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Chapter 6

MKC1200 - Chapter 6 (week 3).docx

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Monash University
Dr Maya Mandery

INFORMATION MANAGEMENT AND MARKETING RESEARCH CONSUMER INSIGHTS – fresh understandings of customers and the marketplace from marketing information to serve customer needs and build relationships MARKETING INFORMATION SYSTEM – people, equipment and procedures used to gather, sort, analyse, evaluate and distribute accurate and timely information to the users of marketing information. 1) Assessing marketing information needs – this is the first step in the MIS. A distinction must be made between the information that the managers need and the information that they want. Sometimes managers might not know the information they want due to lack of awareness of the marketing environment. Sometimes marketers might not be able to provide the information that the managers need because the information might not be available or due to MIS limitations. A key idea to remember while assessing marketing information needs is to ensure that the benefits of having the data outweigh the costs of obtaining the data. 2) Developing marketing information a) Internal data – electronic collections of customer and marketing information for data sources within the company. Different departments of an organisation store certain information that they receive to be used by the marketers of the organisation. However the information received by the marketers are sometimes incomplete or in a form unusable by the marketers. It requires a major effort to keep the information received up-to-date. Also the bulk of information received requires techniques and sophisticated equipment to be managed effectively. b) Marketing intelligence – systematic collection and analysis of publicly available information about competitors and developments in the marketing environment. This information can be collected from the databases of the company, their own personnel, companies that specialise in supplying information through websites, competitors’ websites, business publications and trade shows. c) Marketing research – it is the systematic collection, recording and analysing of data relevant to a particular market. the process of marketing research contains the following steps 1) Defining the problem and research objectives – this is the most important and is the hardest step in the marketing research process. If the problem is defined incorrectly or not accurately enough, the whole process will be futile with no benefits and a waste of money, time and other resources. There are three research objectives in this stage namely a) Exploratory research – marketing research to define the problem and test hypotheses. b) Descriptive research – marketing research that describes a marketing problem, situations or markets c) Causal research – Marketing research that tests hypotheses about cause- effect relationships. 2) Developing a research plan for collecting information – this is the second step in the process and information can be gathered using two methods a) Secondary data collection – it is the data that already exists somewhere and has been collected for other purposes. This data is collected first because it already exists and it a cheaper and a more time-effective way of data collection. It can sometimes provide information that companies themselves cannot collect due to the high cost or inaccessibility. It can be collected from search engines like Google which can at times be frustrating and ineffective. It can also be collected from commercial online databases and government sources which are cheap and sometimes free. However there are limitations to this form of data collection. The required information might be unavailable, unusable or inaccurate. Data collected needs to fulfil the following criteria 1) Relevant – it should fit the project needs. 2) Accurate – it should be reliably collected and reported. 3) Current – it should be up-to-date for current decisions. 4) Impartial – it should be objectively collected and reported. b) Primary data collection – a marketing research process rarely uses data only from secondary sources. It requires the collection of fresh data that is specifically collected for the purpose of the research. A plan for primary research collection requires decisions on the following purposes 1) Research methods – the research can be collected in a quantitative method which uses numbers and scores or in a qualitative method that depends on the analysis of what people say or do. The most common however is a mixed method which uses both quantitative and qualitative methods. There are three main research approaches for gathering primary data and they are a) Observational research – it refers to gathering of information by observing relevant people, action and situations. It is a qualitative research and can provide information that people might be unwilling or unable to provide however it cannot easily interpret the feelings and motives of people. Also long-term and infrequent behaviour cannot be identified. A type of observational research is ethnographic research which places a well-trained person to watch and mingle with people in their natural environments. Webnography research observes people in their natural context of the internet. b) Survey research – the gathering of primary data by asking people about their knowledge, attitudes, preferences and buying behaviour. It is a form of mixed-method research. It is best suited for gathering descriptive information and the questions asked can be direct and indirect. The problems that occur are sometimes people answer the survey just to get a reward or sound smart. Also people might not remember how they felt or don’t really think about why they do something. c) Experimental research – the gathering of primary data by selecting matched groups of subjects, giving them different treatments, control unrelated factors and watch for differences. An example would be that before organisations knew that only 3% of a population replies to the surveys. Otto Versand, with an accuracy rate of 80% found out who in the population would be likely to respond to the survey. It is based on a ‘test and learn’ strategy by performing different experiments. 2) Contact methods – it refers to the way in which the public will be contacted to gather the required information. a) Mail – it refers to sending questionnaires to the postal addresses of the selected population ADVANATGES 1) It is cost-effective method of collection. 2) There is control on the inte
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