BMGT 311: Assignment 1 (Saturday)

Class,

Today we got a good background on the marketing research industry from chapters 1 and 2.  The first assignment is to

Find an article that lists out why marketing research is important and how it helps companies market products successfully.
As noted in class, Marketing Research is about avoiding mistakes, and giving decision makers access to key information about their business so they can react accordingly.  Whether internal, external, primary, or secondary, marketing research provides value when decision makers have access to information and can adjust their plans on what the data is telling them.  One company, P&G, is developing innovations in data and output called Decision Cockpit, designed to bring data at the front of every decision.  They have even redesigned meeting space to bring this data to managers, rethinking everything we do.
To read more, vist the HBR Idea Center From Harvard.
Screen Shot 2013-08-24 at 8.48.42 PM
Here is a video on data visualization – a key concept of this class.  It’s a good watch when you have 20 minutes.
So – please take some time to find some examples of why marketing research is important, and how it helps companies market products successfully.  Please post your answers in the comment section and be prepared to present in the next class.
Chris
 

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13 thoughts on “BMGT 311: Assignment 1 (Saturday)”

  1. Why Marketing Research is important to your Business? First, you must understand the difference between market research and marketing research. Market research is when you have a narrowed down target group of consumers. Marketing research deals with a broader range of consumers, in which it deals with new product research and distribution methods. Marketing research is really about researching the marketing process of a company, not just who they are targeting.

    A problem exist when a gap exist between what was supposed to happen and what did happen…failure to meet an objective or what did happen and what could have happened as an opportunity.

    Here is a list of steps in defining research process:

    1. Problem definition is the main objective to focus on research. ex: Why are sales soaring in the midwest , but not in other parts of the country?
    2. Data collection is needed to help solve the problem. You can use surveys, telephone calls or focused groups on the internet.
    3. Determine sample methods to represents to those you will use.
    4. Data analysis on how you will analyze information by software or hand and how accurate will the results be?
    5.Determine budget and time frame on how much you are willing to spend on the research how soon for completion.
    6.Analyze the data collected
    7.Check for errors in data…it can be in the sampling methods, data collection as well as just analytical mistakes.
    8. The final step is to create your report on your findings. Its important that your report is clearly communicated to the solutions to the objective in step 1.

    Knowing this information is essential to the success of your business. It will guide you in making strategic business decisions, uncovering unmet consumers needs and in many cases, help you discover new ideas for products and services.

  2. Marketing research can help companies identify market trends, economic shifts, customer’s buying habits, and provide valuable information on the competition. I think the following article about the size of the iPhone screen is incredibly interesting. Despite figuring out the optimal screen size for one handed use Apple may miss out on sales because the screen size isn’t as appealing as its competitors at point of sale. Apple’s failure to ask the right questions is a good example of why it is critical to not just do market research but in-depth marketing research.

    http://www.forbes.com/sites/onmarketing/2013/08/27/iphone-screen-size-apple-may-have-been-asking-the-wrong-market-research-questions/

  3. http://www.morebusiness.com/running_your_business/management/Market-Research.brc

    The above article outlines the importance of marketing and provides examples of different types of marketing research. There is a sentence I found interesting within this article which reads, “It is viewing the entire business from the customer’s viewpoint taking into account every aspect of the marketing mix from the product, price, distribution channels and marketing communications.” I can relate to this sentence by the work I have done over the summer as an intern for Pitt. Throughout the development of the project I was working on, I had to constantly remind myself to think like the customer and put myself in the customer’s shoes if being presented with the product at hand. What would be my first impression? How would I react? How would I feel? It is strange, because you are working for the business, however, you have to somewhat separate yourself from the business and pretend to be the customer every so often to be successful. There is another sentence i would like to elaborate on, “Market research consists of a plan that charts how relevant data is to be collected and analyzed so that the results are useful and relevant for making marketing decisions.” This is another statement that I can relate to. It was vitally important for me to analyze various forms of data from student surveys and account sheets to discover the needs of what the customer actually wants from the service we were offering. This information was crucially important for us to create and develop various promotions and incentives to entice new and existing customers to keep using the service. By utilizing this type of data beforehand, we were able to successfully market our service while keeping within the outlined budget. As mentioned in class, with the way the economy is, businesses do not have excess money to throw around and guess what “might” work, there has to be some sort of proof or mathematical/scientific evidence obtained through marketing research to truly discover the needs of the consumer and develop a solid strategy.

