Chapter 7 - Chapter 7 Marketing research procedures that...

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Chapter 7 o Marketing research : procedures that develop and analyze new information about a market May involve use of questionnaires, interviews, experiments, and many other approaches o Marketing information system (MIS) : an organized way of continually gathering, accessing, and analyzing information that marketing managers need to make ongoing decisions Makes info available and accessible Continual flow of information Advances in technology have allowed for radical improvements in MIS Type of information is also changing Intranet: a system for linking computers within a company Info is available on demand In some companies, MIS is set up by a person or group that provides ass departments in the firm with IT support An MIS system organizes incoming info into a data warehouse: a place where databases are stored so that they are available when needed Like an electronic library Decision support system (DDS) : a computer program that makes it easy for a marketing manager to get and use information as he or she is making decisions Usually involves some sort of search engine: a computer program that helps a marketing manager find information that is needed Helps change raw data into something useful Some DDS allow a manager to see how answers to questions might change in various situations Marketing model: statement of relationships among marketing variables In short, DDS puts managers online so they can study available data and make better marketing decisions, faster Often use MIS to conduct a sales analysis : a detailed breakdown of a company's sales records Once marketing managers use MIS and perhaps DDS, they are eager for more info They realize they can improve all aspects of their planning, blending individual Ps, combining the 4 Ps into mixes, and developing and selecting plans They can also monitor the implementation of current plans and compare results and make necessary changes more quickly Marketing dashboard : displays up to the minute marketing data in an easy to reads format With early warning about potential problems, managers can quickly make corrections A major problem is that many companies are not there yet Still doing things the old way and don’t think through what information they need An MIS can provide information, but only the marketing manager can know what problem needs solving Job of manager to ask for the right info in the right form
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o Most large companies have separate marketing research departments to plan and manage research projects Usually rely on outside specialists o
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