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Midterm II Review

Midterm II Review - Market Research The difference between...

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Market Research: The difference between market research and marketing information system o Marketing Information System People and processes that pro vide needed information to marketing decision makers on an ongoing basis Once designed, automatically provided o Market Research Systematic process for uncovering key knowledge needed for a specific marketing management decision Provided based on special request Example information from a marketing information system: o Daily sales volumes o Number of product coupons redeemed o Sales force performance in L.A. region o Number of renewed magazine subscriptions o Consumer price index updates o Ratio of sales hits per outbound call Considerations when building a marketing information system: o Types of decisions each manager makes o Types of information required to make decisions o Types of information managers already receive o Types of special studies periodically requested o Type of information each manager would like to have, but can't o Frequency/format o Data analysis programs The difference between primary data and secondary data Secondary data: Facts and figures already recorded prior to the project o The pros: Inexpensive and quick to obtain Tremendous time saving o The cons: May not fully meet your needs May be out of date Primary data: Facts and figures newly collected for the project o The pros: Can potentially market insights o The cons: Requires time Will likely require money Distinguish among the different types of formal basic research. For which type of research purpose is each best suited?
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o Direct observation o Experimentation o Analysis of purchase data o Survey research o Focus groups Use focus groups to gain insights into the following: How customers feel Why certain opinions are held Plan and design of further research Plan and design of marketing mix elements Don’t use focus groups for: To project info onto a population To gain accurate information about individuals o Individual interviews Distinguish between probability and non-probability samples: Describe two basic ways for indentifying customer preferences (concept tests and conjoint analysis) You should be able to describe the method and how it can help marketers. Concept Tests: Presents product idea and then, through a survey or interview, gauges level of interest Examples: I would def buy I would prob buy I might or might not buy I would prob not buy I would def not buy Conjoint Analysis: Assumes that a product can be broken down into individual attributes Applies to a variety of analytical procedures developed to estimate individual preferences from overall product judgements To work, respondents are asked to provide preference judgements for different product attributes, and then mathematical analysis is used to "tease-out" the individual's underlying value system Conjoint Analysis can help by:
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Midterm II Review - Market Research The difference between...

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