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Chapter 4

Marketing: Real People, Real Decision (3rd Edition): Chapter 4


Department
Business Administration
Course Code
BUS 343
Professor
Jason Ho
Chapter
4

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Chapter 4: Marketing Research
Knowledge is Power
Marketers must have information that is accurate, up to date, and relevant to make good
decisions
The Marketing Information System
Marketing Information System (MIS) procedure developed by a firm to continuously
gather, sort, analyze, store, and distribute relevant and timely marketing information to its
managers
Includes three important components
oFour types of data
oComputer hardware and software to analyze the data and create reports
oMIS experts who actually manage the process to generate and distribute the
needed information
Date comes from four major sources
oInternal company data
oMarketing intelligence data on competition and other elements in the firms
business environment
oInformation gathered through marketing research
oAcquired database
Can use data to measure new product awareness, consumption behaviour, and loyalty
for each brand, converting this to brand and benefit segmentation
Internal Data System
Uses a variety of information from within the company to produce reports on the results
of sales and marketing activities
Can also provide access to various information to better serve the customer
Marketing Intelligence
Marketing Intelligence - a method by which marketers get information about everyday
happenings in the marketing environment
One of the most effective marketing intelligence tools is the companys own salespeople
oAnother one is the web
Futurists takes information and tries to create scenarios that will predict future consumer
trends
oPossible future situations that futurists use to assess the likely impact of
alternative marketing strategies
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Effective MIS must include procedures to ensure that the intelligence data are translated
and combined with internal data and other marketing information to create useful reports
for marketing managers
Marketing Research
Marketing research - The process of collecting, analyzing, and interpreting data about
customers, competitors, and the business environment to make a specific marketing
decision
oDifferent from marketing intelligence, research is used for when unique
information is needed for specific decisions
Marketing research data includes
oSecondary research
Research made by other people can be used but may not be suited
specifically for your problem
oSyndicated research reports
Collecting fairly general data on a regular basis and selling the
information to many firms
oPrimary research reports
Research report designed specifically for your problem
Acquired Database
External database
Marketing Decision Support System
MDSS includes analysis and interactive software that allow managers to conduct
analyses and find the information they need
Searching for Gold: Data Mining
Data mining sophisticated analysis techniques to take advantage of the massive
amount of transaction information now available
Process in which analysis sift through massive amounts of data to identify unique
patterns of behaviour among different customer groups
Data mining has four important applications for marketers
oCustomer acquisition
oCustomer retention
oCustomer abandonment
oMarket basket analysis
Tools to Measure Customer Satisfaction
Customer Satisfaction Survey
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Mystery Shopping
Customer Complaint Analysis
Lost Customer Analysis
Timing of customer satisfaction is key, and measurement should be consistent from one
period to the next so that meaningful comparisons can be made
Why is Monitoring Customer Satisfaction not Enough
Firms have to strive to totally satisfy their customers
The Steps in the Marketing Research Process
Marketing research is an ongoing process
Final goal of marketing research is to help managers make informed marketing decisions
Define the Problem
Define the problem has four components
Specify the management decisions
oFiguring out what marketing decisions need to be made with the information
sought
oFocus on one key decisions in any given piece of research
Specify the research objectives or research questions
oWhat general questions needs to be asked
oOften the importance of a research question surfaces during exploratory
research
Identify the information needs
oSpecify what needs to be learned or known, and from whom indicating the
population or group of interest
Place the problem in an environmental context
oShould specify the factors in the firms internal and external business
environment that might be causing or influencing the situation
Determine the Research Design
Research design a plan that specifies what information marketers will collect and
what type of study they will do
Diversity in approaches can often provide greater insight and greater confidence in the
results
Secondary Versus Primary Research
First question to ask whether does the information required for making a decision already
exists either inside the organization or from external secondary sources
Primary research is required when company needs to make a specific decision
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