Marketing

what are the cons of internal databases?

Data ages quickly so it must be kept current, large companies produce mountains of information that must be well intergrated and readily accessible so that managers can find it easy which is expensive.

What is the second step in the MIS?

Developing needed information.

probability sample

Each population member has a known chance of being included in the sample

what are the three research objectives

descriptive, casual and exploratory.

what is the second step in the marketing research process?

developing the reseach plan

online focus group

gathering a small group of people with a trained moderator to chat about a product, service, or organization and gain quantitative insights about consumer attitudes and behavior.

survey research

gathering primary data by asking people questions about their knowledge, attitudes, preferences and buying behavior. this is the most widely used method for primary data. can be used for research objective descriptive.

observational research

gathering primary data by observing relevant people actions and situations. can be used for research objective exploratory.

customer controlled

giving customers everything request rather, it is to understand customers to the core and give them what they need

What does good products and marketing begin with?

good customer information

What can good market intelligence do?

help marketers gain insights into how consumers talk about and connect with their brands.

what is the third step in the marketing research process

implementing research plan

touch points

include customer purchase, sales force contracts, service and support calls, website visits, satisfaction surveys, credit and payment interactions, market research studies and every contrat between the customer and the company

what information do companies use?

information on competitors, resellers, and other actors in the market place

Where can marketers obtained the needed information that needs to be developed?

internal databases, competitive marketing intelligence, and market research.

What are the pros to internal data?

it can be accessed more quickly and cheapily compared to other sources of information

what is a pro of secondary data

it can provide information that individual companies cannot collect on its own

where does the real value of marketing research and information lie

it lies in how it is used

CRM

managing detailed information about individual customers and carefully managing customers "touch points" in order to maximize loyalty

how can a marketers gain good customer insights?

marketers must first effectively manage marketing information from a wide range of sources

What are some of the places internal databases come from?

marketing department, customer service, accounting, sales force

How is the problem defined?

marketing managers and researchers must work closely together to define the problem and agree on research objectives. managers best understand the decision for which information is needed and researchers best understand marketing research and how to obtain the information.

descriptive research

marketing research to better describe marketing problems, situation or markets, such as the market potential for a product or the demographics and attitudes of consumers.

intranet

provides ready access to research information, reports, shared work documents, contract information for employees and other stakeholders, and more.

what are the two types of research instruments?

questionnaires and mechanical instruments

secondary data must be

relevant, accurate, current and impartial

Primary data must be

relevant, accurate, current and unbiased

What is involved in the collection of primary data

research approaches, contact methods, sampling plans, research instruments

exploratory research

gather preliminary information that will help define problems and suggest an hypothesis.

international market research

International marketing research is growing, but presents unique challenges

what happens when you analyze and report findings?

Interpret the findings: Draw conclusions Report to management Present findings and conclusions that will be most helpful to decision making

What happens when you develop the research plan?

this step outlines existing data and spells out the specific research approaches, contact methods, sampling plans and instruments that researchers will use to gather data.

What is the point of marketing research?

to gain customer insights

What do firms use competitive marketing intelligence?

to gain early warning of competitors moves and strategies, new product launches, new or changing markets and potential competitive strengths and weaknesses.

Why do marketers use information?

to gain powerful customer and market insights

What is the MIS used for?

to generate and validate actionable customer and market insights

Why must companies design effective marketing information systems

to help them to use the information to create customer value and stronger customer relationships

what is the goal of competitive marketing intelligence?

to improve strategic decision making by understanding the consumer environment, assessing and tracking competitors actions and providing early warning of opportunities and threats.

what are companies turning to CRM?

to overcome the problems of having scattered databases and records of different company departments

what is online marketing research at work

Marketers watch what consumers say and do online, then use the resulting insights to personalize online shopping experiences

MIS

Marketing Information System

What is the MIS

People and procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.

mechanical intrsuments?

People meters, checkout scanners, neuromarketing

data warehouse

a company wide electronic database of finely detailed customer information that needs to sifted through for gems

ethnographic research

a form of observational research that involves sending trained observers to watch and interact with consumers in their natural habitat

the research plan should be in the form of

a written purposal -The management problems addressed -Research objectives -Information to be obtained -How results will help decision-making -Estimated research costs -Type of data required (Primary or secondary)

What does marketing research give marketers an insight on

customer motivations, purchase behavior, and satisfaction. It can help them access market potential and market share or to measure the effectiveness of pricing, product, distribution, and promotional activities.

extranets

allows key customers and value-network members to access account, product, and other data on demand through extranets.

what is the third step in the MIS?

analyze and use market information

What is the fourth step in the marketing research process?

analyzing and reporting findings

what is the first step in the market research process the most important and the hardest?

because it sets the basis of the entire marketing research process. Sometimes the managers don't know what is wrong without knowing specific causes.

How are information needs assessed

-A good MIS balances the information users would like against what they really need -Collecting and storing information using a MIS is expensive -Firms must decide whether the value of the insights gained from more information is worth the cost -too much information can be harmful -the value of the information comes from its use

facts about observational research

-Can obtain information that people are unwilling or unable to provide -Cannot be used to observe feelings, attitudes, and motives, and long-term or infrequent behaviors

What are some techniques of competitive marketing intelligence?

-Observing consumers -Quizzing the company's own employees -Benchmarking competitors' products -Monitoring Internet buzz -Actively monitoring competitors' activities

what are the four steps of the marketing research process?

