time is available, relevant data can be found and does not already exist, the decision can be shaped by information, and the benefits outweigh the cost of doing the research. 6. Appreciate the way that technology and internationalization are changing marketing research. Technology has changed almost every aspect of marketing research. Modern computing and media technologies including smart devices (phones, watches, tablets, etc.) and social networking make data collection, study design, data analysis, data reporting, and practically all other aspects of research easier and better in many respects. Researchers do have to be aware of the multiple ways that companies interact with consumers. Furthermore, as more companies do business outside their own borders, companies are doing research in an international marketplace. This places a greater emphasis on research that can assess the degree to which research tools can be applied and interpreted the same way in difference cultures. Thus, research techniques often must culturally cross-validate results.
DATA, INFORMATION, AND INTELLIGENCE EQUAL VALUE Data: Recorded facts or measures of certain phenomena (things). Big data: Large quantities of data taken from multiple, varied sources that were not intended to be used together, that are available to be analytically applied to provide input to organizational decision-making. Information: Data formatted (structured) to support decision making or define the relationship between two or more data points. Market intelligence: The subset of information that actually has some explanatory power enabling effective decisions to be made. THE CHARACTERISTICS OF VALUABLE INFORMATION Relevance: The characteristic of data reflecting how pertinent these particular facts are to the situation at hand. When data are relevant, a change in that fact is associated with a change in an important outcome. Information completeness: Having the right amount of information. Data quality: How accurately the data actually match reality. To enhance data quality … 1. Automate data collection and entry when feasible. 2. Inspect the data and cleanse for obvious errors. 3. Be mindful of the costs and benefits of efforts at improving data quality. Timeliness: Means the data are not so old that they are irrelevant. The term market dynamism represents the rate of change in environmental and competitive factors. Highly dynamic markets mean greater risk in relying on untimely data. DECISION SUPPORT SYSTEMS Marketing research serves four possible business functions. These functions align with purposes of marketing research:
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- Fall '16