managing marketing information.pdf

7/28/2019 Managing marketing information.pdf

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Managing MarketingInformation

4

Principles of Marketing


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Learning ObjectivesAfter studying this chapter, you should be able to:

1. Explain the importance of information to thecompany and its understanding of the marketplace

2. Define the marketing information system anddiscuss its parts

3. Outline the steps in the marketing research process

4. Explain how companies analyze and distribute

marketing information5. Discuss the special issues some marketing

researchers face, including public policy and ethics

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Chapter Outline

1. Assessing Marketing InformationNeeds

2. Developing Marketing Information3. Marketing Research4. Analyzing Marketing Information

5. Distributing and Using MarketingInformation6. Other Marketing Information

Considerations

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Assessing Marketing

Information Needs

Marketing information system (MIS)consists of people, equipment, and

procedures to gather, sort, analyze,evaluate, and distribute needed, timely, andaccurate information to marketing decisionmakers

Assess the information needs Develop needed information Analyze information Distribute information

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Assessing Marketing

Information Needs

MIS provides information to the companys

marketing and other managers and externalpartners such as suppliers, resellers, andmarketing service agencies

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Assessing Marketing

Information Needs

Characteristics of a good MIS balances the

information users would like to have againstwhat they need and what is feasible to offer

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Developing Marketing Information

Marketers can obtain information from:

Internal data

Marketing intelligence

Marketing research

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Developing Marketing InformationI nternal Data

Internal databases are electronic collectionsof consumer and market informationobtained from data sources within thecompany network, including accounting,marketing, customer service, and salesdepartments

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Developing Marketing Information

Advantages:

Can be accessed morequickly

Less expensive

Disadvantages: Incomplete information Wrong form for

decision making Timeliness of

information Amount of information Need for sophisticated

equipment andtechniques

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Advantages and Disadvantage of I nternal Databases


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Developing Marketing InformationMarketing I ntel l igence

Marketing intelligence is the systematic collectionand analysis of publicly available information aboutcompetitors and developments in the marketplace

The goal of marketing intelligence is to improve

strategic decision making, assess and trackcompetitors actions, and provide early warning ofopportunities and threats

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Marketing Research

Marketing research is the systematic design,

collection, analysis, and reporting of datarelevant to a specific marketing situationfacing an organization

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Marketing Research

Steps in the marketing research process

1. Defining the problem and researchobjectives

2. Developing the research plan

3. Implementing the plan4. Interpreting and reporting the findings

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Marketing ResearchDefining the Problem and Research Objectives

Types of objectives

Exploratory research

Descriptive research

Causal research

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Marketing ResearchDefining the Problem and Research Objectives

Exploratory research is the gathering of preliminaryinformation that will help to define the problem andsuggest hypotheses

Descriptive research is to describe things such asmarket potential for a product or the demographics

and attitudes of consumers who buy the productCausal research is to test hypotheses about cause-

and-effect relationships

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Marketing ResearchDeveloping the Research Plan

Research plan outlines sources of existingdata and spells out the specific researchapproaches, contact methods, samplingplans, and instruments that researchers will

use to gather data

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Marketing Research

Developing the Research Plan

Secondary data consists of information thatalready exists somewhere, having beencollected for another purpose

Primary data consists of information gatheredfor the special research plan

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Marketing Research

Advantages:

Speed

Cost

Provides datathat a companycannot collect onits own

Disadvantages:

Availability

Relevance

Accuracy Impartial

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Marketing Research


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Marketing Research

Primary Data Col lection

Research approaches

Contact methods

Sampling plan

Research instruments

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Marketing Research

Research Approaches

Observational research involves gatheringprimary data by observing relevant people,actions, and situations

Ethnographic research involves sendingtrained observers to watch and interact withconsumers in their natural environment

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Marketing Research

Research Approaches

Survey research is the most widely usedmethod and is best for descriptiveinformationknowledge, attitudes,preferences, and buying behavior

Flexible People can be unable or unwilling to answer Gives misleading or pleasing answers Privacy concerns

