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Chapter 5

Marketing - Chapter 5.docx

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Department
Business
Course
BU352
Professor
Dave Ashberry
Semester
Fall

Description
Chapter Five: Marketing Research and Information Systems Marketing Research – 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 When marketing managers attempt to develop their strategies, marketing research can provide valuable information that will help them make segmentation, positioning, product, place, price, and promotion decisions. It is also key to understanding topics such as consumer and B2B buying behaviour, global marketing and cultural differences, new product development, branding and customer service, and for assessing the effectiveness of pricing, promotions, and product and service delivery strategies. Marketing Research Process 1. Define the Problem and Objectives 2. Design the Research Process - Primary data - Secondary data 3. Data Collection - Exploratory (observation, in-depth, interviews, focus groups, projective technique) - Conclusive (surveys, experimental, scanner, panel) 4. Analyze Data 5. Present Results a) Primary Data – data collected to address specific research needs - can be done by observing consumer behaviour through focus group interviews, or surveying customers using the mail, telephone, in-person interviews, or the Internet b) Secondary Data – pieces of information that have already been collected from other sources and usually are readily available - census data, the company’s sales invoices, the Internet, books, and journal articles Type Examples Advantages Disadvantages Secondary Research - census data, sales - saves time in collecting - may not be precisely invoices, internet data because they are relevant to information information, books readily available needs - reduces data collection - may not be timely costs - sources may not be original Primary Research - observed consumer - specific to the - usually more costly to behaviour immediate data needs collect - focus groups and topic at hand - typically takes longer to - surveys - offers behavioural collect insights generally not - often requires more available from secondary sophisticated training and research experience to design Syndicated Data – data available for a fee from commercial research firms - for an example of razors, the type of information may include the prices of various razors, sale figures, growth or decline in the category, and advertising/promotional spending Reliability – the extent to which the same result is achieved when a study is repeated under identical situations Validity – the extent to which a study measures what it is supposed to measure Marketing Information System (MIS) – 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 Ex. Scotiabank uses its information systems of customer banking transactions to segment and target customers with various accounts (Unlimited chequing, basic banking, and value accounts). Data Warehouses – large computer files that store millions to billions of pieces of individual data Data Mining – the use of a variety of statistical analysis tools to uncover previously unknown patterns in the data stored in databases of relationships among variables Ex. A gardening retailer may learn through data mining that 25% of the time customers buy a garden hose, they also purchase a sprinkler. Sample – a segment or subset of the population that adequately represents the entire population of interest Sampling – the process of picking a sample a) Exploratory Research – attempts to begin to understand the phenomenon of interest; also provides initial information when the problem lacks any clear definition - reviewing available secondary data or observation techniques such as in-depth interviews, focus groups, and projective techniques b) Conclusive Research – provides the information needed to confirm preliminary insights, which managers can use to pur
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