Marketing Information Management

Unit 5

Obtaining Information

How are the different types of research used to gather data about consumers?

Who is involved in gathering information about customers for the marketing firm?

How can businesses stay in touch with customers?

Marketing Research

Is conducted to gather data and identify solutions to marketing problems. – Syndicated Research

Research conducted by an independent company and then offered for sale to everyone in an industry.

Research is collected and managed electronically. Current data can be viewed instantly worldwide and used

to make decisions.

Engaging Customers

Engaged Customers – Repeat customers who are completely loyal to the

company’s products and services.– It is five times more expensive to attract business of

new customers. Polls

– Surveys of people’s opinions. – Used to help companies move customers beyond

just being satisfied with the product or service.

Market Researchers

Acquire and manage marketing information. Media companies (television, motion pictures, radio,

print and the Internet) hire researchers to collect data about their audiences and competition.

Track sales. Track characteristics of those who buy products. Where and how advertising money is spent.

Information Collected

Provides clients with recommendations about:– Promotion– Distribution– Design– Pricing

Careers in Marketing Research

Number of careers to increase by 18 to 26 percent through 2014.

Most positions are found in large cities and require advanced college degrees, such as a masters.

Researchers usually begin their careers as entry-level associates.

Client – Side Researchers

Staff researchers who work with external research agencies, they are employees of the client.

Quick Review

Syndicated research isA. Conducted by client- side researchers

B. Conducted by independent companies

C. Conducted for one specific client

D. None of the above

Quick review

Most market researchersA. Like to explore new ideas and trends

B. Need an advanced college degree

C. Gain experience by assisting in conducting surveys

D. All of the Above

The Marketing Research Process

How is the marketing research process conducted?

How is marketing research used to create and implement new marketing campaigns?

How do different influences affect the marketing research process?

Market Research

When information is gathered that is very specifically focused on a single target market.

Broader Term – Marketing Research

How It Takes Place

1. Discover and define the problem.

2. Analyze current conditions.

3. Develop the process for data collection.

4. Collect the data.

5. Analyze and report the data.

6. Determine a solution to the problem.

7. Implement and evaluate the results.

Discover and Define the Problem

Three degrees of research to problem definition:– Exploratory Research

Conducted when a business is unaware of the exact problem.

Desk research is where reports of other completed research are used to help define the problem.

Discover and Define the Problem Con’t

Descriptive Research– Used when the business is aware of the problem

that needs to be solved.

Causal Research– Used to determine cause and effect relationships

when the problem is already clearly defined.

Analyze Current Conditions

Using information such as sales volume and customer data to understand current conditions within the market.

Develop the Process for Data Collection

Determining which is the most effective way to gather information.

Determining if a survey, personal interview, or questionnaire is the most effective way of gathering information.

Collect the Data

Using methods to gather information about a needed decision.

Sample:– A small number of representatives of the larger

group.

Analyze and Report the Data

Analyzers will look at the data provided and look for patterns within the data to draw conclusions.

Price Points– The range of prices charged for merchandise.

Determine a Solution to the Problem

Based on the information found or given, recommendations or changes will be made to the current conditions.

Implement and Evaluate the Results

When the company implements the changes and determines whether or not the changes were effective.

Marketing

Researchers must try to use the information they have gained in a useful way.

Researchers must know all effects of marketing to reduce conflict.

Researchers need to be ethical in the decisions and actions they take.

Quick Review

Exploratory research is used A. When the business is unaware of the exact

research.

B. To determine cause and effect responsibilities.

C. When a business is aware of the problem that needs to be solved.

D. When desk research is unavailable.

Quick Review Con’t

Ethical research involves A. Gathering and reporting information the paying

client wants to hear.

B. Gathering consumers’ private and personal information for other uses.

C. Reporting all information accurately and objectively.

D. All of the above.

Managing Market Research Information

o How is information that has been gathered through marketing research used to create more effective marketing campaigns?

o How is information about customers gathered and stored?

o How do customer attitudes about data collection affect the data collection process?

Digging up Data

– Data mining:– The use of powerful computers to “dig up” data needed to

make decisions.

– Cookie:– A small data file that is placed on the hard drive of a web site

visitor that collects and reports data on the visitor.

– Click - Through rate:– Determined by dividing the number of times an ad is clicked on

by the number of times an ad is shown.

Quick Review

Data mining involves using a high – powered computer to:

A. Compile a report.

B. Dig up data needed to make decisions.

C. Define a problem.

D. None of the above.

Quick Review Con’t

Cookies placed on visitors’ computers provide data on:

A. How often the computer is used to visit the site.

B. The visitor’s area of interest within the site.

C. PIN numbers for the visitor’s bank accounts.

D. Both A and B.

Chapter Review

When sales of product are declining and the business does not know why, it will conduct?

A. Syndicated research.

B. Exploratory research.

C. Descriptive research.

D. Causal research.

Chapter Review Con’t

The first step in marketing research involves:A. Defining the problem.

B. Analyzing current conditions.

C. Collecting data.

D. None of the above.