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MLSP to Accompany Essentials of Marketing(1)

By Carolyn Davis,2014-01-20 22:51
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MLSP to Accompany Essentials of Marketing(1)

    Chapter 7 IMPROVING DECISIONS WITH MARKETING INFORMATION

MARKETING INFORMATION SYSTEM (MIS)--an organized

    way of continually gathering, accessing, and analyzing information

    that marketing managers need to make decisions.

? Get more information--faster and easier

INTRANET--a system for linking computers within a company.

? Marketing managers must help develop an MIS

    DATA WAREHOUSE--a place where databases are stored so that they are available when needed.

DECISION SUPPORT SYSTEM (DSS)--a computer program that

    makes it easy for a marketing manager to instantly access and use

    decision-making information.

    SEARCH ENGINE--a computer program that helps a marketing manager find information that is needed.

    MARKETING MODEL--a statement of relationships among marketing variables. 4Ps, external environment, mission

    statement,etc.

? Information for planning, implementation, and control

? New questions require new answers

    MARKETING RESEARCH--procedures to develop and analyze information to help marketing managers make decisions. A bridge

    to the consumer.

    SCIENTIFIC METHOD--a decision-making approach that focuses on being objective and orderly in testing ideas before accepting

    them. NOT THE EXPERIMENTAL METHOD

HYPOTHESES--educated guesses about the relationships between

    things or about what will happen in the future.

FIVE-STEP APPROACH TO MARKETING RESEARCH

    Defining the problem, analyzing the situation, getting problem-

    specific data, interpreting the data, and solving the problem.

DEFINING THE PROBLEM--STEP 1

    ? Finding the right problem level where doe problem lie?

    ? Don't confuse problems with symptoms

ANALYZING THE SITUATION--STEP 2

    SITUATION ANALYSIS--an informal study of what information

    is already available in the problem area. Often solves the problem.

    SECONDARY DATA--information that has been collected or

    published already.

    PRIMARY DATA--information created to solve current problem.

    ? Search engines find information on the Internet

    ? Government data is inexpensive or free (Census)

    ? Situation analysis yields a lot--for very little

    RESEARCH PROPOSALwhere problem solving data is not available from another source, the plan that specifies what

    marketing research information will be obtained and how.

    GETTING PROBLEM-SPECIFIC DATA--STEP 3

    SURVEYS, OBSERVATIONS AND EXPERIMENTS

? Gathering primary data

    QUALITATIVE RESEARCH--seeks in-depth, open-ended responses, not yes or no answers.

    -Focus groups stimulate discussion, depth interviews ―drill

    down‖ to the root of the problem.

    FOCUS GROUP INTERVIEW--an interview of 6 to 10 people in an informal group setting.

    QUANTITATIVE RESEARCH-- structured responses that can be summarized in numbers--like percentages, averages, or statistics.

? Fixed responses speed answering and analysis

? Surveys come in many forms

    -Phone and online surveys are common and convenient

RESPONSE RATE--the percent of people contacted and qualified

    who complete the questionnaire.

? Observing--what you see is what you get

    ? Checkout scanners ―see‖ a lot

    CONSUMER PANELS--a group of consumers who provide information on a continuing basis.

    EXPERIMENTAL METHOD--a research approach in which researchers compare the responses of two or more groups that are

    similar except on the characteristic being tested.

? Syndicated research shares data collection costs

    INTERPRETING THE DATA--STEP 4

    STATISTICAL PACKAGES--easy-to-use computer programs that analyze data. SPSS

? Is the sample really representative of the population of interest?

POPULATION--in marketing research, the total group you are

    interested in.

SAMPLE--a part of the relevant population.

? Research results are not exact

    VALIDITY--the extent to which data measures what it is intended

    to measure.

    RELIABILITYthe extent to which multiple measures produce

    the same results. MAY NOT BE VALID

    ? Marketing manager and researcher must work together

SOLVING THE PROBLEM--STEP 5

    ? The last step is solving the problem

HOW MUCH INFORMATION DO YOU NEED?

    ? What is the value of information? More specifically, what is the

    cost of a mistake?

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