armstrong04_basic - Managing Marketing Information Chapter...

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Unformatted text preview: Managing Marketing Information Chapter 4 Road Map: Previewing the Concepts • Explain the importance of information to the company and its understanding of the marketplace • Define the marketing information system and discuss its parts. • Outline the steps in the marketing research process. 4-2 Road Map: Previewing the Concepts • Explain how companies analyze and distribute marketing information. • Discuss the special issues some marketing researchers face, including public policy and ethics issues. 4-3 The Importance of Marketing Information • Companies need information about their: Customer needs Marketing environment Competition • Marketing managers do not need more information, they need better information. 4-4 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: Assess Information Needs Develop Needed Information Distribute Information • 1. 2. 3. 4-5 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. 4-6 • • 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. 4-7 • Defining Problem & Objectives • Exploratory Research: Descriptive Research: Gather preliminary information that will help define the problem and suggest hypotheses. Describes things (e.g., market potential for a product, demographics, and attitudes). Tests hypotheses about cause­and­effect relationships. 4-8 • • Causal Research: Developing the Research Plan • Includes: • Outlines: 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 4-9 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 - 10 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 - 11 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 - 12 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 - 13 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 - 14 Choosing the Sample • • Sample – segment of the population selected to represent the population as a whole. Requires 3 Decisions: Sampling unit Sample size Who is to be surveyed? How many people should be surveyed? How should the people in the sample be chosen? Sampling procedure 4 - 15 Primary Data Collection • Questionnaires: Closed­ended Open­ended What questions to ask? Form of each question? Wording? Ordering? 4 - 16 Primary Data Collection • Mechanical Devices: People Meters Supermarket Scanners Galvanometer Eye Cameras 4 - 17 Implementing the Research Plan • Collecting the data Most expensive and subject to error • • Processing the data Analyzing the data 4 - 18 Interpreting and Reporting Findings • • • Interpret the findings Draw conclusions Report to management 4 - 19 Customer Relationship Management • Many companies utilize CRM • • Companies look for customer touch points. CRM analysts develop data warehouses and use data mining techniques to find information out about customers. 4 - 20 Capture customer information from all sources Analyze it in depth Apply the results to build stronger relationships. Distributing and Using Marketing Information • • • • Routine information for decision making Nonroutine information for special situations 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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