Marketing-Information Management 5 Marketing-Information Management 5.1 The Need for Speedy Information 5.2 The Marketing Research Process 5.3 Managing the Information

Winning Strategies NuBoard Media Sports Promotion patented a nonresidue adhesive used to attach plastic bags to the seat backs in sport’s venues advertiser literature stuffed into bags “winning game pieces” an incentive for attendees to look in bags game attendance, coupon redemption, and website hits provide marketing-information feedback Chapter 5

Lesson 5.1 The Need for Speedy Information Goals Explain the purpose of marketing-information management. Describe careers in marketing-information management. Chapter 5

Terms syndicated research polls engaged customers client-side researchers Chapter 5

REACHING FOR DATA marketing research gathers data identifies solutions to marketing problems Chapter 5

Who is Buying? syndicated research research conducted by an independent company offered for sale to everyone in an industry Chapter 5

Engaging Customers polls engaged customers surveys of people’s opinions engaged customers repeat customers who are completely loyal to a company’s products and services It is five times as expensive to attract the business of new customers as it is to retain the loyalty of current customers. Chapter 5

Why do businesses need marketing information? Chapter 5

CAREERS IN MARKETING RESEARCH Marketing researchers collect and analyze competitive data. provide clients with strategic recommendations Chapter 5

Marketing Research Firms Marketing research careers will increase by 18%-26% through 2014. client-side researchers a staff researcher who co-ordinates the research efforts of external marketing research firms Chapter 5

On the Job Director of Marketing drives profitable revenue for assigned products manages a team tracks sales creates schedules and action plans develops training materials makes presentations Chapter 5

Describe some of the job functions of a marketing researcher. Chapter 5

Lesson 5.2 The Marketing Research Process Goals List and describe the steps involved in marketing research. Discuss the human factors in marketing research. Chapter 5

Terms market research exploratory research desk research descriptive research causal research sample price points Chapter 5

STEPS IN MARKETING RESEARCH market research information gathered on a single target market Chapter 5

How It’s Done Discover and define the problem Analyze current conditions Develop the process for data collection Collect the data Analyze and report the data Determine a solution to the problem Implement and evaluate the results Chapter 5

Discover and Define the Problem exploratory research conducted when a business is unaware of the exact problem desk research reports of other completed research are used to help define the problem descriptive research done when the business is aware of the problem that needs to be solved Chapter 5

causal research determines the cause-and-effect relationships when the problem is already clearly defined Chapter 5

Analyze Current Conditions examine sales volume and customer data to understand current conditions Develop the Process for Data Collection observation or survey Collect the Data sample a representative subset of the large group Chapter 5

Analyze and Report the Data data patterns are sought data is complex price points the range of prices charged for a category of merchandise graphic representations make data easier to understand quickly Chapter 5

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Determine a Solution to the Problem Conclusions from the data can lead to recommended changes to current conditions. Implement and Evaluate the Results changes need to be implemented effectiveness of changes need to be evaluated Chapter 5

Explain how market research is different from marketing research. Chapter 5

THE HUMAN FACTOR At times, there may be a conflict between people in research and people in sales. Chapter 5

Research Sophistication decisions based on sound information can greatly increase the chances for success gut feeling and intuition also play a role in decision-making Chapter 5

Reducing Conflict Marketing research that reveals dissatisfied customers might make other departments within the company feel defensive. Researchers should learn about all marketing functions within the company. Research results should be reported in an understandable format. Chapter 5

Ethical Research Marketing researchers must maintain high ethical standards and report information accurately and objectively. The identity of research participants should be protected. Researchers have an obligation to protect the consumer from “misrepresentation and exploitation under the guise of research.” Chapter 5

What’s in It for Me? Consumers need an incentive for providing specific information that will be useful for marketing research. Chapter 5

Worldwide Data Consumer preferences vary among cultures. Marketers need to understand the preferences of the various cultures to which they sell products. Chapter 5

Briefly describe the reasons for potential conflict between sales managers and marketing research managers. Chapter 5

Lesson 6.3 Managing the Information Goals Explain the options for electronic data collection. Discuss the concept of data-driven decisions. Chapter 5

Terms data mining cookie click-through rate Chapter 5

COLLECTION OF DATA It is essential to have high quality data to receive high quality research results. Chapter 5

Data Mining data mining using powerful computers to “dig up” data to make decisions ACNielsen’s research is generally based on actions rather than opinions. electronically monitors actual television viewing habits of a representative sample of viewers Chapter 5

Cookies Anyone? cookie a small data file that is placed on the hard drive of a web site visitor collects and reports data on the visitor Chapter 5

Consumer Privacy Industry and federal regulators are addressing issues concerning customer’s privacy. Marketing information gathered from children is a sensitive area. The entertainment industry is trying to protect its products from piracy. Chapter 5

Why do people often resent the collection of personal data? Chapter 5

DATA-DRIVEN DECISIONS Customers and marketers use data to make decisions. Chapter 5

Ranking the Ads search engines click-through rate help users find relevant web sites for free click-through rate (the number of times an ad is clicked on) ÷ (the number of times an ad is shown) Chapter 5

Why does Google improve the ranking of ads that get the most clicks? Chapter 5

PERFORMANCE INDICATORS EVALUATED Communicate promotional ideas clearly to the judge. Analyze characteristics of the target market. Chapter 5

Explain the economic benefits of senior citizens owning two residences. Emphasize the advantages of a retirement village concept that involves two locations. Understand the product being promoted and its value to the target market. Chapter 5

THINK CRITICALLY Why are two residences attractive to many senior citizens? How do high gas prices affect senior citizens who use RVs? List three characteristics of the retirement communities that are attractive to senior citizens. Chapter 5