managing marketing information
DESCRIPTION
Managing MarketingInformationTRANSCRIPT
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Managing MarketingInformation
Chapter 4
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Learning Goals
1. Explain the importance of information to the company
2. Define the marketing information system
3. Outline the steps in the market research process
4. Explain how companies analyze and distribute information
5. Discuss special issues facing market researchers
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Case StudyNew Coke
New Coke Product Failure
• Poor sales• Over 1,500 phone
calls a day from angry customers
• Old Coke returns in only 3 months
Was due largely to Research
Failure
• Tested on taste only – not intangibles
• Decisions based on 60% ratings
• All for $4 million!
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Marketing Info. System
Marketing Information System (MIS)
Consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers.
Goal 2: Define the Marketing Information System
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Marketing Info. System
Begins and Ends with Information Users:
Interacts with information users to assess information
Develops needed information from internal and external sources
Helps users analyze information for marketing decisions
Distributes the marketing information and helps managers use it for decision making
Goal 2: Define the Marketing Information System
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Assessing Marketing Information Needs
The MIS serves company managers as well as external partners
The MIS must balance needs against feasibility:• Not all information can be
obtained.• Obtaining, processing, sorting, and
delivering information is costly
Goal 2: Define the Marketing Information System
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Developing Marketing Information
• Internal data is gathered via customer databases, financial records, and operations reports.
• Advantages include quick/easy access to information.
• Disadvantages stem from the incompleteness or inappropriateness of data to a particular situation.
Internal dataMarketing intelligenceMarketing research
Sources of Sources of InfoInfo
Goal 2: Define the Marketing Information System
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Developing Marketing Information
• Marketing intelligence is the systematic collection and analysis of publicly available information about competitors and trends in the marketing environment.
• Competitive intelligence gathering activities have grown dramatically.
• Many sources of competitive information exist.
Internal dataMarketing intelligenceMarketing research
Sources of Sources of InfoInfo
Goal 2: Define the Marketing Information System
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Sources of Competitive Intelligence
• Company employees
• Internet• Garbage• Published
information
• Competitor’s employees
• Trade shows• Benchmarking• Channel
members and key customers
Goal 2: Define the Marketing Information System
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Developing Marketing Information
Marketing research is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
Internal dataMarketing intelligenceMarketing research
Sources of Sources of InfoInfo
Goal 2: Define the Marketing Information System
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Steps in the Marketing Research Process:
1. Defining the problem and research objectives.
2. Developing the research plan for collecting information.
3. Implementing the research plan – collecting and analyzing the data.
4. Interpreting and reporting the findings.
Goal 3: Outline the steps in the market research process
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Step 1: Defining the problem and research
objectives The manager and the researcher
must work together. These objectives guide the
entire process. Exploratory, descriptive, and
causal research each fulfill different objectives.
Goal 3: Outline the steps in the market research process
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Step 2: Developing the Research Plan
The research plan is a written document that outlines the type of problem, objectives, data needed, and the usefulness of the results. Includes:• Secondary data: Information
collected for another purpose that already exists.
• Primary data: Information collected for the specific purpose at hand
Goal 3: Outline the steps in the market research process
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Secondary Data
Secondary data sources: Government information Internal, commercial, and online databases Publications
Advantages: Obtained quickly Less expensive than primary data
Disadvantages: Information may not exist or may not be
usable
Goal 3: Outline the steps in the market research process
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Evaluate the Following When Judging Data Quality
RelevanceAccuracy
CurrencyImpartiality
Secondary Data
Goal 3: Outline the steps in the market research process
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Primary Data
Primary research decisions: Research approaches Contact methods Sampling plan Research instruments
Goal 3: Outline the steps in the market research process
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Primary Data
Observation research using people or machines
Discovers behavior but not motivations.
Survey research Effective for
descriptive information.
Experimental research Investigates cause
and effect relationships.
Research ApproachContact MethodSampling PlanResearch Instrument
DecisionsDecisions
Goal 3: Outline the steps in the market research process
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Primary Data
Key Contact Methods Include: Mail surveys Telephone surveys Personal interviewing:
• Individual or focus group
Online research
Research ApproachContact MethodSampling PlanResearch Instrument
DecisionsDecisions
Goal 3: Outline the steps in the market research process
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Strengths and Weaknesses of Contact Methods Relate to:
Marketing Info. System
FlexibilitySample controlData quantityCost
Interviewer effectsSpeed of data collectionResponse rate
Goal 3: Outline the steps in the market research process
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Primary Data
Sample: subgroup of population from whom information will be collectedSampling Plan Decisions:
Sampling unit Sample size Sampling procedure:
• Probability samples• Non-probability
samples
Research ApproachContact MethodSampling PlanResearch Instrument
DecisionsDecisions
Goal 3: Outline the steps in the market research process
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Primary Data
Questionnaires • Include open-
ended and closed-ended questions
• Phrasing and question order are key
Mechanical instruments
• Nielsen’s people meters
• Checkout scanners• Eye cameras
Research ApproachContact MethodSampling PlanResearch Instrument
DecisionsDecisions
Goal 3: Outline the steps in the market research process
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Step 3: Implementing the Research Plan
Data is collected by the company or an outside firm
The data is then processed and checked for accuracy and completeness and coded for analysis
Finally, the data is analyzed by a variety of statistical methods
Goal 3: Outline the steps in the market research process
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Step 4: Interpreting and Reporting the Findings
The research interprets the findings, draws conclusions and reports to management
Managers and researchers must work together to interpret results for useful decision making
Goal 3: Outline the steps in the market research process
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Analyzing Marketing Information
Statistical analysis and analytical models are often used
Customer relationship management (CRM) software helps manage information by integrating customer data from all sources within a company
CRM software offers many benefits and can help a firm gain a competitive advantage when used as part of a total CRM strategy
Goal 4: Explain how companies analyze/distribute marketing information
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Distributing and Using Marketing Information
Routine reporting makes information available in a timely manner.
User-friendly databases allow for special queries.
Intranets and extranets help distribute information to company employees and value-network members.
Goal 4: Explain how companies analyze/distribute marketing information
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Other Considerations
• Marketing research in small businesses and not-for-profit organizations
• International marketing research
• Public policy and ethics Consumer privacy issues Misuse of research findings
Goal 5: Discuss Special Issues Facing Market Researchers