MKTG 302 Ch 9 Marketing Research.docx - Decision Support...

This preview shows page 1 - 2 out of 5 pages.

Decision Support System, competitive intelligence and marketing research. When Coca-cola was introduced, there was very little need to do any marketing research. It was a new drink, a novelty in the market with little or no competition. Today’s marketplace is a lot more complicated with customers having nuanced once and a slew of marketers ready to address them. As such, research needs to be a precise science to specify exactly the customer’s preferences and behavior. Marketers need quality data to make good decisions. Decision support system or DSS are an interactive computer based information system that managers can rely on to make decisions. Data comes from two main sources, competitive or marketing intelligence refers to ongoing gathering of data that may be useful. Companies scan the environment to learn about the latest trends and their competitor’s moves. The key here is that this is an ongoing process without outlining any specific data needs. On the other hand, when marketing managers need to make decisions, they realize that they need specific pieces of information. This is where marketing research comes into play. As such, marketing research is project driven and seeks to gather and analyze a specific, well defined set of data. Marketing research process follows a systematic process in a series of sequential steps: 1. Identify and formulate the research problem 2. You collect secondary data and plan primary data collection. 3. You address sampling procedures and then collect primary data. 4. Once the primary data is collected, the next step is to analyze the data. 5. Finally, you present the findings. We present each of these in more detail in the following modules. Types of Marketing Research Before we proceed to the steps in the marketing research process, we look at the different types of marketing research. There are four categories of research: exploratory, descriptive, performance monitoring, and causal. Exploratory research as the name suggests, is exploratory in nature and gives a feel for the situation. The findings are not conclusive. As such, it is sometimes conducted as the first step to other types of research. Exploratory research is often characterized by small samples, use of open ended questions, and non-probability sampling. It uses secondary research, in-depth qualitative interview or focus groups. Focus groups are quite popular and quite typically entail a group of approximately 8 to 12 respondents to participate in a moderated discussion, lasting 1-2 hours. The moderators poses a series of open-ended questions and the feedback is presented in an aggregate format. Though it is a sample of a few individuals, the information it provides is rather detailed and vivid, which explains the appeal of focus groups to the marketing managers.
Image of page 1

Subscribe to view the full document.

Image of page 2
  • Fall '19

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask 0 bonus questions You can ask 0 questions (0 expire soon) You can ask 0 questions (will expire )
Answers in as fast as 15 minutes