McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc All Rights LEARNING OBJECTIVES (LO) AFTER READING CHAPTER 8, YOU SHOULD BE ABLE TO: LO1 Identify the reason for conducting marketing research LO2 Describe the five-step marketing research approach that leads to marketing actions LO3 Explain how secondary and primary data are used in marketing 8-2 LEARNING OBJECTIVES (LO) AFTER READING CHAPTER 8, YOU SHOULD BE ABLE TO: LO4 LO5 Discuss the uses of observations, questionnaires, panels, and experiments Explain how information technology and data mining link massive amounts of marketing information to meaningful marketing actions 8-3 TEST SCREENINGS: LISTENING TO CONSUMERS TO REDUCE MOVIE RISKS 8-4 TEST SCREENINGS: LISTENING TO CONSUMERS TO REDUCE MOVIE RISKS  What’s in a Movie Name?  The Risks in Today’s Blockbuster Movies  Using Marketing Research to Reduce Movie Risk • Test Screenings • Tracking Studies 8-5 FIGURE 8-1 Marketing research questions asked in test screenings of movies that lead to specific actions 8-6 LO1 THE ROLE OF MARKETING RESEARCH  What is Marketing Research?  Why is Good Marketing Research Difficult, Especially with Kids?  Five-Step Marketing Research Approach to Making Better Decisions 8-7 THE ROLE OF MARKETING RESEARCH • What is Marketing Research? – The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions – The goal of marketing research is identify and define both marketing problems and opportunities and to generate and improve marketing actions Slide 8-8 THE ROLE OF MARKETING RESEARCH • Why Good Marketing Research is Difficult – Marketing researchers face difficulties in asking consumers questions about new, unknown, or personal-type products • Do consumers really know whether they are likely to buy a product that they probably have never thought of before? • Even if consumers know the answer, will they reveal it? • Will consumers’ actual purchase behavior be the same as their stated interest or intentions? Slide 8-8 THE ROLE OF MARKETING RESEARCH • Why Good Marketing Research is Difficult (cont.) – Task of marketing research is to overcome these difficulties and to obtain the information needed to make reasonable estimates about what consumers will or will not buy Slide 8-8 Marketing Research Marketing research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions 8-85 Decision A decision is a conscious choice from among two or more alternatives 8-86 Measures of Success Measures of success are criteria or standards used in evaluating proposed solutions to a problem 8-87 Constraints Constraints are, in a decision, the restrictions placed on potential solutions to a problem 8-88 Sampling Sampling involves selecting representative elements from a population 8-89 Probability Sampling Probability sampling involves using precise rules to select the sample such that each element of the population has a specific known chance of being selected 8-90 Nonprobability Sampling Nonprobability sampling involves using arbitrary judgments to select the sample so that the chance of selecting a particular element may be unknown or zero 8-91 Statistical Inference Statistical inference involves drawing conclusions about a population from a sample taken from that population 8-92 Data Data are the facts and figures related to the problem, divided into two main parts: secondary data and primary data 8-93 Secondary Data Secondary data are the facts and figures that have already been recorded before the project at hand 8-94 Primary Data Primary data are the facts and figures that are newly collected for the project 8-95 Observational Data Observational data are the facts and figures obtained by watching, either mechanically or in person, how people actually behave 8-96 Questionnaire Data Questionnaire data are the facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors 8-97 Information Technology Information technology involves operating computer networks that collect, store, and process data 8-98 Data Mining Data mining is the extraction of hidden predictive information from large databases 8-99 ... actions 8-6 LO1 THE ROLE OF MARKETING RESEARCH  What is Marketing Research?  Why is Good Marketing Research Difficult, Especially with Kids?  Five-Step Marketing Research Approach to Making... goal of marketing research is identify and define both marketing problems and opportunities and to generate and improve marketing actions Slide 8-8 THE ROLE OF MARKETING RESEARCH • Why Good Marketing. .. (LO) AFTER READING CHAPTER 8, YOU SHOULD BE ABLE TO: LO1 Identify the reason for conducting marketing research LO2 Describe the five-step marketing research approach that leads to marketing actions