Module 2: Developing Insight about Marketing Problems and Consumer Behavior
Chapter-4: Conducting Marketing Research and Forecasting Demand Chapter 5: Creating Customer Value, Satisfaction and Loyalty Chapter 6: Analyzing Consumer Markets Chapter 7: Analyzing Business Markets
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4
Conducting Marketing Research and Forecasting Demand
Marketing Management, 13th ed
Chapter Questions
What constitutes good marketing research? What are good metrics for measuring marketing productivity? How can marketers assess their return on investment of marketing expenditures? How can companies more accurately measure and forecast demand?
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What is Marketing Research?
Marketing research is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company.
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Types of Marketing Research Firms Syndicated service Custom Specialty-line
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The Marketing Research Process
Define the problem Develop research plan Collect information Analyze information Present findings Make decision
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Step 1: Define the Problem
Define the problem Specify decision alternatives State research objectives
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Step 2: Develop the Research Plan
Data sources Research approach Research instruments Sampling plan Contact methods
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Data Source
Secondary Data Primary Data
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Research Approaches
Observation Focus group Survey Experimentation-small testing before full scale implementation
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Research Instruments
Questionnaires Qualitative Measures Technological Devices
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Questionnaire
It consists of set of questions presented to respondents. Questions can be
o o
Close-ended Open-ended
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Questionnaire Dos and Donts
Ensure questions are free of bias Make questions simple Make questions specific Avoid jargon Avoid sophisticated words Avoid ambiguous words Avoid negatives Avoid hypotheticals Avoid words that could be misheard Use response bands Allow for other in fixed response questions
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Question Types - Dichotomous
A question with two possible answers.
In arranging this trip, did you contact American Airlines? Yes No
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Question Types Multiple Choice
With whom are you traveling on this trip? No one Spouse Spouse and children Children only Business associates/friends/relatives An organized tour group
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Question Types Likert Scale
Indicate your level of agreement with the following statement: Small airlines generally give better service than large ones. Strongly disagree Disagree Neither agree nor disagree Agree Strongly agree
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Question Types Semantic Differential
American Airlines Large ....Small Experienced..Inexperienced Modern...Old-fashioned
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Question Types Importance Scale
Airline food service is _____ to me. Extremely important Very important Somewhat important Not very important Not at all important
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Question Types Rating Scale
American Airlines food service is _____. Excellent Very good Good Fair Poor
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Question Types Intention to Buy Scale
How likely are you to purchase tickets on American Airlines if in-flight Internet access were available? Definitely buy Probably buy Not sure Probably not buy Definitely not buy
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Question Types Completely Unstructured
What is your opinion of American Airlines?
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Question Types Word Association
What is the first word that comes to your mind when you hear the following? Airline ________________________ American _____________________ Travel ________________________
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Question Types Sentence Completion
When I choose an airline, the most important consideration in my decision is: ______________________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________ ______________________________________ ____________.
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Question Types Story Completion
I flew American a few days ago. I noticed that the exterior and interior of the plane had very bright colors. This aroused in me the following thoughts and feelings. Now complete the story. ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ __________________________________
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Question Types Picture (Empty Balloons)
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Qualitative Measures
Word association Visualization Brand personification Laddering
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Technological Devices
Galvanometers Eye cameras Audiometers GPS
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Sampling Plan
Sampling unit: Who is to be surveyed? Sample size: How many people should be surveyed? Sampling procedure: How should the respondents be chosen?
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Table 4.2 Types of Samples
Probability Samples Simple random Stratified random Cluster Nonprobability Samples Convenience Judgment Quota
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Contact Methods
Mail questionnaire Telephone interview Personal interview Online interview
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Pros and Cons of Online Research
Advantages Inexpensive Fast Accuracy of data, even for sensitive questions Disadvantages Small samples Technological problems
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What is a Marketing Decision Support System (MDSS)? A marketing decision support system is a coordinated collection of data, systems, tools, and techniques with supporting hardware and software by which an organization gathers and interprets relevant information from business and environment and turns it into a basis for marketing action.
