Marketing Management Chapter 5: Marketing Research and Information

Chapter 5: Summary

This chapter explored the search for information about the customer and the market. This constitutes the listening part of the marketing dialogue. Marketing research is also needed to assist managers in the decision-making process and to analyze organizational performance. To be viable, however, the benefits derived from marketing research need to exceed the cost of conducting such research.

A systematic research approach will lead to the development of a Market Information System (MIS) that contains information both internal and external to the firm. Important internal data sources are performance analyses, sales reports and employees’ ongoing experience. The more data the intelligence system receives and the more precisely the system can process the available data, the better it can serve the manager. It is therefore important to develop ways of entering nonnumerical reports, such as accounts from a sales conversation or information about customer interests. New technology can enable an MIS to alter communication and decision structures within a firm but also requires careful planning of information distribution and retention.

External information can be derived from either secondary or primary data. Secondary data, collected in response to someone else’s questions, are obtained through desk research and are available quickly and at a low cost. Main sources of secondary data are internal databases, libraries, directories, newsletters, commercial information providers, trade associations, and electronic information services. To ensure their usefulness, the researcher must determine the quality of the data source, the quality of the actual data, and the compatibility of the data with information requirements. Primary data are collected directly on behalf of a specific research project. Typical ways of obtaining such data are through syndicated research—such as retail audits, panel research, or omnibus surveys—and custom research.

The first step of primary marketing research is to clearly define the objectives to ensure the usefulness of the research. Next, the research level needs to be decided. Exploratory research helps mainly in identifying problems, descriptive research provides information about existing market phenomena, and causal research sheds light on the relationships between market factors. The research approach then determines whether qualitative or quantitative data will be collected. Observation, in-depth interviews, and focus groups are primary techniques to yield qualitative data, which may be very insightful but are not fully generalizable and cannot be analyzed statistically. Quantitative data overcome these problems but require the systematic collection of large numbers of data. Experimentation and survey research are the primary research tools. Good survey research must concentrate on question design and structure to elicit useful responses. Data can then be collected by mail (postal mail or e-mail), by using online applications e.g. SurveryMonkey, by telephone, or in-person after an appropriate sample frame is constructed. The data need to be analyzed with appropriate techniques to make the data set comprehensible, insightful, and useful for management. This usefulness is at the heart of the research report, which in essence is a communication process persuading recipients to use the information.

Cross-Cultural Markets and Market Research

This abstract is from the 15th chapter of the Handbook of Cross-Cultural Marketing, which is coauthored by Camille Schuster. It covers the importance of international market research and the extent to which markets should be studied prior to international expansion.

Managers and researchers often fail to comprehend cultural disparities, that customers differ between and within countries, or investigate whether or not a market exists prior to market entry. Insufficient preparation makes cross-cultural business a high-risk activity (Ricks, 2000). However challenging, cross-cultural market understanding is instrumental to success since it permits the firm to benefit from different environments, attitudes, and market conditions. Many firms do little research before entering a foreign market or pay little attention to the diversity of consumers in their home market. Managers often assume that the current methods used in their domestic market are both best and appropriate for all other markets and consumers. Major reasons why managers are reluctant to engage in cross-cultural research are the time, effort, and money required to understand market demand, differences in culture, and consumer tastes (Craig and Douglas, 1999). Despite such reservations, research is as important when doing business internationally as it is in the domestic market. Firms need to learn what consumers want, why they want it, and how they satisfy their wants and needs. Knowing who to ask, what to ask, and selecting the appropriate methodology to the task at hand are critical steps. Developing an understanding of international markets, consumers, competitors, and governments paves the way to success.

A NEW BOOK FOR TEACHING AND RESEARCH AT CHRISTMAS

Contact: Michael Czinkota                                  Direct Phone Number: 202-687-4204

czinkotm@georgetown.edu                                Book Ordering Link:https://bit.ly/2B2LAZS

Why does a Georgetown University professor write about the soul and international business? Because they’re closely interlinked! An analysis of a new world, terrorism, the future of trade, and the search for the soul are what you find in this book.

