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MKT 337 CH 7: Improving Decisions w/ Marketing Info
Terms in this set (70)
2 sources marketing managers utilize for info
1. marketing research
2. marketing information system (MIS)
procedures that develop and analyze new info about a market. involves wide array of techniques incl. internet searches, customer surveys, experiments, direct observation of customers, etc.
marketing information system (MIS)
an organized way of continually gathering, accessing, and analyzing information that marketing managers need to make ongoing decisions.
data sets too large and complex to work with typical database management tools
a place where databases are stored so that they are available when needed. Think of them as an electronic library. This is where an MIS organizes all of its incoming data.
data becomes information when...
it provides answers to questions of "Who", "What", "Where", "How many", and "when".
information becomes knowledge when..
it helps a marketing manager answer "how" and "why" questions
a system for linking computers w/i a company. firms use these to share info.
decision support system (DSS)
a computer program that makes it easy for a marketing manager to get and use information
a DSS helps...
marketing managers convert information into knowledge
the amount of data collected by organizations .... every two years
displays up-to-the-minute marketing data in an easy to read format. often customized to a manager's areas of responsibility. e.g., a callcenter marketing dashboard could show the number of customers on hold which allow the mgr to bring in more customer service
a statement of relationships among marketing variables. it enables a manager to look at the sales and costs expected with different types of promotion and select the marketing mix that is best for a particular target market.
a decision-making approach that focuses on being objective and orderly in testing ideas before accepting them.
educated guesses about the relationships between things or about what will happen in the future
the scientific method forces...
an orderly research process
marketing research process
is a five-step application of the scientific method that includes:
1. defining the problem
2. analyzing the situation
3. getting problem-specific data
4. interpreting the data
5. solving the problem.
Marketing Research Problem Step 1-Defining the Problem
-pinpointing and identifying the problem is half the battle
-don't confuse problems w/ symptoms
-setting research objectives may require more understanding
Marketing Research Problem Step 2 - Analyzing the Situation
-what info do we already have
-secondary data may provide the answers-or some background
an informal study of what info is already available in the problem area. it helps define the problem and specify what additional info is needed.
info that has been collected or published already
info specifically collected to solve a current problem.
highlighted in the chapter section "Monitor chatter on the web" as a feature of Social Mention. Social Mention is a tool that aggregates all kinds of content from users--bookmarks, blog posts, Twitter, Facebook. Social Mention's software automatically analyzes all of the sources and performs a sentiment analysis that categorizes each mention as positive, negative, or neutral.
a plan that specifies what information will be obtained and how--to be sure no misunderstandings occur later.
2 basic methods for obtaining info about customers
seeks in-depth, open-ended responses, not yes or no answers. Researchers try to get people to share their thoughts on a topic w/o giving guidelines on what to say.
where an interviewer ask questions that encourage the interviewer to to provide details
focus group interview
involves simultaneously interviewing 6 to 10 people in an informal group setting. it uses open-ended questions but interviewer seeks group interaction.
.... questioning gives more objective results
most survey research is ...
seeks structured responses that can be summarized in numbers, like percentages, averages, or other stats.
.... responses speed answering and analysis
% of people contracted who complete the questionnaire. often response rates are low.
market-research online community (MRO)
an online group of participants joined together b a common interest and who participate in ongoing research.
limitations of questioning
respondents sometimes give answers that they think the questioner wants to hear, or respondents may not accurately recall past events
Ethnographic research is rooted in
elements of marketing information systems
-accessing multimedia data
-decision support systems
elements of marketing research
-role of research specialist
-steps in marketing research:
1. define problem
2. analyze situation
3. gather problem-specific data
4. interpret the data
5. solve the problem
characteristings of marketing decision support systems
-discovery oriented (probe for trends, isolate problems, ask questions)
marketing decision support systems (slide definition)
an interactive, flexible computerized information system that enables managers to obtain and manipulate information as they are making decisions.
the creation of a large computerized file of customers' and potential customers' profiles and purchase patterns.
the process of planning, collecting, and analyzing data relevant to a marketing decision.
The role of marketing research
-descriptive: gathering and presenting factual statements
-diagnostic: explaining data
-address: address "what if" questions
Management uses of marketing research
-improve the quality of decision making
-focus on keeping existing customers
-understand the marketplace
-alert them to the marketplace trends
-gauge the value of goods and services, and the level of customer satisfaction.
Defining the problem - Step 1
-finding the right problem level
-problems vs. symptoms
-setting research objectives
Defining the problem - Step 2
-What information do we already have?
-Situation analysis helps educate a researcher.
types of secondary data sources
-inside company: company files, intranet, reports, marketing information system, people, sales, cost data
-outside company: internet, libraries, governments, trade associations, universities, private research organizations
primary data sources
-observation: equipment(video, scanner, etc.); web site analysis; personal approaches
-questioning: in-depth and focus group interviews; online, mail, phone, personal surveys; panels
sources of secondary data
-internal corporate info
-trade and industry associations
advantages of secondary data
-aids in determining direction for primary data collection
-pinpoints the kinds of people to approach
-serves as a basis of comparison for other data
disadvantages of secondary data
-may not give detailed information
-may not be on target with the research problem
-quality and accuracy of data may pose a problem
info collected for the first time. used for solving the particular problem under investigation
advantages of primary data
-answers a specific research question
-data are current
-source of data is known
-secrecy can be maintained
disadvantage of primary data
primary data can be expensive. disadvantages are usually offset by the advantages.
the most popular technique for gathering primary data, in which a researcher interacts w/ people to obtain facts, opinions, and attitudes
Forms of survey research
-mall intercept interviews
Getting Problem-Specific Data- Step 3
-observing: usually people; observing their behavior and activity
-primary data comes from observation
-questioning customers about ideas, attitudes, and behavior; again, leads to primary data
a research method that relies on four types of observation:
-people watching people
-people watching an activity
-machines watching people
-machines watching an activity
a method of analyzing data that lets the analyst look at the responses to one question in relation to the responses to one or more other questions
Solving the Problem-Step 5
-no action implications-little value
-application in marketing strategy planning
preparing and presenting the report
-concise statement of the research objectives
-explanation of research design
-summary of major findings
-conclusion w/ recommendations
-were the recommendations followed?
-was sufficient decision-making information included in the report?
-what could have been done to make the report more useful to management?
a group of consumers who provide information on a continuing basis
researchers compare the responses of two or more groups that are similar except on the characteristic being tested. AKA A/B testing
easy to use computer programs that analyze data
shows relationship of answers to two different questions
total group of interest
a part of the relevant group of interest
the range on either side of an estimate that is likely to contain the true value for the whole population
concerns the extent to which data measures what they are intended to measure
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