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Marketing: Real People, Real Decisions Analyzing the Business Environment Chapter 5 Lecture Slides Solomon, Stuart, Carson, Smith Your name here Course title/number Date 1 Marketing: Real People, Real Decisions Chapter Learning Objectives When you have pleted your study of this chapter, you should be able to: ? Describe the marketing research process. ? Explain the differences between exploratory, problemsolving, and causal research, and describe some research techniques available to marketers. ? Deal with the issues involved in making sense of research results. ? Discuss how marketers implement research results 2 Marketing: Real People, Real Decisions Introduction to the Topic ? The topic of marketing research is important to marketers because of its relationship to the marketing concept. ? Marketing concept: a management orientation that focuses on achieving anizational objectives by understanding consumer needs and wants and the associated costs of satisfying them. ? Marketing research is the mechanism by which marketers find out what consumers really want, so that they can develop products or services to satisfy those needs and wants. ? So it would help if we knew something about this process! 3 Marketing: Real People, Real Decisions Information for Decision Making ? Marketing research: the process of collecting, analyzing, and interpreting data about customers, petitors, and the business environment to improve marketing effectiveness. ? We are trying to improve the effectiveness of our marketing decision making, and we can do that by getting better information. ? Marketing intelligence: information about a firm’s external environment, which allows marketers to monitor conditions that affect demand for existing products or create demand for new products. ? Gathering marketing intelligence is an ongoing process, whereas marketing research refers to more objectivedriven activities. 4 Marketing: Real People, Real Decisions The Marketing Research Process Secondary data Focus groups Depth interviews Survey Experiment Problem definition Exploratory research Formal research design Observation 5 Marketing: Real People, Real Decisions The Marketing Research Process Probability Nonprobability Conclusion and report Sampling Data collection and analysis Decision making Storage for future decision makin