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Chapter 5

MGT252 - Chapter 5 Notes.doc

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Department
Management
Course
MGT252H5
Professor
Matthew Osborne
Semester
Fall

Description
Chapter 5 5.1 • • Customer insights •Fresh understandings of customers and the marketplace derived from marketing info that become the basis for creating customer value and relationships. •Customer insight groups • Collect customer and market info via traditional marketing research studies, mingling with and observing customers, monitoring online conversations etc. Don’t go too far and become customer controlled • • i.e. giving whatever the customers request • MIS •People, equipment and procedures that gather, sort, analyze, evaluate and distribute useful, timely, and accurate info to marketing decision makers. •Interacts with info users to assess current info needs ---> Develops needed info from internal and external sources ---> Distribute the info and helps managers use it for decision making Serves internal employees and external partners • •Must balance needs vs. feasibility. • Not all info can be obtained • Can be costly • Value of insights gained vs. Costs of providing insights --> hard to assess! • Info has no worth, value comes from how it’s used. • Most times, additional info will not change a manager’s decision. • Sometimes, costs of the info > returns from insights and decision making •To assess market share and potential •To measure the effectiveness of the 4Ps. • 5.2 1. Internal databases •Electronic collections of consumer and market info obtained from data sources within the company’s network •Cheap, quick and easy •May not be in a usable form, complete or entirely applicable for the focal decision. • Data ages quickly --> keeping the database current requires large effort. •Difficult and costly to maintain and manage well for org. --> buy services from other org. • Managing the data requires highly sophisticated equipment and techniques. 2. Marketing intelligence •The systemic and proactive collection and analysis of publicly available info about competitors and trends. •Gain insights into how consumers talk about and connect with their brands. •Facing competitors’ marketing intelligence efforts, most firms are now taking steps to protect their own info. Might raise ethical issues and info quality • •Techniques • Monitoring Internet buzz • Observing consumers firsthand • Quizzing employees, benchmarking competitors’ products • Researching the Internet • Lurking around industry trade shows • Rooting through rivals’ trash bins • 3.3 3. Marketing research •The systemic design, collection, analysis and reporting of data relevant to a specific marketing situation. •Measure effectiveness of marketing actions, sales potentials, try to understand consumer behavior •Can be done by firm personnel or contracted out to outside companies 1. Defining the problem and research objectives • Explorative research • Gather preliminary info that will help define the problem and suggest hypotheses • Descriptive research • Better describe marketing problems, situations or markets, such as the market potential for a product or the demographics and attitudes of consumers • Casual research • Test hypotheses about cause-and-effect relationship 2. Plan development • Presented in a written proposal • Outline the problems, objectives, data needed and expected value of the results. 3. Implementation • Secondary data • Info that already exists somewhere, having been collected for another purpose • Fast and cheap • Availability of the “right” info • From internal database, external info (govt. sources, ads etc.) • Commercial online databases Computerized collections of info available from online commercial • sources or via the Internet • Primary data • Info collected for the specific purpose at hand ResearchApproaches ContactMethods SamplingPlan ResearchInstruments Observation Mail Sampling unit Questionnaire Survey
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