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MCS 1000 (215)
Chapter 5

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Marketing and Consumer Studies
MCS 1000
John Liefeld

Chapter Five 4 major reason information is Important in Marketing - To cope with rapidly change in environment - To remain competitive - To make better decisions - To follow the market concept The issues Marketer’s face when assessing information needs - A good MIS balance the information users would like against what they really need and what is feasible to offer - Sometime the company cannot provide the needed information because it is not available or due to MIS limitations - Have to decide whether the benefits of more information is worth the costs Competitive marketing intelligence source of marketing intelligence - The systematic collection and analysis of publicity available information about competition and development in the marketing environment - Source; internet, newspaper competitors annual report, competitors display at trade shoes, from your suppliers, your resellers and even spying - Marketing Research; ―The systematic design, collection, analysis and reporting of data relevant to a specific situation.‖ Steps in Marketing Research - Defining the problem and research objectives - Developing the research plan for collecting information - Implementing the research plan—collecting and analysis the data - Interpreting and reporting the findings Three main types of MR role and objective - Exploratory Research-- Gather preliminary information that will help define the problem and suggest hypothesis - Descriptive Research -- Describes things (e.g. market, potential for a product, demographics and attitudes - Causal Research -- Tests hypotheses about cause -and-effect relationship Secondary Data Secondary - Data information that has been gathered and published by other parties -
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