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Lecture 4

Week 4
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Department
Commerce
Course
COMM 131
Professor
Ethan Pancer
Semester
Winter

Description
Chapter 5 Notes  More information isn’t the problem, better information is, as well as making better use of it  Customer Insight: a fresh understanding of customers and the marketplace derived from marketing info that becomes the basis for creating customer value and relationships  Organizations must not become customer controlled; give them what they need, not everything they want  Marketing Information Systems (MIS): people and procedures for assessing info needs, developing needed info, and for helping management use the info to develop customer insights, manage relationships, and make decisions  MIS must provide info for both managers and external partners, and must show what they need based on what’s feasible  Cost of info must be weighed against its estimated benefit Internal Data  Internal Databases: electronic information compiled from all departments within an organization  Marketing (psychographics, demographics) customer service, accounting, operations, sales  Data may be incomplete or need to be reformatted, it must be properly maintained and easily accessible Competitive Marketing Intelligence  Competitive Marketing Intelligence: collection and analysis of public information on consumers, competitors, and the market  Customer targeted online and in social events  Competitors targeted through observation, consumers, suppliers for next moves and strengths/weaknesses  Information is also readily available on company sites, annual reports, etc. and companies taking steps to protect Marketing Research  Marketing Research: design, collection, analysis, and reporting of data for a specific situation  Many firms use professional, outside resources Defining the Problem and Research Objectives  Managers and marketers work together to fine problem  Research objectives: o Exploratory Research: preliminary research to help define problem and create hypothesis o Descriptive Research: describe things like market potential for a product, or interested demographic groups o Causual Research: finding cause-and-effect relationships Developing the Research Plan  A written proposal should be created, covering the problem, research objectives, info needed, and the use of the results  Secondary Data: pre-existing, open for use  Primary Data: new data collected for a specific purpose Gathering Secondary Data  Internal sources  Buying secondary data from external sources  Commercial Online Databases: collection of online info accessed for a fee  Secondary data is inexpensive and quick, but it may not always exist  Must be accurate, current, and impartial Primary Data Collection  Research Approaches: o Observational Research: gathering exploratory data by observing relevant people, actions, and situations o Used for customer insights that can’t be obtained by asking questions, includes observing conversations o Ethnographic Research: observational research that takes place in a consumer’s ‘natural habitat’ o Allows companies to target unarticulated desires o Survey Research: gathering descriptive data by asking about knowledge, attitudes, preferences, and buying behaviour o Very flexible, but prone to bias o Experimental Research: gather causual data by selecting matched groups, giving different specific treatment to each, controlling related factors, and then comparing group responses  Contact Methods
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