3.04 Interpret 3.04 Interpret marketing information marketing information to test hypotheses and/ to test hypotheses and/ or solve issuesor solve issues
Marketing ManagementMarketing Management
What is marketing What is marketing information?information?
Need information to Need information to make decisionsmake decisions
Technology generates a Technology generates a great deal of info.great deal of info.
Not all info. generated is Not all info. generated is relevantrelevant
Why marketing Why marketing information is neededinformation is needed
Explain why something is occurringExplain why something is occurring Predict what may happenPredict what may happen Monitor that goals are being metMonitor that goals are being met Discover…new products, new ways Discover…new products, new ways
of doing things, promotion, image, of doing things, promotion, image, etc.etc.
Hypothesis Testing- Test out Hypothesis Testing- Test out theories and “what if” ideastheories and “what if” ideas
To collect information To collect information marketers do marketing marketers do marketing researchresearch Marketing research is the Marketing research is the
gathering of information to make gathering of information to make marketing decisions.marketing decisions.
The information collected is called The information collected is called data.data.
There are 2 types of data: There are 2 types of data: primary and secondary. primary and secondary.
Primary dataPrimary data
Information collected for the specific Information collected for the specific purpose at hand.purpose at hand.
Research approachesResearch approaches– Observational researchObservational research– Survey researchSurvey research– Interview researchInterview research– Experimental researchExperimental research(approaches on next 4 slides)(approaches on next 4 slides)
Primary data Primary data Observational Observational researchresearch
Observational research: The Observational research: The gathering of primary data by gathering of primary data by observing relevant people, observing relevant people, actions, and situations.actions, and situations.
Ex. Sit in front of store and watch Ex. Sit in front of store and watch customers.customers.
Primary dataPrimary data Survey research Survey research
Survey research: The Survey research: The gathering of primary data by gathering of primary data by asking people questions asking people questions about their knowledge, about their knowledge, attitudes, preferences, and attitudes, preferences, and buying behavior.buying behavior.
Survey research is done by Survey research is done by creating a questionnaire for creating a questionnaire for people to complete.people to complete.
Primary dataPrimary dataInterview researchInterview research
Interview research: A formal meeting Interview research: A formal meeting between two or more people, during between two or more people, during which questions are asked of one which questions are asked of one person. person.
Used to gain insight into customers’ Used to gain insight into customers’ thoughts, opinions, and reactions thoughts, opinions, and reactions about products/ services. about products/ services.
Ex. Focus groupEx. Focus group
Primary dataPrimary data Experimental research
Experimental research: The gathering of primary data by setting up an actual experiment and comparing results.
Ex. Taste tests
Secondary dataSecondary data
Information that already exists, having been collected for another purpose.
May be obtained quickly and is less May be obtained quickly and is less expensive than conducting your own primary expensive than conducting your own primary datadata
SourcesSources– InternetInternet– Government (SBA, census.gov)Government (SBA, census.gov)– Outside suppliersOutside suppliers– Commercial online databases: Computerized Commercial online databases: Computerized
collections of information available from collections of information available from online commercial sources.online commercial sources.
Evaluating the collected Evaluating the collected datadata
First examine the raw information (i.e., First examine the raw information (i.e., what was actually collected) to make what was actually collected) to make sure the information exists as sure the information exists as required. required.
Inspect paper-based questionnaires forInspect paper-based questionnaires for– errors by the individuals that completing errors by the individuals that completing
them or them or – errors in the questionserrors in the questions
Types of Errors with Types of Errors with QuestionnairesQuestionnaires Incomplete ResponsesIncomplete Responses –(e.g., –(e.g.,
skipped questions) skipped questions) Data Entry ErrorData Entry Error –info not –info not
recorded properly or connection is recorded properly or connection is disrupted before completion of disrupted before completion of survey survey
Questionable EntryQuestionable Entry –apparent –apparent inconsistencies in responses such inconsistencies in responses such as when a respondent does not as when a respondent does not appear to be answering honestly appear to be answering honestly
What should you do What should you do with the data with with the data with errors?errors? Exclude problem questionsExclude problem questions
oror Throw out the entire surveyThrow out the entire survey
What is coding in data What is coding in data analysis?analysis?
Coding: marking the segments of data with symbols, descriptive words, category names, or numbers
Each response would have a certain code. Helps to put responses into data categories. Example
Are you a male or a female? Code or Variable Male=1 Female=2a computer can easily calculate how many males or females completed the survey or how many males or females answered a certain way to a particular question