Marketing Research Without Information We are Nothing

Marketing Information System n Functions: –gathering data –processing and analyzing data –storing and retrieving data –evaluating information –disseminating information to management n A system for generating and managing a flow of information for marketing decision making

Marketing Research n an ongoing process that “links” the customer, consumer and public to the marketer through information. n defined as planning, collecting, and analyzing data relevant to marketing decision making n communication an important element

Marketing Research n used to determine market potential, market share, and market characteristics n conducted by –the firm internally –syndicated service research firms –customer marketing research firms –specialty line research firms

Importance of Marketing Research n improve the quality of decision making n tracing problems n understanding the marketplace

The Research Process n Define the Problem –specific problem to be researched should be properly defined - not too broad or vague –are you not meeting sales objectives? –Try to ascertain the problem beneath the symptoms

The Research Process n Determining Research Objectives –explore - exploratory research to refine problems and hypotheses –to describe - descriptive research to id wants –to test hypotheses - causal research –to predict - predictive research

Research Process (cont’d) n Develop a Research Design –specify data needed –population –how will you sample n mail, phone, personal interview –analysis to be conducted

Information vs. Data n Why are they not the same? n Information is data that have been converted to a useful form for decision making n should be relevant, timely, accurate and cost effective

Research Process (cont’d ) n Collect the Data –primary or secondary –method of collection of primary n survey n experiment n observation n simulation

Surveys n Personal Interviews –most flexible, more information possible –focus groups help define problems –personal bias/interviewer bias –expensive

Surveys n Mail –very economical, low response rate –anonymous –depends on mailing list –no control over who responds or their involvement level n Telephone –rapidly, limits info, hangups!

Type of Data Collected n Nominal n Ordinal n Interval n Ratio

Type of Data Assessed by : n order/rank n distance n absolute or true zero

Observation and Experiments n Observation - observe and measure behavior/actions –know what but not why! n Experiments –look for causality –laboratory or test market

Sampling n Probability –random –stratified –cluster n Nonprobability –convenience –quota

Interpretation and Presentation of Results n reports should be directed towards management n presented and prepared timely n reports should be clear and concise