Ch._4 - 4 Managing Marketing Information The Importance of...

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Unformatted text preview: 4 Managing Marketing Information The Importance of Information Companies need information about their: Marketing managers do not need more information, they need better information. Customer needs Marketing environment Competition 4-2 The Marketing Information System 4-3 Marketing Information System An MIS consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers. The MIS helps managers to: 1. Assess Information Needs 2. Develop Needed Information 3. Distribute Information 4-4 Assessing Information Needs A good MIS balances the information users would like against what they really need and what is feasible to offer. Sometimes the company cannot provide the needed information because it is not available or due to MIS limitations. Have to decide whether the benefits of more information are worth the costs. 4-5 Developing Marketing Information Internal Databases: Electronic collections of information obtained from data sources within the company. Marketing Intelligence: Systematic collection and analysis of publicly available information about competitors and developments in the marketing environment. Marketing Research: Systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. 4-6 Marketing Intelligence Procter & Gamble admitted to "dumpster diving" at rival Unilever's Helene Curtis headquarters. When P&G's top management learned of the questionable practice, it stopped the project, voluntarily informed Unilever, and set up talks to right whatever competitive wrongs had been done. 4-7 The Marketing Research Process 1 2 3 4 4-8 Defining the Problem & Objectives Exploratory Research Gather preliminary information that will help define the problem and suggest hypotheses. Descriptive Research Describes things (e.g., market potential for a product, Demographics, and attitudes). Causal Research Tests hypotheses about causeandeffect relationships. 4-9 Developing the Research Plan Includes: Determining the exact information needed Developing a plan for gathering it efficiently Presenting the written plan to management Sources of existing data Specific research approaches Contact methods Sampling plans Instruments for data collection 4-10 Outlines: Gathering Secondary Data Information that already exists somewhere Internal databases Commercial data services Government sources Available more quickly and at a lower cost than primary data Must be relevant, accurate, current, and impartial 4-11 Primary Data Collection Consists of information collected for the specific purpose at hand. Must be relevant, accurate, current, and unbiased. Must determine: Research approach Contact methods Sampling plan Research instruments 4-12 Primary Data Collection Questionnaires Research Instruments Mechanical Devices People Meters Supermarket Scanners Galvanometer Eye Cameras What questions to ask Form of each question Closedended Openended Wording Ordering 4-13 Observational Research The gathering of primary data by observing relevant people, actions, and situations. Ethnographic research: Mechanical observation: People meters Checkout scanners Observation in "natural environment" 4-14 Survey Research Most widely used method for primary data collection. Approach best suited for gathering descriptive information. Can gather information about people's knowledge, attitudes, preferences, or buying behavior. 4-15 Experimental Research Tries to explain causeandeffect relationships. Involves: selecting matched groups of subjects, giving different treatments, controlling unrelated factors, and checking differences in group responses. 4-16 Strengths & Weaknesses of Contact Methods 4-17 Implementing the Research Plan Collecting the Data Processing the Data Analyzing the Data 4-18 Research Plan Interpreting & Reporting Findings Managers and researchers must work together when interpreting research results. Step 1. Interpret the Findings Step 2. Draw Conclusions Step 3. Report to Management 4-19 Customer Relationship Management Many companies utilize CRM Capture customer information from all sources Analyze it in depth Apply the results to build stronger relationships. Companies look for customer touch points. CRM analysts develop data warehouses and use data mining techniques to find information out about customers. 4-20 Distributing and Using Marketing Information Routine Information for Decision Making Nonroutine Information for Special Situations Information Must be Distributed to the Right People at the Right Time Intranets Extranets 4-21 Other Marketing Research Considerations Marketing Research in Small Businesses and Nonprofit Organizations International Marketing Research Public Policy and Ethics in Marketing Research 4-22 ...
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