-defining the problem and research objectives -developing the research plan for collecting information -implementing the research plan-collecting and analyzing the data -interpreting and report findings

sample

A segment of the population selected for marketing research to represent the population as a whole

What is the first step in the MIS?

Assessing information needs

facts about ethnographic reseach

By entering the customer's world, ethnographers can scrutinize how customers think and feel as it relates to their products

questionaires

Closed-end questions include all the possible answers, and subjects make choices among them Open-end questions allow respondents to answer in their own words

online market research?

Collecting primary data online through Internet surveys, online focus groups, Web-based experiments, or tracking consumers' online behavior

what goes on when the research plan is implemented?

Collecting the data: Most expensive phase Subject to error Processing the data: Check for accuracy Code for analysis Analyzing the data: Tabulate results Compute statistical measures

what are some facts about secondary data

Common sources of secondary data: Internal company databases Commercial online databases Internet search engines -Cheaper to obtain than primary data -Can be collected faster than primary data

experimental research

Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses. best suited for research objective casual.

using CRM

Helps firms offer better customer service. Helps identify high-value customers . Enhances the firm's ability to cross-sell products and develop offers tailored to customers.

primary data

Information collected for the specific purpose at hand

secondary data

Information that already exists somewhere, having been collected for another purpose

Public policy and ethics is research marketing

Intrusions on consumer privacy -The Marketing Research Association's "Your Opinion Counts" and "Respondent Bill of Rights" initiatives -Adopting standards that outline researchers' responsibilities to respondents -Misuse of research findings Development of codes of research ethics and standards of conduct

focus group

Involve inviting six to ten people to gather for a few hours with a trained interviewer to talk about a product, service, or organization

What are the disadvantages when assessing information needs?

Managers may ask for to much info. Manager may not know the information they need Sometimes the company cannot provide the needed information or it is not available because of MIS limitation.

How is the MIS worked?

Marketers start by assessing user information needs. Then they develop the needed information using internal data, marketing intelligence, and marketing research processes. Finally they make the information available to users in the right form at the right time.

distributing and using marketing information

Marketing information systems (MIS) must make information readily available for decision-making: Routine information for decision making Nonroutine information for special situations Intranets and extranets facilitate the information sharing process

what are the pros and cons of contact method telephone?

Pros Gathers information fast, high response rate Allows greater flexibility than mail surveys Strong sample control Cons Higher costs than mail questionnaires Interviewer may bias results Limited quantity of data can be collected

what are the pros and con of personal

Pros Highly flexible method that can gather a great deal of data from a respondent Good control of sample, speed of data collection, and response rate Cons High cost per respondent Subject to interviewer bias

what are the pros and cons of contact method mail?

Pros Large amounts of information at a relatively low cost per respondent Enables more honest responses than interviews Absence of interviewer bias Cons Inflexible, low response rate Researcher has little control over sample

what are the pros and con of contact method online

Pros Speed and low costs Lowest cost per respondent of all contact methods; offers excellent sample control Good flexibility and response rate due to interactivity Cons Difficulty in controlling sample

unprobability sample

Sampling error cannot be measured

small business and not for profit organizations

can use secondary data collection, observation, surveys, and experiments. Small businesses and nonprofit organizations can benefit from marketing research insights

what competitive marketing intelligence reveal?

companies have to protect their own information as well.

Who is the MIS system for?

companies marketing and other managers as well as external partners such as suppliers, re-seller and marketing services agencies

what do fresh and deep insights into what customers need and want lead to?

competitive advantage

commercial online database

computerized collections of information available from online commercial services on the internet

Internal Database

electronic collections of consumers and market information obtained from data sources within the company work.

what is a type of contact method that is personal

focus group

customer insights

fresh understanding of customers and the market place derived from marketing information that become the basis for creating customer value and relationships

Before a company can create value for customer and build meaningful relationships with them, marketers must first do what?

gain fresh, deep insights into what customers need and want

what is a con of observational research?

observations may be difficult to interpret

neuromarketing

peering into consumers minds by measuring brain activity to discover how they respond to brands and marketing

Companies that gather, disseminate and apply deep customer insights obtain

powerful, profitable, sustainable competitive advantages for their brand

what two types of data are gathered when developing the research plan in the second step of the marketing research process

primary and secondary data

data mining

sifts through the mounds of data and digs out interesting findings about customers

What internal data provide?

strong compeitive advanatge

where can companies obtain important competitive intelligence information from?

suppliers, resellers, and key customers or by observing and monitoring published information.

what are the research approaches when collecting primary data

survery, observation and experiement

Contact methods

telephone, personal, online, mail

Casual research

testing hypothesis about cause and effect relationship.

What must researchers determined when they are developing the research plan?

the exact information needed, a plan for getting it efficiently and present the plan to management

where is a great place to find secondary date?

the internet

What are the problems of secondary data?

the needed information may not exist or the information may not be usable

What must be considered when designing the MIS?

the needs of all users

Marketing intelligence

the systematic collection and analysis of publicly available information about consumers and competitor and developments in the marketing environment.

marketing research

the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

What has become a valuable source of competitive intelligence?

the web. competitors information is just a few key strokes away.

What kind of information do marketers need and don't need

they dont need more information they need better information of the right kind

How do competitors reveal intelligence information?

usually through annual reports, business publications, trade show exhibits, press releases, advertisements and web pages

there are three questions to be answered when focusing on sampling

who is being studied(sampling unit), how many people(sampling size), and how should they be chosen(sampling procedure)