Introduction to Marketing Research: Part I

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Introduction to Marketing ResearchPart I
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Important Caveat(Otherwise Known as a Warning
about Protecting Intellectual Property)
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Asynchronous Yet Interactivee-mail Questions to
mhyman_at_nmsu.edu
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So Lets Begin . . .
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It aint the things we dont know that gets us
in trouble. Its the things we know that aint
so.

• Artemus Ward

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Marketing Research Defined

• The systematic and objective process of
  generating information for aid in making
  marketing decisions

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Nature of Marketing Research

• Answers marketing questions by
• Linking consumers, customers, and public to
  markets through information used to identify and
  define marketing
• Generating, refining, and evaluating marketing
  actions
• Monitoring marketing performance
• Helping to understand marketing as a process

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Marketing Research versus Marketing Information
System
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MIS vs. Marketing Research
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Why Do Marketing Research?

• Make better marketing decisions
• Understand consumers and the marketplace
• Find out what went wrong

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Help managers select among viable alternatives
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Why Not Do Marketing Research?

• Lack of required resources
• Poor timing in the marketplace
• Decision has already been made
• Managers cannot agree on needed information
• Needed information already exists
• Costs outweigh benefits
• Lose element of surprise

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Determining When to Conduct Marketing Research
Time Constraints
Availability of Data
Nature of the Decision
Benefits vs. Costs
Information already on hand inadequate?
Is the decision of strategic or tactical
importance?
Does the information value exceed the research
cost?
Conduct Marketing Research
Is sufficient time available?
Yes
Yes
Yes
Yes
No
No
No
No
Do Not Conduct Marketing Research
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I dont know if we should enter the Australian
Market?

• Information
• Reduces
• Uncertainty

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Value Should Exceed Estimated Costs
Costs
Value

• Research expenditures
• Delay of marketing decision and possible
  disclosure of information to rivals
• Possible erroneous research results

• Decreased uncertainty
• Increased likelihood of a correct decision
• Improved marketing performance and resulting
  higher profits