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Barriers Limiting the Use of Marketing Research
A narrow conception of the research Uneven caliber of researchers Poor framing of the problem Late and occasionally erroneous findings
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Table 4.3 Characteristics of Good Marketing Research
Scientific method Multiple methods Value and cost of information Ethical use of information
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What are Marketing Metrics?
Marketing metrics are the set of measures that helps marketers quantify, compare, and interpret marketing performance.
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Table 4.4 Marketing Metrics
External
Awareness Market share Relative price Number of complaints Customer satisfaction Distribution Total number of customers Loyalty
Internal
Awareness of goals Commitment to goals Active support Resource adequacy Staffing levels Desire to learn Willingness to change Freedom to fail Autonomy
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What is Marketing-Mix Modeling?
Marketing-mix models analyze data from a variety of sources, such as retailer scanner data, company shipment data, pricing, media, and promotion spending data, to understand more precisely the effects of specific marketing activities.
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Marketing Dashboards
A customer-performance scorecard records how well the company is doing year after year on customer-based measures. A stakeholder-performance scorecard tracks the satisfaction of various constituencies who have a critical interest in and impact on the companys performance including employees, suppliers, banks, distributors, retailers, and stockholders.
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Table 4.5 Sample Customer-Performance Scorecard Measures % of new customers to average # % of lost customers to average # % of win-back customers to average # % of customers in various levels of satisfaction % of customers who would repurchase % of target market members with brand recall % of customers who say brand is most preferred
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The Measures of Market Demand
Potential market: the set of consumers who profess a sufficient level of interest in a market offer. Available market: The set of consumers who have interest, income, and access to a particular offer. Target market: the part of the qualified available market the company decides to pursue. Penetrated market: the set of consumers who are buying the company's product.
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Vocabulary for Demand Measurement Market demand Market forecast Market potential Company demand Company sales forecast Company sales potential
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Estimating Future Demand
Survey of Buyers Intentions Composite of Sales Force Opinions Expert Opinion Past-Sales Analysis Market-Test Method
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5
Creating Customer Value, Satisfaction, and Loyalty
Marketing Management
A South Asian Perspective, 13th ed
Chapter Questions
What are customer value, satisfaction, and loyalty, and how can companies deliver them? What is the lifetime value of customers? How can companies cultivate strong customer relationships? How can companies both attract and retain customers? What is database marketing?
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HDFC Offers an Assortment of Services to Satisfy its Customers
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Figure 5.1 Organizational Charts
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What is Customer Perceived Value? Customer perceived value is the difference between the prospective customers evaluation of all the benefits and all the costs of an offering and the perceived alternatives.
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Figure 5.2 Determinants of Customer Perceived Value
Total customer benefit Total customer cost
Product benefit
Monetary cost
Services benefit
Time cost
Personal benefit
Energy cost
Image benefit
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Psychological cost
Steps in a Customer Value Analysis Identify major attributes and benefits that customers value Assess the qualitative importance of different attributes and benefits Assess the companys and competitors performances on the different customer values against rated importance Examine ratings of specific segments Monitor customer values over time
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What is Loyalty?
Loyalty is a deeply held commitment to re-buy or re-patronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior.
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The Value Proposition
The whole cluster of benefits the company promises to deliver.
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Measuring Satisfaction
Periodic Surveys
Customer Loss Rate
Mystery Shoppers Monitor Competitive Performance
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What is Quality?
Quality is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs.
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Maximizing Customer Lifetime Value
Customer Profitability
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Figure 5.4 Customer-Product Profitability Analysis
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Figure 3-8: Allocating marketing investment according to customer value
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Estimating Lifetime Value
CLV: The net present value of the stream of future profits expected over the customers lifetime purchases. Annual customer revenue: Rs.500 Average number of loyal years: 20 Company profit margin: 10% Customer lifetime value: Rs.1000
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What is Customer Relationship Management?
