BUS-2600 Lecture Notes - Lecture 2: Red Lobster, Competitive Intelligence, Swot Analysis
4 Feb 2020
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Why do companies need information about consumers (why is market research and information important): how to segment/target, how to focus advertising, you learn from mistakes (red lobster, all-you-can-eat crab) [understand consumer needs in order to create value for the customer] Need for information: managers need information about the environment (but there is so much information out there) Marketing research process: define the problem and research objectives, **most important step of the marketing research process, what do we want to know, ex. Set research objectives: exploratory research, purpose: gain background info/better understanding of situation; define research problems; generate hypothesis, data: small samples; qualitative analysis (ex. interviews, focus groups, videos, ex. P&g hair and body wash combo: ex. Kimberly-clark easy-open aby wash (pump: advantages: objective, accurate, disadvantages: cannot observe (underlying psychological variables, ex. motivation; you know the what but not the why), don"t have access to past behaviors.
