exam 2 - MARKETING RESEARCH Marketing Research Includes...

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MARKETING RESEARCH Marketing Research Includes: Syndicated research services Marketing information systems Marketing Intelligence Systems o Or Decision Support Systems Non-recurring research projects o Ex: study of consumers’ perceptions toward hospital strategic alliance. A marketing information system (MIS) consists of people, equipment, and procedures to gather, sort analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers. A marketing intelligence system is a set of procedures and sources used by managers to obtain everyday information about developments in the marketing environment. Dangers Can Come in Many Forms: - How can companies collect corporate data? Contests and rewards programs. - This can create problems with privacy. Las Vegas casinos electronically monitor the slot machine usage of slot club members. Samsonite uses information from product registration cards (1.5 million per year) and incoming calls to its 800 number. Kraft General Foods collects the names and preferences of consumers who mail in coupons. American Express can trace every purchase made with its cards since 1991 to the individual cardholders. The Marketing Research Process 1. Defining the problem and research objectives (most difficult) 2. Developing the research plan 3. Collect the information 4. Analyze the information 5. Present the findings Non-recurring MR Process Using Primary Data 1. Exploratory Research a. Sheds light on problem-suggest solutions or new ideas. 2. Descriptive Research a. Ascertain magnitudes 3. Casual Research a. Test cause -and-effect relationships b. Test hypotheses about case-and-effect relationships It is like a funnel. Focus groups are often used. How most students think about (subject). Use this format for your hypothesis: if__, then___. Research Approaches: Primary Data Sources 1. Observational
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2. Focus-group: should only be used for exploratory research, not for decision making 3. Survey 4. Behavioral 5. Experimental Research Approaches: Secondary-Data Sources Secondary Data sources are already available. Always use secondary sources if possible; they are cheaper and faster. 1. Internal Sources 2. Government Publications (#1 source is the US Census) 3. Periodicals and Books 4. Commercial Data 5. On-line a. Associations b. Business information Good Marketing Research Is scientific Is creative Uses multiple methods Realizes the interdependence of models and data Acknowledges the cost and value of information Maintains “healthy” skepticism Is ethical: is unbiased and objective Estimating Current Demand Total Market Potential Area Market Potential Industry Sales Market Share = Individual product sales/industry sales o Expressed in dollars or in units Demand Forecasting : estimating sales of product during future time period Sales Forecast: based on specific marketing plan expressed in dollars or product units
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exam 2 - MARKETING RESEARCH Marketing Research Includes...

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