitve marketing mix. 

• Marketing research has two key roles in marketing system:

  1) Provides decision makers with data on the effectiveness of the current marketing mix and offers insights into necessary changes. 
  2) Primary tool for exploring new opportunities in the marketplace.

• Inextricable link between customer satisfaction and?

  Customer loyalty. Ability to retain customers is based on intimate understanding of their needs. 

• Effect of social media and user-generated content?

  Brought numerous changes to the marketplace and field of marketing research. market research taps into the huge streams of data to determine people's opinions about products and services and the competition. 

• Marketing research can be classified into three broad categories

  Programmatic research: develop marketing options through market segmentation, market opportunity analyses or consumer attitude and product usage studies. 
  Selective research: to test decision alternatives. 
  Evaluative research: to assess program performance. 

• When is it not a good idea to conduct marketing research?

  - Resources are lacking
  - Research results would not be useful

  - Opportunity has passed

  - Decision has already been made

  - Managers cannot agree on what they need to know to make a decision

  - Decision-making information already exists

  - Costs outweigh the benefits

• Two important determinants of potential benefits of market research

  - profit margin

  - market size

• Development of marketing research

  Inception: Pre-1900

  Early growth: 1900-1920
  Adolescent years: 1920-1950

  Mature years: 1950-2000: change from a seller's market to a buyer's market; necessitated better marketing intelligence. Concept of market segmentation and motivation research. 

  Connected world: 2000-Present: internet has produced many benefits for marketing research. 

• 2 Steps in the research process

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• Forms of exploratory research

  Pilot studies: surveys with limited number of respondents and less rigorous sampling techniques. 

  Experience survey analysis: discussions with knowledgeable individuals, both inside and outside the organization, who may provide insights to the problem. 

  Secondary data analysis: data that have been gathered for some purpose other than at hand. 

  Case analysis: reviewing information from situations that are similar to the current one. 

  Focus groups: in-depth discussions led by a moderator. Key here are the group dynamics. 

• When do you complete exploratory research

  When you are convinced you found the major dimensions of the problem.