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

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Unformatted text preview: 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 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 Marketing Information and Decisions Good Information is Essential for Good Decisions… And more information is not always better! 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. Marketing Information Systems Info Sources: Market Research (Relevant Course: Bus 442: Market Research) • 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 already been collected and compiled by others, and possibly published (e.g., Statistics Canada data) Info Sources: Market Research • Secondary market research – First stop: a good business librarian (see course website links ). Their job is knowing what data (and information) is where, and especially, what commercial databases the library has purchased. – Second stop: web search – Third stop: Industry and Trade organizations e.g. – Wireless associations Info Sources: Market Research Two kinds of Data: • Qualitative or Quantitative Examples: primary research methods that collect qualitative data • Focus group: a discussion conducted among a small group of consumers led by a trained moderator. – – – – Are fast May provide unexpected insights Are unlikely to be representative of target population May be dominated by one or two individuals • Consumer (in-depth) interviews: one-on-one discussions between a consumer and a researcher. – – – – – Are slower May provide unexpected insights Give independent responses Are easier to organize Can be repeated until no new insights are appearing Examples: primary research methods that collect qualitative data • Personal observation – observation of actual customer behaviour – E.g. purchase behaviours in stores, or possibly consumption behaviours at home • Advantages – Easy to do – Customer reports (e.g., via focus groups or interviews) of own behaviours may not be accurate • Some knowledge of consumer behaviour generally is helpful to the observer (Ch 5) • You’ll get to do this in Assignment 2!! Info Sources: Market Research: Surveys Mail Main contact Web Media for Collecting Survey Data Phone surveysite surveymonkey Personal Interview Consumerism: Do Not Contact…. 4-5 Info Sources: Market Research: Data Collection PANEL SURVEYS • Are both “cross-sectional” and “longitudinal” data collection • Recruit a group of respondents who will be surveyed several times • Example: Movie newness: Do movie consumers care more about how NEW a movie is than how good or bad it is? – recruit 100 movie-goers and ask them to complete a weekly online survey for eight weeks on their movie preferences and viewing Data Sources: Market Research QUESTION: Which, and why, would you usually do first? – Collect primary data or search for secondary data? – Collect Qualitative or Quantitative data? Video: Focus Groups • Limitations: – What would you worry about in using the information from focus groups to make decisions for your business? – What could you do (if anything) to reduce those concerns, either before, during, or after the focus group? Marketing Decision Support Systems Marketing Models, Data Mining and Marketing Decision Support Systems (Relevant Course: BUS 445: Models and Mining in Marketing) • 70% of all data mining applications are in marketing • Model (Math Models!) supported decisions consistently outperform judgment and intuition • Does NOT require supercomputers!! (Contrary to your text) Examples A DSS example..Conjoint Analysis …Canned software that implements Conjoint analysis for new product design E.g., Problem Definition: Design a hotel that will be able to compete effectively with existing hotels…. Examples Models, Mining and DSS 1. What are the relevant attributes of hotels? Define a hotel as a bundle of attributes, each with different options Examples Models, Mining and DSS 1. Survey potential customers—software implements survey and collects data. What the survey respondent sees: Respondent rates the combination of attributes …Repeat with many customers Examples Models, Mining and DSS Back to what the marketing analyst sees: Define some potential new hotel designs, as different combinations of features…. Examples Models, Mining and DSS After some analytics (regression, etc.) forecast the market shares of possible new products based on the customer data acquired. Profsnl_1… Examples Models, Mining and DSS Profsnl_2… Examples Models, Mining and DSS Tourist… Examples Models, Mining and DSS Deluxe… Examples Models, Mining and DSS • Conjoint analysis is Pretty Useful Decision Support… • • • • PC-based survey to collect primary data, analytics automated, easy-to-interpret graphical output Result: customer-focused new product decision Summary • A superior ability to collect, analyze, and use information in decision making provides a powerful source of competitive advantage for organizations • Firms who develop analytic talent as a distinctive competence are all leaders in their industry. ...
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This note was uploaded on 02/06/2011 for the course BUS 343 taught by Professor John during the Fall '08 term at Simon Fraser.

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

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