Busi. 406 Test 2 Study Guide

Busi. 406 Test 2 Study Guide - Marketing Test 2 Study Guide...

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Marketing Test 2: Study Guide Ch. 7: Improving Decisions w/ Marketing Information Effective marketing requires good information: o Marketing research: procedures that develop and analyze new info. about a market o Marketing information system (MIS): organized way of continually gathering, accessing, and analyzing info. that marketing managers need Changes are under way in marketing info. systems: o MIS makes info. available and accessible Information sources: market research studies, internal data sources, external data sources All funneled into databases (“data warehouses”) Data warehouse: place where databases are stored so they’re available when needed Marketing manager makes decisions (also develops MIS) o Intranet: system for linking computers w/i a company o Decision support system (DSS): computer program that makes it easy for marketing manager to get and use info. as he is making decisions, evaluate alternatives Search engine: computer program that helps a marketing manager find info. that is needed Marketing dashboard: displays up-to-the-minute marketing data in easy-to-read format (ex. # of Verizon calls dropped per hour) o Marketing model: statement of relationships among marketing variables o Sales analysis: detailed breakdown of company’s sales records (ex. LensCrafters does this) Scientific method and marketing research: o Scientific method: decision-making approach that focuses on being objective and orderly in testing ideas before accepting them Hypotheses: educated guesses about relationships b/w things, or the future Marketing research process: o Defining the problem o Analyzing the situation o Getting problem-specific data o Interpreting the data o Solving the problem Step 1: defining the problem (hardest step) o Don’t confuse problems w/ symptoms (ex. Kiwi jumped to conclusions too fast) o Set research objectives to narrow the scope Step 2: analyzing the situation o Situation analysis: informal study of what info. is already available in the problem area o Secondary data: info. that has been collected or published already (look online: search engines, special interest groups on web, government data, private sources) o Research proposal: plan that specifies what info. will be obtained and how (info. still needed after secondary data collection) Step 3: getting problem-specific data o Qualitative research: seeks in-depth responses Focus group interviews: used by AOL, Jacksonville Symphony Orchestra
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o Quantitative research: seeks structured responses that can be summarized in numbers Surveys Response rate: % of people contacted who complete the questionnaire Mail and online surveys: common, convenient, low response rate Telephone surveys: fast and effective, intrusive Personal interview surveys: can be in-depth, more expensive, used on business customers Observing: Krispy Kreme hires “secret shoppers”, Microsoft, website analysis (Shipwreck Beads used for advertising research)
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Busi. 406 Test 2 Study Guide - Marketing Test 2 Study Guide...

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