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Wk3 - Week 3 Marketing Information and Decisions Learning...

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Week 3: Marketing Information and Decisions Learning Objectives The necessity of market information Understand 4 sources of marketing information Market research, market intelligence, internal data, and acquired databases Know the uses, inputs, and outputs of the main market research methods E.g., Focus groups, in-depth interviews, surveys Be able to classify research as Primary / secondary, qualitative / quantitative, longitudinal / cross-sectional
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BEING DIFFERENT Every business in every industry at any time faces unique opportunities and threats; and… Competitive Advantage comes from finding new and different ways of doing things. Learning about marketing is less about learning: “What specific actions should we take?” And more about learning: What are the important questions to ask?” “How can I answer those questions?” Collection, analysis, and use of information
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Marketing Information and Decisions Good Information is Essential for Good Decisions… And more information is not always better!
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How would you get information? Imagine you are the manager of Raven’s cafeteria in WMC. This September, sales are 20% below what they were last September. Head office wants to know why.
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Marketing Information Systems
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Two kinds of methods Primary Market Research: Data is collected and compiled by the organization in response to specific information needs. (e.g., customer surveys) Secondary Market Research: Data has
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