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Chapter 5

Chapter 5.docx

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Carleton University
BUSI 2208
Irfan Butt

Marketing- Chapter 5 Marketing Research: Is a key pre-requisite to successful decision making. It is a set of techniques and principles for systematically collecting, recording, analyzing and interpreting data that can aid decision makers involved in marketing goods, services or ideas  Marketing research can provide valuable information that will help segmentation, positioning and the 4P’s  It helps reduce some of the uncertainty marketers work under  Provides link between firms and environment, enabling customer orientation  Through constant monitoring of competitors firms can respond quickly to competitor moves  Identifies emerging opportunities and new and improved ways of satisfying customer needs Using Marketing Information System to Create Value: An MIS is a set of procedures and methods that apply to the regular, planned collection, analysis, and presentation of information that then may be used in marketing decisions.  Provides a means to accumulate information from sources both internal and external to the organization  Enables More informed decision making  Can be used to generate customized analysis or for individual marketing projects  Enables firms to react to changes and provide consumers with greater value  Firms must use data mining to extract information from large data warehouse o Data mining: Uses a variety of statistical techniques to uncover previously unknown patterns in the data, or relationships among variables. The Ethics of Using Computer Information: Marketing researchers must be cerful not to abuse their ability to access these data, which can in some cases be very sensitive materials.  Consumers want assurance that they have control over the information that has been collected about them  Anxiety has led to government to enact legislation o Privacy Act: governs collection, use, disclosure etc. of personal information o PIPEDA  Researchers must assure consumers that the information they provide will be treated will confidentiality and used solely for research purposes  CMA provides guidelines The Marketing Research Process: Will research be useful? Is top management committed to the project and willing to abide by the result of the research? Step 1: Define the Problem and Objectives  If problem is defined incorrectly you will end up with wrong solution  Must specify research objectives or questions to be answered  Poor design due to three factors o Basing research on irrelevant questions o Focusing on research questions that marketing research cannot answer o Addressing research questions to which there is no answer Step2: Design the Research Project : Identify the types of data needed and the types of research necessary to collect it. Secondary Data: Pieces of information that have already been collected from other sources and are usually readily available. o Internet o Census data, Journal Articles o Syndicated data: Data available for a fee form commercial research firms. May provide info about competitor prices shifting brand preferences and product usage in homes etc. o Generally secondary data can be quickly accessed for a relatively low cost o May not be completely relevant because it was collected with a different purpose in mind Primary Data: data collected to address specific research needs o Collected in a variety of ways, surveys, interviews, observation etc. o Helps to eliminate some of the problems inherent to secondary data o Can be tailored to fit pertinent questions, however is takes longer, requires skilled individuals, can be costly o Bias : can exist in terms of researcher and population biases o Reliability: the extent to which the same result is achieved when a study is repeated under identical situations o Validity: the extent to which a study measures what it is supposed to measure o Sample: A segment or subset of the population that adequately represents the entire composition of the populations interests o Sampling: The process of a picking a sample  Who should be surveyed?  How big should the sample be?  What types of sampling procedures to use? 3: Data Collection Process Exploratory Research Methods: Attempts to begin to understand the phenomenon of interest; also provides initial information when the problem lacks any clear definition  Observation: Entails examining purchase and consumption behaviours through
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