BUAD307_L7_MktgResearch(1)

BUAD307_L7_MktgResearch(1) - Analysis for Marketing...

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Analysis for Marketing Decisions Yi Zhu BUAD 307 June 15, 2011 0
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Learning Objectives Marketing Information System (MIS) What is Marketing Research? Why is Marketing Research important? How to get Marketing Research done? What data sources can be used? New Era of Marketing Research 1
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Decision Support System (DSS) An interactive, flexible computerized information system that enables managers to obtain and manipulate information as they are making decisions. Marketing Information System (MIS): Consists of people and procedures that assess informational needs, develop the needed information, and help decision makers to use the information to generate and validate actionable customer and market insights . 2
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Example: Information from MIS Daily sales volumes Number of product coupons redeemed Sales force performance in L.A. Region Number of renewed magazine subscriptions Consumer Price Index updates Ratio of sales hits per outbound call 3
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Developing Marketing Information Internal Data Electronic collection of consumer and market information from data sources within the company network Marketing Research Marketing Intelligence Systematic collection and analysis of publicly available information about competitors and developments in the market place (e.g. AC Nielsen) Systematic design, collection, analysis, and reporting of data about a specific marketing situation facing an organization. 4
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Marketing Information System People and processes that provide needed information to marketing decision makers on an ongoing basis. Once designed, automatically provided Marketing Research Systematic process for uncovering key knowledge needed for a specific marketing management decision. Provided based on a special request 5
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Marketing Research Introduction The Firm (Marketing Management) Customers (Target Market) Marketing Research Marketing Decisions 4 P’s Marketing Research is the process of planning, collecting, and analyzing data relevant to a marketing decision. 6
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The Role of Marketing Research Diagnostic Predictive Descriptive Gathering and presenting factual statements Explaining data “What if?” 7
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Why Marketing Research? Improve quality of decision making Trace problems Focus on keeping existing customers Understand changes in marketplace 8
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9 The Marketing Research Process Collect Data Specify Sampling Procedure Plan Design/ Primary Data Define Problem Analyze Data Prepare/ Present Report Follow Up 1 2 3 4 5 6 7
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Marketing Research Process Defining the problem & research objectives Developing the research plan for collecting information Implementing the research plan – collecting & analyzing data Interpreting and reporting the research findings 10
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Marketing Research Process Defining the problem & research objectives Developing the research plan for collecting information Implementing the research plan – collecting & analyzing data Interpreting and reporting the research findings 11
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“The formulation of the problem is often more essential than the solution” - Albert Einstein 12
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BUAD307_L7_MktgResearch(1) - Analysis for Marketing...

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