  4. http://www.fieldandstream.com/blogs/flytalk/2012/08/interesting-facts-about-fly-fishing-market

    The article above talks about how Field and Stream, which is an outdoors store used marketing research to zero in how the fly fishing market. They found out where most fly fishing equipment is bought, which type of water is (fresh, salt) is dominating the market. it talks about the amount of total revenue the fly fishing world makes and at first glance it looks like a lot but as they talk about how it isn’t even as much as a candy company. They say it is a niche sport or hobby. I think they do a good job giving some facts about fly fishing and giving fly fishing company’s facts to know who, what, where, when and why to market their product too. Marketing research is important because if you don’t have it how do you know who to appeal too or get your message out too? I think that all company’s need to do marketing research and like we discussed in class its more of a science than just guessing who to target.

  5. http://businesscasestudies.co.uk/coca-cola-great-britain/using-market-research-to-develop-a-product-range/market-research.html#axzz2dSZMXsty

    I found the above article to be interesting. It is a case study that discusses methods used by Coca-Cola in their uses of market research to develop a product range. The link above is from one page of the article that focuses on the market research area of the company and what methods they utilize to develop their product range, whether that be developing a new product, a new packaging design, or an already existing product extension. The article goes over the five stages of the company’s market research strategy. The steps are, identify opportunity, explore solution, measure suitability/effectiveness, test market, and track market performance. With each step, certain methods are determined which helps evaluate how each step would be carried out effectively. The market research steps listed in this article can also be used effectively for other companies in their market research strategies as well. Each step is important since it helps determine what product/service is best for the customer and what would be most satisfying for their needs, and also help the company grow.

  6. Nielsen is long understood to be one of the leading analytics of media watching and engagement, and in thier report, “Making Advertising More of a Science than an Art” they provide a historic account of when scientific methodologies were introduced into marketing and advertising to elicit an emotional response from viewers.

    The report shows that neuroscience and the use of EEG can gauge the brain’s response to advertisments, stating “EEG can pick out three key metrics: whether a viewer’s memory is being activated; when and how far people’s attention is engaged, and whether the viewer is drawn emotionally towards or leans away from a stimulus.”

    It would be interesting to compare the ‘scientific’ results to ‘conscious’ decisions made by individuals who watch the ad. Focus groups and test market sampling has not always provided good direction when the ad…or the product is released for public consumption. Was the sample size not large enough? Was it not diverse enough or too diverse for the target market? Did the participants lie to the auditors…and maybe even to themselves?
    Using EEG could be helpful in plotting the brain’s reaction…but would it still conflict with the general public’s acceptance?

    More information and additional NeuroFoucs studies would certainly be useful and if it proves out to be an accurate method to test ads and products, then the analytics would be gold…and the left brains and right brains would find a common ground. Both in the creation and in the consumption of the end product.

    Source: Willke, J., Burris, B., Making Advertising More of A Science Than an Art, What’s Next, Vol. 1, No. 2, APR 2013, http://www.nielsen.com