 “In Search for the Soul of International Business”, by Michael Czinkota hits the shelves just when needed most, given new environments, new approaches, new emotions and new commitments.

 “I consider the soul the center of our aspirations and inspirations. Loss of soul typically connotes death. Maintaining a soul offers a reference point and stability. For one’s progress in thinking I aim to supply both content and context.”

Author Bio: Professor Michael R. Czinkota teaches international marketing and business at the McDonough School of Business of Georgetown University and the University of Kent in Canterbury. He served in the U.S. government as the Deputy Assistant Secretary of Commerce, as head of the U.S. Delegation to the OECD Industry Committee in Paris and as senior trade advisor for Export Controls.

Over the past 30 years he is consistently listed in every international marketing and business ranking as a top 20 author. He is a distinguished fellow of the Academy of Marketing Science and of the Chartered Institute of Marketing. He received the AMA Lifetime Achievement Award in 2007. The Universidad Ricardo Palma of Lima. Peru named its new International Marketing School after Czinkota.

Book Info:Trade and globalization inundate us with constant information, new concepts, and endless data. Individuals are caught in the whirl-wind of a fast-paced world, often without the ability to stop and think, particularly when it comes to issues of the soul.

With a foreword by Ambassador Dr. László Szabó ,a preface by the Rev. Horkan, and the humorous yet pensive illustrations by award-winning cartoonist David Clark, this book jumpstarts the reader’s ability for a comprehensive understanding of pressing international business and trade issues and their linkage to the soul.

Contact Info: FIX Book Website:Authors Website: https://www.michaelczinkota.com, email: czinkotm@georgetown.edu, Phone: 202-687-4204, Social Media: https://www.facebook.com/czinkotm

Sheri E. Dean, Marketing Director, Business Expert Press and Momentum Press 919-612-6706

Get the inside scoop on the story behind this book by contacting Michael Czinkota at czinkotm@georgetown.edu

Buy this book at https://bit.ly/2B2LAZSor at Amazon.com

Martha Lawless speaks to students at the First Year Seminar

It is a pleasure to have Ms. Martha Lawless, chief of the Services Industry Research Division of the U.S. International Trade Commission, as guest at our Seminar!

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What a great opportunity for the students to learn about her work directing the USITC’s project on Global Digital Trade for the U.S. Trade Representative. She is a regular contributor to USITC’s research, focused on reporting the effects of new technology on the services and manufacturing sectors, the impact of policy barriers to trade in services, and the influence of corporate finance and other competitiveness factors on international trade.

Ms. Lawless was the project leader and primary author for the USITC’s two previous reports on digital trade, delivered to the Senate Finance Committee in 2013 and 2014.

Prior to joining the USITC, she was the director of the Corporate Risk Advisory Group at UBS Investment Bank in London, advising over 200 multinational companies on currency, interest-rate and commodity risk management, and Lecturer in Economics at Sussex Downs College.

Ms. Lawless received an A.B. in History and Economics magna cum laude from Harvard University, M.B.A. in International Finance from Yale University, and M.Sc. in Economics from Trinity College Dublin.

To know more about the First Year Seminar previous guests, please click here.

The local brand representative in reseller networks | Journal of Business Research | Part 3: Research Methodology

  • This paper was published in the Journal of Business Research. Full article can be found at here.

Professor Suraksha Gupta, University of Kent

Professor Naresh K Malhotra, Georgia Institute of Technology

Professor Michael Czinkota, Georgetown University

Professor Pantea Foroudi, Middlesex University

ISSN 0148-2963

Drawing on the theory of rational choice, this paper proposes that the characteristics that attract resellers are leadership qualities, entrepreneurial nature, advisory skills, compatible attitude and charming personality. Also, this paper will identify those characteristics of a local brand representative, which influence resellers’ brand preferences and ultimately build reseller brand loyalty. Additionally, the current study contributes to the existing literature on industrial branding which describes the management of reseller networks.