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Introduction to Marketing Chapter 8

Introduction to Marketing Chapter 8 - Introduction to...

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Introduction to Marketing Lecture Outline Chapter 8 : Turning Marketing Information into Action Learning Objectives – after reading this chapter you should be able to Understand the importance of MIS and MR to strategy planning Describe the Market Research process. Explain the differences between various types of marketing research techniques. I. Importance of Marketing Information to Decision Making: Marketing Information is important in order to: o Gain a competitive edge o Reduce financial and image risks o Determine consumer attitudes o Monitor the environment to identify opportunities and threats o Gather competitive intelligence o Coordinate strategy o Measure performance o Improve advertising credibility o Gain management support for decisions o Verify intuition o Improve effectiveness of marketing strategy. II. Marketing Information Systems MIS is an organised way of continually gathering and analysing data to provide marketing managers with information they need to make decisions. MIS makes available data accessible not just available - produce it in a usable form. Marketing managers help develop an MIS- they provide the input into what is the potential use of the data and what data to collect. 3 types of information needed for effective marketing decisions: a. Ongoing information - information sought on ongoing events such as sales data etc. b. Monitored information - firms external environment. This is also called marketing intelligence. c. Specific information - specific information such as feedback of pricing strategy or consumer’s perceptions of new advertising campaign. This is called Marketing Research. III. Marketing Research Is a component of a firm’s Marketing Information System.
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It involves the process of defining a marketing problem or opportunity, systematically collecting and analyzing information and making recommendations to improve organization’s marketing activities. IV. Types of Research Information a. Exploratory Research Exploratory research is done to gain insights, ideas and background information to clarify the problem. Techniques such as focus groups, projective techniques, secondary research are done to conduct exploratory research. This is also called qualitative research. Examples of exploratory research are:
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Introduction to Marketing Chapter 8 - Introduction to...

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