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Chapter # 3, BUS 343.docx

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Department
Business Administration
Course
BUS 343
Professor
Jason Ho
Semester
Fall

Description
Part 1: Knowledge is the Power To understand consumer’s needs, marketers need to conduct marketing research. Marketing research ethics = Taking an ethical and above-board approach to conduct marketing research that does no harm to the participant in the process of conducting the research. Marketing Information System(MIS) It is a process that determines what information marketing managers need and then gathers sorts, analyzes stores and distributes relevant and timely marketing information to system users. Marketing Information System (analyzes data from variety of sources and turns data into useful marketing decision making) Internal Company Marketing Marketing Acquired Data Intelligence Research Databases Computer Hardware and Software Information for Marketing Decisions 1. Internal Company Data = uses inf. from within the org. to produce reports on the results of sales and marketing activities. (how much buy, who buy, how items left) Sales people and managers can access internal records by using intranet = internal corporate communication network that uses Internet technology to link company departments, employees, databases. (Helps them better serve, useful for upper management too) 2. Marketing Intelligence system = method by which marketers get info about everyday happenings in the marketing environment. They are also useful to predict future trends. Staycation = people do not go vacations. 3. Marketing Research = process of collecting, analyzing, interpreting data about customers, competitors, and business environment in order to improve marketing effectiveness. Syndicated research = research by special firms the collect data on regular basis and sell the reports to multiple firms. (not very specific, good for general trends). Custom research = research conducted for a single firm to provide specific information its managers need. (specific). Some org. do research themselves. 4. Acquired Databases = large amount of info is available in the form of external databases for fee or free. Government, provincial and others. If you do not want to receive any calls from companies (TELUS promotions) you can “opt out”, so they cannot call you. It is illegal. The Marketing Decision Support System (MDSS ) = the data, analysis software, and interactive software that allow managers to conduct analyses and find information they need. It is enhancement to MIS as it easier to access and find answers. Marketing Manager/ MIS Data Decision Maker ●Internal company data Interactive Software ●Marketing Intelligence ●Marketing Research Statistical and Modeling Information Needed for ●Acquired Databases Software Decision Making It uses sophisticated statistical and modeling software tools. It allows to examine possible ideas using “what if” tool. Part 2: Data Mining Data Mining = sophisticated analysis technique to take advantage of the massive amount of transaction information now available. Data warehouse = stores all data. Customer Acquisition Market Basket Analysis Uses of Data Mining Customer Retention and Loyalty Customer Abandonment Customer Acquisition : Many firms include demographic and other information about customers in their database. Customer Retention and Loyalty = Firm identifies big spending customers and then targets them for special offers and inducements other customers won’t receive. Customer abandonment : Sometimes firm wants customers to take their business elsewhere, because servicing them actually costs the firm too much. (Get rid of them). Market basket Analysis : Focused promotional strategies are developed based on the records of which customers have bought certain products. Conclusion: Both MIS and MDSS provide information for marketers. Part 3: Steps in Marketing Research Process Step 1: Define the Research Problem Specify the research objectives: What questions will the research attempt to answer Indentify the consumer population of interest: What are the characteristics of the consumer group of interest. Place the problem in an environmental context: What factors in the firm’s internal and external business environmental might influence the situation? Step 2: Determine the Research Design There are two broad categories. Check page 98 for the table. 1. Secondary research : Data has been collected fo
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