FSU MAR 3023 - Chapter 5: Marketing Research and Information Systems

Unformatted text preview:

Chapter(5:(Marketing(Research(and(Information(Systems(• Marketing*research*is*the*systematic*design,*collection,*interpretation,*and*reporting*of*information*to*help*marketers*solve*specific*marketing*problems*or*take*advantage*of*marketing*opportunities.*o Process*of*gathering*information*that*is*not*currently*available*• Marketers*approach*marketing*research*with*a*logical*process:*o 1)*locating*and*defining*problems/*issues,*2)*designing*the*research*project,*3)*collecting*data,*4)*interpreting*research*findings,*5)*reporting*research*findings*o Locating/defining*an*issue*focuses*on*uncoverin g *the*nature*and*boundaries*of*a*situation*or*question*related*to*marketing*strategy*or*implementationG*first*sign*of*a*problem*is*the*failure*to*obtain*an*objective*(declining*sales,*increasing*expenses,*decreasing*profit)* Customer*Relationship*Management*(CRM)*is*based*on*analysis*of*existing*customersG*firm*often*defines*a*problem*by*finding*a*new*way*to*adjust*for*biases*stemming*from*existing*customers*o Create*a*research*design*is*an*overall*plan*for*obtaining*the*info*needed*to*address*the*issue* Formulate*a*hypothesis*o Markets*can*conduct*exploratory*or*conclusive*research*which*differ*in*their*formalization*and*flexibility*rather*than*the*specific*research*method*used* Exploratory*research*is*conducted*to*gather*more*information*about*a*problem*or*to*make*a*tentative*hypothesis*more*specificG*used*to*better*understand*a*problem*and*to*identify*decision*alternatives* Conclusive*Research*is*designed*to*verify*insights*t hrough*objective*procedures*and*to*help*marketers*in*making*decisionsG*used*when*marketers*have*one*or*more*alternatives*in*mind*and*needs*assistance*in*the*final*stages*of*decision*making*• Descriptive*researchG*research*conducted*to*clarify*the*characteristics*of*certain*phenomena*to*solve*a*problem*o Range*from*general*surveys*of*customers*educations,*occupations,*to*specifics*on*how*often*they*consume*a*sports*drink*o Experimental*research*allows*marketers*to*make*casual*inferences*about*relationshipsG*independent*and*dependent*variablesG*can*provide*stronger*evidence*of*cause*an*effect*• A*research*technique*must*be*reliable*and*valid*o Reliability*exists*when*a*research*technique*produces*almost*identical*results*in*different*trials*o Validity*exists*when*a*research*method*measures*what*is*supposed*to*be*measured*o Primary*Data*collected*is*data*observed*and*recorded*or*collected*directly*from*respondents* To*collect*primary*data,*researchers*use*sampling*methods,*surveys,*and*observations*and*it*is*very*costly* Sampling*in*marketing*research*is*the*process*of*selecting*representative*units*from*a*total*population* Probability*samplingG*every*element*in*the*population*being*studied*has*a*known*chance*of*being*selected*for*study* Random*samplingG*all*units*in*a*population*have*equal*chance*of*appearing*in*the*sample* Stratified*samplingG*the*population*of*interest*is*divided*into*groups*according*to*a*common*attribute,*and*a*random*sample*is*chosen*in*each*group*o Secondary*data*is*compiled*both*inside*and*outside*the*organization*for*some*purpose*other*than*the*current*investigationG*general*reports,*sales*records,*sale*patterns,*accou n ting*records,** Competitive*information*from*sales*force*is*important*o No*probability*samplingG*subjective*and*has*no*way*to*calculate*the*likelihood*that*a*specific*element*of*the*population*will*be*chosen*o Quota*SamplingG*researchers*divide*the*population*into*groups*and*then*arbitrarily*chose*participants*from*each*group*o Crowd*sourcing*combines*the*words*crowd*and*outsourcing*and*calls*for*taking*tasks*usually*performed*by*a*marketer*and*outsourcing*them*to*a*crowdG*Facebook*pages*o Focus*group*interview*is*used*to*observe*group* in teractions*when*members*are*exposed*to*an*idea*or*conceptG*conducted*informally*with*out*a*structured*questionnaire*in*small*groups*of*8G12*• Questions*must*be*clear,*easy*to*understand,*and*directed*towards*specific*objectives*on*a*questionnaire*o Researchers*need*to*define*an*objective*before*trying*to*develop*a*questionnaire*• Interpreting*Research*Findings:*tabulate*data,*find*a*statistical*interpretation*• Marketing*Information*System*(MIS)*is*a*framework*for*the*day*to*day*management*and*structuring*of*information*gathered*regularly*from*sources*both*inside*and*outside*the*organizationG*cont*info*about*prices,*expenses,*sales*o Main*focus*is*on*data*storage*and*retrievalG*starts*by*identifying*decision*needs*that*require*certain*information*and*then*the*firm*can*monitor*that*information**o Most*MIS*have*databases*that*allow*them*to*get*company*records**o CRM*incorporates:*building*a*database*of*current / potential*customers,*delivering*messages*to*customers,*tracking*customer*relationships*o Helps*reactivate*inactive*customers,*remove*unprofitable*customers,*identify*active*customers*who*should*be*targeted*o Single*source*data*is*information*provided*by*a*single*firm*on*household*demographics,*purchases,*and*responses*• Marketing*decision*support*system*(MDSS)G*is*a*customized*computer*software*that*aids*marketing*managers*in*decision*making*by*helping*them*anticipate*the*effects*of*certain*decisions**o Help*predict*sales*forecasts,*effects*of*sales*• For*research*outside*the*USAG*first*phase*involves*a*detail ed* search*for*and*analysis*of*secondary*data*to*gain*a*grea t er*understanding*of*a*particular*marketing*environment.*Second*phase*involves*field*research*using*many*of*the*methods*for*obtaining*consumer*preferences.***Chapter(6)(• A*market*involves*people*who*have*the*needs,*ability,*willingness,*and*authority*to*purchase*a*product*• A*consumer*market*consists*of*purchasers*and*household*members*who*intend*to*consume*or*benefit*from*the*purchased*products*and*do*not*buy*products*to*make*a*profit*(B2C)*• Business*MarketG*individuals*or*groups*that*purchase*a*specific*kind*of*product*for*one*of*3*purchases:*resale,*direct*use*in*producing*other*products,*or*in*general*daily*operations*(B2B)*• Step*1)*Identify*the*appropriate*targeting*strategy*o Target*market*is*a*group*of*people/org*for*which*a*business*creates*and*maintains*a*marketing*mix*for*them**o Undifferentiated*targeting*strategyG*a*strategy*in*which*an*organization*designs*a*single*marketing*mix*and*directs*it*at*the*entire*market*for*a*particular*product*