  7. Why is Marketing Research important? The product have to capture the hearts and minds (and wallets) of the consumer and you must determine if your product or service have a place in the market. Many companies neglect to conduct market research because they think that their product is perfect so they don’t want to hear any negative feedback. Other companies bypass market research because it’s too expensive. Regardless of the reason, failing to do market research can amount to a death sentence for your product. “A lot of companies skim over the important background information because they’re so interested in getting their product to market,” says Donna Barson, president and owner of Barson Marketing Inc., a marketing, advertising and public relations consulting firm. “But the companies that do the best are the ones that do their homework.” In conducting marketing research you will have to gather two types of data Primary and Secondary.
    Primary research is the information that comes directly from the source, potential customers by conducting surveys.
    Secondary research involves gathering statistics, reports, studies and other data from organizations such as government agencies, trade associations and your local chamber of commerce. The best way to conduct this research is through your local library and the internet.
    Government Agencies – will help you figure the population density and distribution available census tracts. These publications will show you the number of people living in specific areas, precincts, and districts or ten-block neighborhoods.
    Associations – trade association can offer a wealth of information such as market statistics, lists of members, and books and reference materials. By conducting this research from these sources will help you gain valuable information to get ideas, target customers on current and future trends, buying patterns about new products and the competition.
    Maps – will show the major areas of commerce and can also help you judge the accessibility of various sites, which will help in limits of your market area.
    Online – using the internet is an easy way to get information from business news to industry trends, company-specific business information, such as firm’s address, telephone number, field of business and the name of the CEO.
    By using market research will help you make any adjustments necessary to your product or brand and guarantee success, so do your homework.

    http://www.entrepreneur.com/article/217388

  8. Kaylan City Life – Sharing Wisdom and Vivid Memories of Life

    Article Title: “Explain Need and Importance and Vivid Memories”

    Source/Publication & Date: Kaylan-city.blogspot, 1/17/2013

    Theme and how it relates to topic assigned:
    This information is given by a man named Gaurav Akrani. He resides in Kaylan city in India. He and his collegues regularly blog quality academic materials. He shares his blog on his twitter about various topics. Most recently he has been posting information on Advertising, Marketing Research and Social Media.

    Key points of article
    1. Marketing research solves many different marketing problems that a business can face like product, price, place, promotion or partnerships, packaging, branding, marketing channels and advertising.
    2. Marketing research provides valuable datato decision makers. Information on demand, supply, consumer behavior, trends and competition is provided to make the best decision.
    3. Marketing research studies consumer behavior by providing the age, incomes, likes, dislikes, and opinions of the consumer.
    4. Marketing research helps selects promotional techniques by selecting the proper media.
    5. Marketing research helps the company to elevate its marketing performance.

    Your thoughts
    In my search for finding a good article I was lead to a lot of “Market Research” instead of “Marketing Research”. Some articles that claimed were about Marketing Research and the different types of information it can provide. For example, research can offer insights on the trends in supply and demand, customer behavior, whether to promote through social media or mobile, and elevate the effectiveness of advertising. Marketing research is an effective way to forecast what is to happen for a company.

    http://kalyan-city.blogspot.com/2013/01/explain-need-and-importance-of.html

  9. The article I found simply states and outlines why marketing research is important to a business. It also explains the difference between “market” and “marketing” research. It states that marketing research “delves into new product research and distribution methods.” It also includes steps that should be taken during the research along with helpful questions in each explanation to help better understand that specific question. The steps provided are:

    Problem Definition
    Data Collection Method and Needs
    Determine Sample Method
    Data Analysis
    Determine Budget and Timeframe
    Data Collection
    Analysis of the Data
    Error Check
    Create Your Report

    What I found interesting was in the last step – it says that your findings should lead to a solution to the problem you identified in Step 1…. guess I never really put 2 and 2 together! Makes sense now 🙂

    http://marketing.about.com/od/statisticsandresearch/a/whatismarketingresearch.htm

  10. The major purpose of marketing research is to provide numbers and facts for managers to make better decisions in order to maximize the business profit. Customers’ value will not stay the same every year. Thus, it will be very necessary to collect and analysis data to adjust different marketing strategy.

    Marketing research is different from market research. Market research majorly focuses on information of a market’s size and trends. Marketing research covers a broader range of activities. It’s more like a whole research process in stead of a research goal.

    Normally, marketing research involves in the following steps:

    1. Define the problem
    2. Determine research design
    3. Identify data types and sources
    4. Design data collection forms and questionnaires
    5. Determine sample plan and size
    6. Collect the data
    7. Analyze and interpret the data
    8. Prepare the research report

    Marketing research is more like a long term process, which business needs to keep finding its shortages and how to make better decisions. Marketing research does not guarantee that the business will be successful in product marketing, but it could definitely help to minimize the uncertainty of decision-making and increase the probability of success.

    http://www.quickmba.com/marketing/research/

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