BUS502: Strategic Marketing

This chapter describes the strategic importance of marketing information and research. Marketing information is available through many internal and external sources. A structured and objective marketing research process results in valuable information to support strategic marketing decisions. The more details an organization knows about consumers and markets, the more effective an organization can be in reaching target segments. Consumers and environmental factors change, so there must be a commitment to periodic marketing research and assessment of information to guide strategic decision-making. Explain why investing the essential time and money in acquiring marketing information is important.

Read this chapter to learn about the types of marketing information. Marketers use:

• internal data, including customer information;
• competitive information; and
• marketing research about customers, products, and markets.

Marketing research should identify a problem to address or an opportunity to explore. We should define the essential information to address research questions and the processes for collecting, analyzing, and reporting the information. In the chapter, the retail chain Target is an example of an organization that used marketing research to reposition the brand and identify new target segment opportunities after multiple factors negatively affected sales and the corporate image. Can you determine the likely information sources and marketing research focus at Target?

Watch this video that includes a general overview of marketing research. Additional information about research types is included later in this unit. Think about the four primary pursuits of marketing research:

1. Identifying pathways
2. Finding the RIGHT pathway
3. Considering if we really took the right path
4. Determining how to take the right path in the future

How would you summarize the common themes among these primary pursuits?

Read this chapter to learn about the steps in the marketing research process and relevant factors. This process applies to other research projects; "marketing" before the term "research process" simply provides an indicator of the research focus. The research process is often defined as 4-6 steps or sometimes more with varying details about essential activities in each step. The 5-step process is discussed in the chapter. A systematic research approach is emphasized in this chapter. Can you provide examples of any professional, academic, or personal research you have conducted that followed this 5-step research process?

Watch this video to reinforce your understanding of the marketing research process and provide guidelines on properly identifying research questions. The research question or questions must be clear and specific, so the research design and results lead to relevant and actionable information. In this video, the research process is defined as four steps and then as 11 steps that include more details about essential activities within the initial four steps. The speaker described the Iceberg Principle when determining good research questions. How would you explain this principle about symptoms and causes to your marketing team?

Read this chapter to learn about secondary marketing research. This type of research is a meaningful initial activity to discover relevant, available information and identify gaps in information to be addressed by primary research. Secondary research includes a review of existing information from an organization's internal data, such as customer information; government sources, such as the United States Census; industry and professional associations and publications; commercial data sources, such as Nielsen, a company that collects, analyzes, and sells marketing information; and internet search results. There are advantages and disadvantages to secondary research. What would be your most significant concern with secondary data?

Read this chapter to learn about selected specific sources of secondary data and the types of information available through the sources. The list is by no means comprehensive. To fully benefit from secondary research, there must be existing or acquired knowledge about the most relevant secondary data sources for a specific research project. Why should marketers regularly scan the environment for new information and new sources of marketing information?

Watch this video that includes an overview of secondary research and information for marketing purposes. The distinction between secondary data and primary data is discussed. Information is provided about the types of secondary data, how you can use them, and how to determine if data quality is acceptable for the research project. Why is it beneficial to initially collect and review secondary data in the marketing research process?

Watch this video to learn more about external secondary data available from various external sources such as the government, industry and trade associations, publications, syndicated research sources, and more. What do you think are the advantages of external secondary data?

This chapter provides information about an internal secondary data source, the customer relationship management (CRM) system. CRM systems are software systems that support marketing, sales, and account management functions. The systems are used for multiple purposes, including capturing and centralizing data about customers and customer interactions, conducting data analysis to gain insights about better meeting target segments' needs, and determining the best marketing mix for target segments. Think about an email you received with a discount code for a new product related to a prior purchase from a company.

Read this chapter to learn about the role of artificial intelligence (AI) in marketing research. AI is the simulation of human intelligence in machines such as computers. AI is becoming important in marketing, including marketing research, where it can be used for data collection, market analysis, and understanding the customer. For example, consumer intelligence is acquired when connected devices such as a smart watch, smart appliances, or digital assistants (like Siri or Alexa) are used. Useful data about consumers and their activities may affect strategic marketing decisions. Can you provide examples of the connected devices you use and other digital means through which organizations acquire information about you as a consumer?

Read this chapter with information about primary marketing research methods. Since secondary research is based on existing information, it may not fully address the data needs for a research project. As such, primary research can address gaps in information. Primary research involves collecting data to specifically address the research question. It often requires more significant financial and time investments when compared to secondary research. The chapter includes descriptions of common primary research methods and a distinction between qualitative and quantitative research and data. What would be your most significant concern about primary marketing research?

Watch this video, which includes definitions of primary data sources and examples. Carefully review the chart in the segment about commonly collected data. All types of data collected tie into consumer behavior.

Read this chapter with descriptions of the three types of research design: exploratory, descriptive, and causal (experiments). Definitions are provided for each research design with examples of applications. Exploratory research design is a means to explore a situation. Descriptive research design describes the market or characteristics of research participants. Causal research design, also known as experimental research design, is a means for examining cause and effect. It is important to select a research design that will result in answers to the research question or questions. If you wanted to better understand customer satisfaction, which research design would be associated with the research project?

Watch this video for more information about exploratory, descriptive, and causal research designs. Definitions and purposes are provided for each design. There is also discussion about what each design tells and doesn't tell you and how to apply the design in marketing. How would you generalize situations for using a causal research design?

Read this brief article which summarizes six steps in the marketing research process and provides insights into how to prepare and analyze the data collected. It is recognized that data must be carefully processed and verified in preparation for relevant data analysis you might use statistical tools for. Biases must be avoided when interpreting data. What are the possible outcomes with personal perspectives influencing data interpretation?

Watch this video about evaluating secondary data and research. Examples demonstrate how to assess the quality and usefulness of secondary data using 2 of 5 guiding questions. It is important to assess marketing research data carefully for validity and usefulness while avoiding any potential biases or other concerns. Take note of the five guiding questions for evaluating the quality of secondary data summarized near the beginning of the video. We will cover the remaining guiding questions in the next video. What initial criteria would you use to assess secondary data and why?

Watch this video, which includes additional information about evaluating secondary data and research. The last 3 of 5 guiding questions about research quality are discussed with examples to highlight points. What are the concerns if the secondary data is inconsistent with other available information?

This chapter includes guidelines for using marketing information and research results to adjust marketing strategies and the marketing mix. Two examples include Proctor and Gamble launching Pampers in China and a fast food chain that modified its marketing strategy for a core product. Once an organization has new marketing information and research, it is important to thoroughly assess this information as it relates to target segments and the marketing mix. Review the questions to explore as marketers determine how marketing information and research translate into strategic changes. Can you provide three reasons why it is important to fully address these questions?

This short chapter covers preparing a report about marketing research results and presenting the information to decision-makers. You should document an entire marketing research project in a written report. The report should:

• outline the research questions;
• provide details about the research design and approach;
• summarize data collection and analysis procedures; and
• summarize results, including major findings that can affect strategic decision-making.

A formal presentation of results to key decision-makers is recommended. How would you justify sharing research results in both written and oral reports?

This chapter includes examples of how primary and secondary research results were used at Bookends to clearly define target markets and adjust the marketing mix. Evaluate how these examples use primary and secondary research to define marketing goals and adjust the marketing mix to appeal to 3 target segments. "Place" was the only P that did not change, but an online store was mentioned as a future possibility. How could you convince decision-makers that other marketing mix elements may need to change if they open an online store?

Watch this as you work through the unit and prepare to take the final exam.