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Marketing Final Review.docx

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Marketing Final ReviewChapter 5Marketing Information is fresh and deep insights into customers needs and wants Its difficult to obtain not obvious and even customers are unsure of why they behave the way they do Better information not more is more effective use of existing informationMarketing Information systemConsists of people and procedures for assessing information needs developing the needed informationhelping decision makers to use the information to generate and validate actionable customer and market insightsMIS provides information to the marketing managers as well as helps third parties suppliers retailers partners A good MIS balances the information users would like to have against what they really need and what is feasible to offerMarketers obtain information from1Internal DataInternal databases are electronic collections of consumer and market information obtained from data sources within the company network Accounting Sales reporting system Operationsproduction2Marketing IntelligenceMarketing intelligence is the systematic collection and analysis of publicly available information about consumers competitors and developments in the marketplace3Marketing ResearchMarketing research is the systematic design collection analysis and reporting of data relevant to a specific marketing situation facing an organization 4Observational research involves gathering primary data by observing relevant people actions and situations5Ethnographic research involves sending trained observers to watch and interact with consumers in their natural environmentResearch processTypes of Research objectivesExploratory research Marketing research gathers preliminary information that will help define problems and suggest hypothesesDescriptive research Marketing research to better describe marketing problems situations or markets such as the market potential for a product or the demographics and attitudes of consumersSurvey research is the most widely used method and is best for descriptive information knowledge attitudes preferences and buying behaviour Causal research Marketing research to test hypotheses about cause and effect relationshipsExperimental research is best for gathering causal informationcauseandeffect relationshipsMarketing research strengthsMailTelephonePersonalOnlineFlexibilityPoorGoodExcellentGoodQuantity of GoodFairExcellentGooddata collectedControl of ExcellentFairPoorFairinterviewer effectsControl of FairExcellentGoodExcellentsampleSpeed of PoorExcellentGoodExcellentdata collectionResponse PoorPoorGoodGoodrate
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