Exam 2 Notes - Marketing: Exam Two Marketing Research:...

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Marketing: Exam Two Marketing Research: conducting any activities that provide information for marketing decision making. Crucial for providing value to customers. The 5 Main Uses of Marketing Research 1. Forecasting demand – knowing how much of a product will be sold in a given time frame. Base important decisions on forecasted future demands. Wii: Bad Forecasting 2. Segmentation – identify the different segments, or sub-groups, of the market so the firms can create target markets. Ex: age, gender, income. Research has to identify segments. 3. Market Tracking – research that tracks the sales of a specific product over time. IRI (Information Resources Inc) can track information on a continuous basis using barcodes; this information is readily available to companies. It used to take much longer to obtain this information without IRI, now it’s pretty much a continuous flow of information, useful for making adjustments. 4. New Product Testing - To make sure that a product will be successful once it enters the market. Over 50% of new products fail, and it’s very expensive to launch a new product. EX: over 80% of all movies are tested before a national release, change endings. 5. AD Pre-testing - uses the same concepts as new product testing EX: testing ads before they go out into the media. Eye Trac Research Service : people view commercials with a device that tracks eye movement to see where the ocular focus of the customer is and help identify distracters. Get rid of things that inadvertently distract attention. A 5 Step Approach to Market Research (mimics scientific method) 1. Define the Problem 2. Develop the research plan 3. Collect relevant information/data 4. Develop findings and make recommendations 5. Take action based on the recommendations and then evaluate the results. MIS: Marketing Information System – a support system that integrates all of the gathered information. An approach to organizing all of the available data. An integrated, ongoing decision support system. MIS Data Classification
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Internal Secondary : data gathered from inside the company (internal) but is used for another purpose (secondary). Ex: William n Sonoma specialized catalogues made after tracking customer purchases. A secondary purpose applied to existing data. Existing Billing Records . Internal Primary : Data gathered from inside the company but for the purpose of a specific project. External Secondary : Data that comes from outside of the company and is gathered for other purposes (like the US census ) Syndicated research is gathered by an organization and then sold to others (IRI and Neilson Ratings). One of the larger categories of research, companies spend the most money (2.5 billion) on syndicated research. External Primary
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This note was uploaded on 04/23/2008 for the course MAR 3023 taught by Professor Lutz during the Spring '08 term at University of Florida.

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Exam 2 Notes - Marketing: Exam Two Marketing Research:...

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