Chapter 5 - M a rketing Chapter 5 M a rketing Research I s...

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Marketing- Chapter 5 Marketing Research: Is a key pre-requisite to successful decision making. It is a set of techniques and principles for systematically collecting, recording, analyzing and interpreting data that can aid decision makers involved in marketing goods, services or ideas Marketing research can provide valuable information that will help segmentation, positioning and the 4P’s It helps reduce some of the uncertainty marketers work under Provides link between firms and environment, enabling customer orientation Through constant monitoring of competitors firms can respond quickly to competitor moves Identifies emerging opportunities and new and improved ways of satisfying customer needs Using Marketing Information System to Create Value: An MIS is a set of procedures and methods that apply to the regular, planned collection, analysis, and presentation of information that then may be used in marketing decisions. Provides a means to accumulate information from sources both internal and external to the organization Enables More informed decision making Can be used to generate customized analysis or for individual marketing projects Enables firms to react to changes and provide consumers with greater value Firms must use data mining to extract information from large data warehouse o Data mining: Uses a variety of statistical techniques to uncover previously unknown patterns in the data, or relationships among variables. The Ethics of Using Computer Information: Marketing researchers must be cerful not to abuse their ability to access these data, which can in some cases be very sensitive materials. Consumers want assurance that they have control over the information that has been collected about them Anxiety has led to government to enact legislation o Privacy Act: governs collection, use, disclosure etc. of personal information o PIPEDA
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Researchers must assure consumers that the information they provide will be treated will confidentiality and used solely for research purposes CMA provides guidelines The Marketing Research Process: Will research be useful? Is top management committed to the project and willing to abide by the result of the research?
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