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Marketing Research

Research Approaches

Experimental research is best for gatheringcausal informationcause-and-effectrelationships

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Marketing Research

Contact Methods

Mail questionnaires Collect large amounts of information Low cost Less bias with no interviewer present Lack of flexibility Low response rate Lack of control of sample

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Marketing Research

Contact Methods

Telephone interviewing Collects information quickly

More flexible than mail questionnaires

Interviewers can explain difficult questions

Higher response rates than mail questionnaires

Interviewers communicate directly with respondents

Higher cost than mail questionnaires

Potential interviewer bias

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Marketing Research

Contact Methods

Mail, telephone, and personal interviewing Personal interviewing

Individual interviewing

Group interviewing

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Marketing Research

Contact Methods

Personal interviewing Individual interviewing

Involves talking with people at home or the office, on thestreet, or in shopping malls

Flexible

More expensive than telephone interviews Group interviewing or focus group interviewing

Involves inviting six to 10 people to talk with a trainedmoderator

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Marketing Research

Online marketing research

Internet surveys

Online panels

Online experiments

Online focus groups

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Contact Methods


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Marketing Research

Contact Methods

Online marketing research Low cost Speed to administer Fast results Good for hard-to-reach groups

Hard to control whos in the sample Lack of interaction Privacy concerns

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Marketing Research

Sampling Plan

Sample is a segment of the populationselected for marketing research torepresent the population as a whole

Who is to be surveyed?

How many people should be surveyed? How should the people be chosen?

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Marketing Research

Sampling Plan

Probability samples: Each populationmember has a known chance of beingincluded in the sample

Non-probability samples: Used whenprobability sampling costs too much ortakes too much time

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Marketing Research

Research I nstruments

Questionnaires Mechanical devices

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Marketing Research


Questionnaires Most common

Administered in person, by phone, or online

Flexible

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Marketing Research


Closed-end questions include all possible answers,

and subjects make choices among them Provide answers that are easier to interpret and

tabulate

Open-end questions allow respondents to answer in

their own words Useful in exploratory research

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Marketing Research

Implementing the Research Plan

Collecting the information Processing the information

Analyzing the information

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Analyzing Marketing Information

CRM consists of sophisticated software andanalytical tools that integrate customerinformation from all sources, analyze it indepth, and apply the results to build

stronger customer relationships

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Customer Relationship Management

(CRM)


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(CRM)

Data warehouses are comprehensive companywideelectronic databases of finely tuned detailedcustomer information

Uses To understand customers better To provide higher levels of customer service To develop deeper customer relationships To identify high-value customers

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Touch points: Every contact between the customer

and company Customer purchases Sales force contacts Service and support calls Web site visits Satisfaction surveys Credit and payment interactions Research studies

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Distributing and UsingMarketing Information

Information distribution involves

entering information into databasesand making it available in a time-useable manner

Intranet provides information to employees

and other stakeholders Extranet provides information to key

customers and suppliers

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Other Marketing InformationConsiderations

Marketing Research in Small Businesses andNonprofi t Organizations

Need information about their industry,competitors, potential customers, andreactions to new offers

Must track changes in customer needs andwants, reactions to new products, andchanges in the competitive environment

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Sources of marketing information: Observing their environment Monitoring competitor advertising Evaluating customer mix

Visiting competitors Conducting informal surveys Conducting simple experiments

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Sources of marketing information: Secondary data Trade associations Chambers of Commerce Government agencies Media

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I nternational Marketing Research

Additional and different challenges Level of economic development Culture Customs

Buying patterns Difficulty in collecting secondary data Hard-to-reach respondents

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Intrusions on consumer privacy Consumer resentment

Misuse of research findings

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Public Policy and Ethics in Marketing Research


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PowerPoint created by:

Ronald Heimler

Dowling College, MBA Georgetown University, BS Business

Administration Adjunct Professor, LIM College, NY Adjunct Professor, Long Island University,

NY Lecturer, California Polytechnic State

University, Pomona, CA President, Walter Heimler, Inc.

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