A new paradigm for marketing research in the information ageDoug, Justin, Matt, RhetteIntroductionu Feature, function, benefit of the service for the enterprise , the market and cultureu Identifying internal and external customersu Comparison and competitive advantageu SWOT analysisu Financial opportunitiesu Human resources/workforce and customer service focusu Role of advertising, promotions and channel partnersu Externalities: positive and negativeFunction of marketing research in the information age∑ Market research is a combination of market research, product research and advertising research∑ Market research: examines the business environment. Evaluates the overall market, including economic trends and supply/demand curves∑ Product Research – Evaluates which products can be practically produced and which already produced products should continue production∑ Advertising Research – Designed to improve advertising efficiency. Forms of Market Research∑ Market Research is carried out through many different techniques which include:∑ Ad Monitoring∑ Advertising Research∑ Brand Testing∑ Consumer Decision Making Research∑ Consumer Satisfaction Studies∑ Demand Estimation∑ Mystery Shopping∑ Price Elasticity Tests∑ Marketing TestsMarketing Research Methods∑ Qualitative Marketing Research∑ Used to evaluate the usefulness, effectiveness, and practicality of a product or service in a small controlled environment∑ Quantitative Marketing Research∑ Used to draw conclusions for a specific question. It typically involves random sampling and a very large number of respondents. Surveys and questionnaires are common examples∑ Ethnographic studies∑ The researcher observes the company in its context∑ Analysis of product use and computer cookie traces∑ Experimental techniques∑ The researcher creates an artificial environment to manipulate specific factors and focus on one variable .∑ Purchasing labs and testing marketsAdvantages/implications of marketing researchu For the businessu Businesses benefit from market research in many waysu Determine which products are selling and which products can continue to sellu Determine which advertising techniques are effectiveu Identify the elasticity of demand for a given productu Allow feedback from the consumer company in an indirect and controlled environmentu At the marketu Promotes healthy competitionu Evaluates the effectiveness of advertising techniques in the market as a wholeu Determines the overall state of the market, including curves of supply and demandu Evaluates the status of various products sold on the same market (inferior and superior goods)u To culture/consumeru Allows the consumer to respond, generally anonymously, with complaints and praisesu Allows the company to address directly te through advertising researchu Prices are reduced to increase competitive forcesIdentification of internal and external customerson Internal Customerson Problems with Internal Customersu Communicationu Importanceu Identification criteriau Three issues concerning internal customersu Recognizing the importance of serving internal customersu Communicationu Structured approach to internal customers