CRM is the process of carefully managing detailed information about individual customers and all customer touchpoints to maximize customer loyalty.
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Framework for CRM
Identify prospects and customers Differentiate customers by needs and value to company Interact to improve knowledge Customize for each customer
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CRM Strategies
Reduce the rate of defection
Increase longevity
Enhance share of wallet Terminate low-profit customers
Focus more effort on highprofit customers
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Customer Retention
Acquisition of customers can cost five times more than retaining current customers. The average company loses 10% of its customers each year. A 5% reduction to the customer defection rate can increase profits by 25% to 85%. The customer profit rate increases over the life of a retained customer.
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Figure 5.5 The Customer Development Process
Potential
Prospects First-time customers
Disqualified Repeat customers
Clients
Members
Partners
Ex-customers
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Database Key Concepts
Customer database Database marketing Mailing list Business database Data warehouse Data mining
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Using the Database
To identify prospects
To target offers
To deepen loyalty To reactivate customers To avoid mistakes
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Dont Build a Database When
The product is a once-in-a-lifetime purchase Customers do not show loyalty The unit sale is very small The cost of gathering information is too high
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6
Analyzing Consumer Markets
Marketing Management
A South Asian Perspective, 13th ed
Chapter Questions
How do consumer characteristics influence buying behavior? What major psychological processes influence consumer responses to the marketing program? How do consumers make purchasing decisions? How do marketers analyze consumer decision making?
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What Influences Consumer Behavior?
Cultural Factors
Social Factors
Personal Factors
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What is Culture?
Culture is the fundamental determinant of a persons wants and behaviors acquired through socialization processes with family and other key institutions.
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Subcultures
Nationalities
Religions Racial groups
Geographic regions
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Social Classes
Upper uppers Lower uppers Upper middles Middle class Working class Upper lowers Lower lowers
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Characteristics of Social Classes
Within a class, people tend to behave alike Social class conveys perceptions of inferior or superior position Class may be indicated by a cluster of variables (occupation, income, wealth) Class designation is mobile over time
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Social Factors
Reference groups
Family
Social roles
Statuses
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Reference Groups
Membership groups
Primary groups
Secondary groups Aspirational groups Dissociative groups
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Provogue uses teenage icons as brand ambassadors and a youth targeted website to connect to its customers
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Roles and Status
What degree of status is associated with various occupational roles?
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Personal Factors
Age Selfconcept Lifestyle Values Personali ty
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Life cycle stage Occupati on Wealth
The Family Life Cycle
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Brand Personality
Sincerity Excitement
Competence Sophistication Ruggedness
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Lifestyle Influences
Multi-tasking Time-starved Money-constrained
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Table 6.2 LOHAS (Lifestyles of Health and Sustainability) Market Segments Sustainable Economy Healthy Lifestyles Ecological Lifestyles Alternative Health Care Personal Development
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Figure 6.1 Model of Consumer Behavior
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Key Psychological Processes
Motivation
Perception
Learning
Memory
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Motivation
Freuds Theory Behavior is guided by subconscious motivations
Maslows Hierarchy of Needs Behavior is driven by the lowest, unmet need
Herzbergs Two-Factor Theory Behavior is guided by motivating and hygiene factors
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Maslows Hierarchy of Needs
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Herzbergs Two-Factor Theory
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Perception
Selective Attention Selective Retention Selective Distortion Subliminal Perception
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Figure 6.3 State Farm Mental Map
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Figure 6.4 Consumer Buying Process
Problem Recognition
Information Search
Evaluation Purchase Decision Postpurchase Behavior
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Problem Recognition
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Sources of Information
Personal
Commercial
Public
Experiential
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Figure 6.5 Successive Sets Involved in Consumer Decision Making
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Table 6.8 Sales and Product Life Cycle
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Figure 6.6 Stages between Evaluation of Alternatives and Purchase
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Non-Compensatory Models of Choice Conjunctive Lexicographic Elimination-by-aspects
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Perceived Risk
Functional Physical Financial Social
Psychological
Time
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Figure 6.7 How Customers Use and Dispose of Products
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Rural Consumer Behaviour
Rural consumers are more brand loyal Restrictions on consumption Collective consumption behaviour: for family rather than individual Seasonality of consumption based on seasonality of agricultural production/income Specific patterns in the five-stage buying decision process
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Other Theories of Consumer Decision Making
Involvement Elaboration Likelihood Model Low-involvement marketing strategies Variety-seeking buying behavior Decision Heuristics Availability Representativeness Anchoring and adjustment
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Mental Accounting
Consumers tend to o Segregate gains o Integrate losses o Integrate smaller losses with larger gains o Segregate small gains from large losses
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7
Analyzing Business Markets
Marketing Management
A South Asian Perspective, 13th ed
Chapter Questions
What is the business market, and how does it differ from the consumer market? What buying situations do organizational buyers face? Who participates in the business-tobusiness buying process?
