MARKETING INFORMATION AND RESEARCH CHAPTER 05 4/1/2017 CHAPTER 5 MARKETING INFORMATION AND RESEARCH 5-1 Understanding the Need for Market Information 5-2 Finding and Managing Marketing Information 5-3 Using Marketing Research 5-4 Collecting Primary Data Chapter 5 MARKETING

Chapter 5 Focus Questions: What is your first impression when viewing the ad? Does the image encourage you to read the ad? What type of product or service is Pitney Bowes describing? Who does it appear the company wants to see the ad? Why do companies need precise information about their customers? ©PITNEY BOWES Chapter 5

UNDERSTANDING THE NEED FOR MARKETING INFORMATION 5-1 UNDERSTANDING THE NEED FOR MARKETING INFORMATION GOALS Explain the importance of information in making marketing decisions. Describe the categories of information needed by marketers. Chapter 5

Starting with Information Consumer differences Expanding choices Competition The global marketplace Chapter 5

Deciding on Information Needs Approaches to planning Categories of information Chapter 5

Types of Information Needed for Effective Marketing Decisions Consumers age gender income education family size occupation attitudes primary needs purchase frequency brand preferences information needs media preferences shopping behavior Chapter 5

Types of Information Needed for Effective Marketing Decisions Marketing Mix basic products product features services product packaging guarantees after-sale customer service product price credit choices discounts location and method of sale type of distribution used display procedures promotion and sales methods promotional message promotional media Chapter 5

Types of Information Needed for Effective Marketing Decisions Business Environment type of competition competitors’ strengths competitors’ strategies economic conditions government regulations new technology consumer protection ethical issues tax policies proposed laws international markets Chapter 5

FINDING AND MANAGING MARKETING INFORMATION 5-2 FINDING AND MANAGING MARKETING INFORMATION GOALS Describe common sources of internal and external market information. Explain the five critical elements of an effective marketing information system. Chapter 5

Sources of Market Information Steps of the Process Identify the types of information needed. Determine the available sources of each type of information. Evaluate each source to determine if it meets the organization’s needs in term of accuracy, time, detail, and cost. Select the sources that best meet the identified needs. Enter the information into a marketing information system. Chapter 5

Internal Information Sources Customer records and sales information Production and operations reports Performance information Chapter 5

External Information Sources Government reports Trade and professional associations Business publications Commercial data and information services Chapter 5

Marketing Information Systems Input Storage Analysis Output Decision making Chapter 5

Designing an MkIS Chapter 5 MkIS Element Question What information is needed to develop and implement the marketing strategy? Input How should the information be maintained so it is in a usable form, secure, and easy to access when needed? Storage What methods should be used to organize and study the information decisions? Analysis How and when should the information be made available for most effective use? Output What ways should the information be used to improve marketing? Decision Making Chapter 5

USING MARKETING RESEARCH 5-1 USING MARKETING RESEARCH GOALS Describe how to define and develop an understanding of a problem as the first steps toward solving it. Identify the steps needed to gather and study data relevant to a problem. Explain how to prepare reports and present proposed solutions. Chapter 5

Seeing the Problem Clearly Define the problem Analyze the situation Develop a data-collection procedure Secondary data Primary data Chapter 5

Implementing a Marketing Research Study Define the problem Analyze the situation Develop a data-collection procedure Gather and study information Propose a solution Chapter 5

Gather Information Select the participants Collect the data Population Random sampling Collect the data Analyze the data Numerical data Non-numerical data Prepare results Chapter 5

Propose a Solution Research reports Presenting research results When to use marketing research Chapter 5

Sections of a Research Report Statement of the problem Review of secondary data Research procedures Results of the research Summary and recommendations Chapter 5

COLLECTING PRIMARY DATA 5-4 COLLECTING PRIMARY DATA GOALS Describe the purpose of marketing research surveys. Explain the reasons for and limitations of using observation. Define various types of marketing research experiments. Chapter 5

Conducting Surveys Closed-ended questions Open-ended questions Chapter 5

Focusing on the Issues Focus group Questioning with clarity Chapter 5

Making Observations Observation collects information by recording actions without interacting or communication with the participant. Recording devices include Video cameras Audio recorders Bar code scanners Eye-tracking photography Chapter 5

Performing Experiments Test markets Simulations Chapter 5