Marketing Research is Power in Negotiations to Sell a Small Business

Small firms are at a disadvantage in negotiations with larger firms and need to have something on their side of the table to give them power in the process. Primary marketing research can provide proprietary information for the smaller firm that may be used to support a forecasting model to be used in evaluating offers during negotiations. This paper describes such a negotiation supported by a proprietary forecasting simulator that created an advantage for the smaller firm over the larger firm. As a result, the smaller firm had a go-it-alone baseline revenue forecast to determine the incremental value of a specific co-promotion or royalty arrangement, was able to adjust negotiation positions quickly ensuring that full value was obtained for the smaller firm in the sale

An Experiment in Testing Advertising Levels By Measuring Natural Test Market Variation

A field experiment utilizing a new experimental approach to measuring advertising exposure which provides a range of levels of exposure was conducted in eight main test market and eight fringe cities for a global Fortune 500 company consumer durable product. The results showed: a) targeted rating points of advertising delivered are strongly related to advertising effectiveness, and b) this effect is attributable to advertising level and to whether the members of the target audience live close to or far from the broadcast source

Sensemaking and Big Data Science: Soft and Hard Marketing Skills Are Needed Today

The story of how Big Data Science was enabled through the marriage of technology in the form of the young discipline of computer science and the mature discipline of statistics was told by Gil Press in his (2013) Forbes piece titled ‘A Very Short History Of Data Science.’ The name “Data Science” is now the discipline charged with utilizing Big Data. But making sense of data has a much longer history and has been debated by scientists, statisticians, librarians, computer scientists and others for years. More recently, the ideas surrounding the importance of ‘context’ have been integrated into the use of big data in strategic decision making. Karl Weick (1993) introduced the concept of Sensemaking in organizational decision making to account for failures in data-driven decision making. This approach has been brought forward by Christian Madsjerg in his new book Sensemaking: The Power of Humanities in the age of the Algorithm (2017). However, McNamara (2005) has questioned whether or not many people really understand what Sensemaking is in practice, and Jones (2015) has argued that it is merely a collection of methodologies that are equivalent to thinking paradigms for doing research. This paper will explore Sensemaking and its relationship to Big Data Science today and offer examples of where Data Science succeeds and fails

Reverse and Questionable Responses Using the Kano Method in International Surveys

New product development has become an international exercise. One method of designing products is the Kano Method. Although not as popular as discrete choice or conjoint, the Kano Method is being used internationally to design products and services. The question process is not as straight forward as discrete choice or conjoint, and that raises questions of utility of the Kano Method when used internationally. This study shows results vary across countries dramatically

Global Awareness of Marketing Students

Undergraduate and MBA Marketing programs typically include education goals such as: “To prepare students for a changing domestic and global business environment characterized by organizational and cultural values, diversity, opportunity, and growth.” They also include learning objectives such as: “Students will be able to demonstrate the ability to think strategically about the global business environment.” Presumably this approach to educating undergraduate and MBA students will prepare them to become ‘global citizens.’ The question may be asked about what undergraduate and MBA marketing students know about changes in global extreme poverty, education access for women around the world, and number of people killed in natural disasters annually? This research utilizes the work of Hans Rosling, with his famous charts of global population, health and income data (TED Salon, Berlin June, 2014). Rosling demonstrates in his presentation that people have a high statistical chance of being wrong about what they think they know about global events. This research is designed to assess marketing students’ global knowledge on three aspects of the world they will work in

Sample Frames Vs. Data Quality: When Research Panels Are from a Client and a Research Firm

Clients, academics, and marketing research practitioners are concerned about sample frames and their relationships to data quality. In addition, clients sponsoring marketing research surveys are concerned about data collection period length. Typically, brand managers pressure research suppliers to quickly find solutions to the research problem. This study provides real world data on a survey among 504 female consumers. Two sample frames were involved: 1) a Volunteer Access Panel (VAP) and 2) a Non-Volunteer Access Panel (NVAP). The use of two sample frames reduced the field time for the client, provided lower costs, and added value in meeting rapid response requirements

Opportunity Loss and Opportunity Cost: Consequences of Not Attending Class

Business Schools are charged with equipping the next generation of marketing professionals with the skills and knowledge to benefit both the businesses they work in and the country at large. Regional accrediting bodies such as the Southern Association of Colleges and Schools (SACS) and international bodies like the Association to Advance Collegiate Schools of Business (AACSB) review teaching practices in an effort to improve educational effectiveness at the Business School level. This movement, known as Assurance of Learning, is practiced in Business Schools everywhere. This paper explores the effect of students’ skipping classes in a capstone Marketing Strategy course on opportunity loss and opportunity cost. The results show avoiding opportunity costs of tuition and opportunity losses of learning is facilitated by students attending all of their classes. These results also suggest college professors should consider mandatory attendance in courses with high percentages of D, F, W grades that may frequently precede students dropping out of college

Gap Analysis for Student Attendance at Collegiate Athletic Events: A Demonstration Project Update

The day after winning the 2016 NCAA College World Series, Coastal Carolina moved from the Big South Conference to the Sun Belt Conference. This move required a ‘step-up transition’ in Football from Football Championship Series (FCS) to Football Bowl Series (FBS) competition. This transition will require increased investment in student scholarships, facilities, and travel. And, the University must increase its average paid attendance for home football games by 50% more than its former stadium capacity. Researchers in the business school updated an earlier study of student attendance at collegiate athletic events in order to provide value-added and impactful information to assist athletic administrators. By including both measures of importance and satisfaction (i.e. performance) with aspects of attending athletic events, it is possible to assess whether issues important to students in attending athletic events are producing the desired customer satisfaction

Teaching Marketing Science With Sensitivity Analysis

In the workplace, marketing managers routinely deal with decision making. The application of Marketing Science to business decision making requires critical thinking in the form of sensitivity analysis to avoid bad outcomes. This paper deals with building quantitative analysis models that must be tested with sensitivity analysis. Two examples, one an advertising mix decision and a second a price and quality tradeoff decision. These examples are offered as illustrations of applying critical thinking thorough sensitivity analysis to make good marketing decisions