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Lecture 3

MARK 201 Lecture Notes - Lecture 3: Neuromarketing, Focus Group, Marketing Intelligence


Department
Marketing
Course Code
MARK 201
Professor
Ralph Nobel
Lecture
3

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KEY TOPICS SESSION 3 – MARKETING RESEARCH
I. Marketing Information & Customer Insights
Customer insights are:
Fresh & deep insights into customers needs & wants
Difficult to obtain
i. Not obvious
ii. Customer’s unsure of their behaviour
Not derived from more information but better information & more
effective use of existing information
II. MIS – Fig. 5.1
Consists of people and procedures for:
Assessing the information needs
Developing needed information
Helping decision makers use the information for customers
III. Developing Information
1. Internal data:
Information collected from different sources within the company, &
stored within the MIS
Accounting, Operations/production, Sales reporting system, Past
research studies
Timely & accurate
2. Marketing intelligence:
Systematic collection & analysis of publicly available information about
competitors & market developments
Sources: employees, customers, trade shows, websites, marketing
communications, suppliers, resellers & professional information
services
IV. Quality Marketing Research
1. Validity: Collect the right type of information from the respondent
2. Representativeness: Collect the information from a representative sample of
the population
3. Reliability: Collect the information with a high degree of accuracy, free of bias
V. The Research Process – Fig 5.2
1. When to Initiate Research
2. Step 1: Defining the Research Problem & Objectives
Exploratory research: Assists in defining problems & opportunities
Secondary research, focus group discussions &depth interviews are
commonly used
Descriptive research: Used to describe
marketing problems, situations, or markets,
such as demographic characteristics of
markets, attitudes of consumers, & market
potential for a product
Causal research: Used to test cause & effect
relationships between variables of interest,
such as experiments
3. Step 2: Developing the Research Plan
Outlines the methods & procedures for
collecting & analyzing the information –
formalized in written research proposal
Sources of Information - Begin first by
examining internal secondary data, then
external secondary data. Only if the
information cannot be found do we initiate
primary research.
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