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Chapter 4

Chapter 4 Final.docx

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Department
Marketing
Course
MKTG 2030
Professor
Neil Smith
Semester
Summer

Description
Chapter 4: Marketing Research The Marketing Information System ( MIS) - To meet info. Needs of managers - - Process that determines what info. Managers need and then gather, sort, analyze, store and distribute relevant info. to users - Combines info. to use for marketing decision making - MIS includes o Four types of data Internal company data Marketing intelligence data on competitors and business environment Info. gathered through marketing research Acquired databases o Comp. hardware and software to analyze data and create reports (stored and accessed here) o MIS experts who manage the process (generate reports as needed) - Types of Data o Internal Data System: Uses variety of internal info. to produce reports on results of sales and marketing activities Includes internal records of sales Intranet: Internal corporate communication network that uses Internet technology to link company departments, employees, databases Secured, only authorized users can access them Sales people can serve customers better as they have immediate access to info. (such as on pricing, inventory, production, shipping dates) These front line employees also enter their reports into the system which provides a very useful source of info. about customers Can get daily/weekly sales data by brand or product line as well as monthly reports to measure progress and performance o Marketing Intelligence: Method by which marketers get info. about everyday happenings in the marketing environment Sources: newspapers, trade publications, observation of the market, salespeople (invaluable source), web: company reports, government reports. (e.g. Industry Canada), Mystery shoppers, trade shows Ongoing process- to monitor conditions that affect or create demand for new products Futurists and scenarios: Futurists try to predict upcoming consumer trends. Predict changes in lifestyle-> affect needs and wants of consumers. Scenarios: Possible future situations that futurists use to access the likely impact of alternative marketing strategies. E.g. Effect of deregulation laws on Canadian banking, airline, energy sectors Helps consider different scenarios and build strategies based on whats more likely to happen (educated guess) o Marketing Research: To know what customers want, when, how- and how competitors are doing about these wants/needs Marketing Research: Process of collecting, analyzing, interpreting data about customers, competitors, business environment to make a specific marketing decision Used when unique info is required not ongoing Includes secondary, syndicated, primary research Secondary research(SR): collected for a purpose other than decision on hand. SR produced by another company, org. (e.g. published material: guides, directories, indexes, Globe and Mail reports on Business, stats Canada and its Market Research Handbook, trade associations, , computerized database ) Syndicated: Companies prepare info. on regular basis and sell it to other companies and other multiple firms o Info. is broad but shallow, general trends Primary Research: Research conducted by or for a single firm to provide info. for a specific marketing decision. o Done for single firm for specific questions o Customized research from companies offering general research can also be used for specific purposes o Used to identify opportunities, promote existing ones, counter competitors claim, answer questions, pr Acquired Databases: external databases used for info. on markets - Marketing Decision Support Systems(MDDS): o Different than MIS o MDDS: The data, analysis software, interactive software that allows managers to conduct analyses and find the info they need o What-if questions are answered through the analytical tools Data Mining (DM) - Data Mining: Sophisticated analysis techniques to take advantage of the massive amount of transaction info now available - Through DM, firms sift through massive amounts of data to identify unique patterns of behaviour amongst diff. consumer groups- Uses supercomputers which run combined analysis on different databases to understand relationships among buying decisions, exposure to marketing messages and in-store promotions - DM has 4 imp. Applications for marketers: o Customer Acquisition (for e.g. age, family size used to determine which customers respond best to specific offers in the store and send same offers to members of same demographics) o Customer Retention (e.g. identify target big spending customers and send them special offers, cell phone companies provide special offers for about to expire contracts to renew with them ) o Customer Abandonment (e.g. customer is too expensive to serve and company does not want to serve them anymore) o Market Basket Analysis: Development of focused strategies based on records of which customers have bought certain products (e.g. Blockbuster keeping track of which DVDs were rented to send promotional offers for similar DVDs : Childrens movies for instance) Tools to Measure Customer Satisfaction: - Satisfaction Surveys - Mystery Shopping - Comp
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