Analyze and use information 3 describe the different ways marketers can obtain

Analyze and use information 3 describe the different

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implementing the research where to collect and analyze the data and interpreting and reporting the findings. Analyze and use information 3. describe the different ways marketers can obtain marketing information. (textbook, pp. 160–177) Defining the problem and research objective - exploratory; gathers information to help define the problem, Descriptive - describes marketing situation or markets. Casual - test hypothesis of cause and effect relationship. Developing the research plan to collecting information - source of existing data, specific research approaches, contact methods and sampling plans and instrument for data collection ; primary data collection (information collected for a specific problem and must be relevant, accurate, current and unbiased) Secondary data collection ( Advantage; quicker and cheaper. Disadvantage; relevance, currency, accuracy and rarely provided all necessary information) Implementing the research plan - collect - process - analyze Interpreting and report of findings - interpret the findings, drew conclusion and report to management; present findings and conclusions that will be most helpful to decision making. 4. explain how companies analyze, distribute, and use other marketing information. (textbook, pp. 177–181) Customer Relationship Management (CRM) managing detailed information about individual customers and carefully managing customer touching points to maximize customer loyalty. Captures and analyzes information from all customer source Findings may lead to new marketing opportunity Other marketing information consideration Marketing research in small business and non-profit organizations; secondary data collection that observation, survey and experiment can all be used effectively by small business and non-profit organizations. International Marketing research; primary data collection which many countries have no research services, good secondary data is scarce and cultural differences must be considered. 5. discuss the issues marketing researchers face, including issues of public policy and ethics. (textbook, pp. 181–185) There are two majors’ public policy and ethics issues in marketing research Intrusion on consumer privacy Misuse of research findings. Reviewing the Concepts LO 1 Explain the Importance of Information in Gaining Insights about the Marketplace and Customers. The marketing process starts with a complete understanding of the marketplace and consumer needs and wants. Thus, the company needs sound information to produce superior value and satisfaction for its customers. The company also requires information on competitors, resellers, and other actors and forces in the marketplace. Increasingly, marketers are viewing information not only as an input for making better decisions but also as an important strategic asset and marketing tool.
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LO 2 Define the Marketing Information System and Discuss its Parts.
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