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Chapter Questions
How do business buyers make their decisions? How can companies build strong relationships with business customers? How do institutional buyers and government agencies do their buying?
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What is Organizational Buying?
Organizational buying refers to the decision-making process by which formal organizations establish the need for purchased products and services, and identify, evaluate, and choose among alternative brands and suppliers.
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Top Business Marketing Challenges
Expand understanding of customer needs Compete globally as China and India reshape markets Master analytical tools and improve quantitative skills Reinstate innovation as an engine of growth Create new organizational models and linkages
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Characteristics of Business Markets
Fewer, larger buyers Close suppliercustomer relationships Professional purchasing Many buying influences Multiple sales calls Derived demand Inelastic demand Fluctuating demand Geographically concentrated buyers Direct purchasing
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Buying Situation
Straight rebuy
Modified rebuy
New task
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Systems Buying and Selling
Turnkey solution desired; bids solicited System subcomponents assembled
Prime contractors
Second-tier contractors
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The Buying Center
Initiators Users
Influencers
Deciders
Approvers
Buyers
Gatekeepers
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Of Concern to Business Marketers
Who are the major decision participants? What decisions do they influence? What is their level of influence? What evaluation criteria do they use?
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Sales Strategies
Small Sellers
Key Buying Influencers Multilevel In-depth Selling
Large Sellers
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Stages in the Buying Process: Buyphases
Problem recognition General need description Product specification Supplier search Proposal solicitation Supplier selection Order-routine specification Performance review
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Table 7.2 Buygrid Framework
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Methods of e-Procurement
Websites organized using vertical hubs Websites organized using functional hubs Direct extranet links to major suppliers Buying alliances Company buying sites
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Table 7.3 Vendor Analysis
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Handling Price-Oriented Customers
Limit quantity purchased
Allow no refunds
Make no adjustments
Provide no services
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Methods for Researching Customer Value
Internal engineering assessment Field value-in-use assessment Focus-group value assessment Direct survey questions Conjoint analysis Benchmarks Compositional approach Importance ratings
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Order Routine Specification
Stockless purchase plans
Vendor-managed inventory Continuous replenishment
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Establishing Corporate Trust and Credibility
Expertise
Trustworthi ness
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Likeability
Figure 7.1 Trust Dimensions
Transparent Product/Service Quality Incentive Partnering
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Cooperating Design
Product Comparison Supply Chain Pervasive Advocacy
Factors Affecting Buyer-Supplier Relationships
Availability of alternatives
Importance of supply
Complexity of supply
Supply market dynamism
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Categories of Buyer-Seller Relationships
Basic buying and selling Bare bones Contractual transaction Customer supply Cooperative systems Collaborative Mutually adaptive Customer is king
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What is Opportunism?
Opportunism is some form of cheating or undersupply relative to an implicit or explicit contract.
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Marketing of Farm Output from Rural Areas
Contract Farming Pepsi Procuring from Cooperatives Amul Use ICT for procurement ITC
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End of Module
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