New Paradigm For Marketing Research In The Information Age
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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