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Chapter 7

Chapter 7 Textbook Notes.docx

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Department
Commerce
Course
COMMERCE 2MA3
Professor
Stephen Charko
Semester
Fall

Description
Chapter 7: Marketing Research, Decision Support Systems, and Sales Forecasting The Marketing Research Function… •Marketing Research: process of collecting and using information for marketing decision making o First marketing research project was conducted in 1879 •Who conducts marketing research? o Some firms organize research functions according to the types of research they need performed o Others organize research units to support different product lines, brands, or geographic areas o Many firms outsource their research needs and depend on independent marketing research firms o Decided based on cost, reliability and accuracy of the information collected by an outside organization •Marketing research companies range in size from sole proprietorships to national and international firms o They can be classified as: 1. Syndicated Services: organization that provides standardized data to all customers  Base their reports on personal interviews, exposure to advertising, or point-of-sale scanner data  Clients include advertisers, advertising agencies, magazines, newspapers, broadcasters, and cable TV networks E.g., J.D. Power and Associates  1. Full-Service Research Suppliers: marketing research organization that contracts with clients to conduct complete marketing research projects  Becomes the client's marketing research arm, performing all the steps in the marketing research process 1. Limited-Service Research Suppliers: marketing research firm that specializes in a limited number of research activities, such as conducting field interviews or performing data processing The Marketing Research Process… • Stages of the Marketing Research Process are: 1. Define the Problem 2. Conduct Exploratory Research • Exploratory Research: process of discussing a marketing problem with informed sources both within and outside the firm and examining information from secondary sources  May do so using its own internal data/records • Sales Analysis: in-depth evaluation of a firm's sales • One of the least expensive and most important tool • Accounting Data, as summarized in the firm's financial statements, may also be important to identifying financial issues that influence marketing • Marketing Cost Analysis, which is the evaluation of expenses for tasks such as selling, warehousing, advertising, and delivery, determine the profitability of particular customers, territories, or product lines 1. Formulate a Hypothesis • Hypothesis: tentative explanation for some specific event - sets the stage for more in-depth research 1. Create a Research Design • Research Design: a master plan or model for conducting market research -must ensure it will measure what researchers intend to measure 1. Collect Data • Secondary Data: previously published information  Offers two important advantages • It is almost always less expensive to gather • Researchers usually spend less time to locate and use secondary data • Primary Data: information collected for a specific investigation  Offers some advantages: • No chance it will be obsolete like secondary data • Is always relevant (made for the market study) 1. Interpret and Present Research Information - present in a format that allows managers to make effective judgments - researchers and end users must collaborate to ensure effectiveness of research; must be clear and concise Marketing Research Methods… • Secondary Data Collection o Consist of two types: 1. Internal  Sources within the firm • Sales records • Accounting records 1. External  Come from outside sources • Government Data • Mostly free • Private Data
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