View Full Document

FSU MAR 3023 - Chapter 5: Marketing Research and Information Systems

Documents in this Course
Marketing

Marketing

17 pages

Chapter 1

Chapter 1

48 pages

EXAM #3

EXAM #3

19 pages

Exam 4

Exam 4

22 pages

EXAM #3

EXAM #3

24 pages

Lecture 1

Lecture 1

27 pages

Exam 4

Exam 4

17 pages

EXAM 1

EXAM 1

7 pages

Lecture 1

Lecture 1

27 pages

Chapter 1

Chapter 1

18 pages

Lecture 1

Lecture 1

82 pages

Lecture 1

Lecture 1

82 pages

Exam #2

Exam #2

10 pages

Exam 3

Exam 3

12 pages

Marketing

Marketing

19 pages

EXAM 2

EXAM 2

13 pages

Exam 1

Exam 1

19 pages

Exam 1

Exam 1

5 pages

Marketing

Marketing

21 pages

EXAM 2

EXAM 2

5 pages

EXAM 1

EXAM 1

7 pages

Test 3

Test 3

18 pages

Notes

Notes

6 pages

Marketing

Marketing

16 pages

Exam 1

Exam 1

7 pages

Exam 1

Exam 1

7 pages

Exam

Exam

1 pages

Test 2

Test 2

11 pages

Chapter 6

Chapter 6

34 pages

Test 1

Test 1

8 pages

Marketing

Marketing

34 pages

EXAM 1

EXAM 1

7 pages

Notes

Notes

4 pages

Notes

Notes

10 pages

Chapter 1

Chapter 1

51 pages

Marketing

Marketing

15 pages

Exam 1

Exam 1

16 pages

Exam 1

Exam 1

16 pages

Marketing

Marketing

13 pages

Exam 1

Exam 1

16 pages

Exam 1

Exam 1

5 pages

Exam 1

Exam 1

5 pages

Exam 4

Exam 4

18 pages

Lecture 1

Lecture 1

20 pages

Test 2

Test 2

20 pages

Load more
Download Chapter 5: Marketing Research and Information Systems
Our administrator received your request to download this document. We will send you the file to your email shortly.
Loading Unlocking...
Login

Join to view Chapter 5: Marketing Research and Information Systems and access 3M+ class-specific study document.

or
We will never post anything without your permission.
Don't have an account?
Sign Up

Join to view Chapter 5: Marketing Research and Information Systems 2 2 and access 3M+ class-specific study document.

or

By creating an account you agree to our Privacy Policy and Terms Of Use

Already a member?