Marketing Research DATA

Objectives Describe the need for marketing informationExplain the nature of marketing research in a marketing information functionExplain the nature and scope of the marketing-information functionDescribe sources of secondary dataUse data for information analysis DA T A

Marketing researchers use a process similar to the scientific method. Start with a questionReview background informationDevelop a hypotheses to test Collect data to test the hypotheses Analyze the data Draw conclusions based on the research DA T A

Marketers need all the information they can get to make informed decisions about their: ProductsPricesPromotions CompetitorsTarget market(s) DA T A

All effective marketing-research projects have certain specific characteristics. SystematicAccurateObjectiveThoroughTimelyReliableValid DA T A

Why learn about marketing-research problems? DA T A

Discussion #1 Have you ever encountered difficulty with a situation because you didn’t have a clear understanding of the problem? How could a better understanding of the problem have helped you? DA TA

Why learn about marketing-information management? Marketers are required to make many different types of decisions. Choosing the best target markets for new products Selecting advertising media for existing products Specifying products to be discontinued DA T A

Discussion #2 Can you think of some common problems or opportunities businesses might face that might require marketing research? DA TA

Most businesses today wouldn’t survive without marketing information. Make educated decisions Solve problems efficiently Plan for the future Businesses need marketing information to: DA T A

Steps to finding and using data Identify needed data Create a plan for collecting, storing, and analyzing data Compile a list of secondary sources providing needed data Retrieve needed dataAnalyze and use data DA T A

What is the difference between data and information? Numbers Dates Names Data are facts and figures Knowledge derived from study Experience Communication of intelligence Information is facts and data presented in a useful form Processed Organized Presented in an understandable, meaningful manner For data to become information, they must be DA T A Data and information are related to each other, but they are not the same.

DA TA Marketing information is – marketing data – available from inside and outside a business – has been processed and organized in a useful way

DA TA Marketing data is – good to have – does not become valuable until turned into marketing information

Marketing data can be used to generate helpful marketing information, including details about: Products Vendors and Suppliers Pricing Promotional effectiveness CustomersCompetitors Economic trends and conditions DA T A

Discussion #3 What are examples of marketing information and how might this information be used by marketers? DA TA

There are two different categories of marketing information and information sources. PrimarySecondary DA T A

Primary Information Developed from data that are collected in a systematic manner for use in one particular situation. DA T A

Why primary data are gathered To solve a problemTo explore an opportunity For any other specific purpose useful to a business DA T A

Some ways in which primary data are gathered in the virtual and physical worlds QuestionnairesFocus groupsPersonal interviewsTest markets DA T A

Discussion #4 Identify and explain an example of primary data and information. DA TA

Secondary Information Comes from data that have already been collected for other purposes. DA T A

Secondary Information is popular because obtained quickly and less expensively than primary data gives a better understanding of a problem helps to pinpoint issues that customers are experiencing and ways to resolve these issues DA T A

Places you can look for secondary data Sales invoicesCustomer recordsSales reportsExpense reportsCall reportsWarranty cardsCompetitor data DA T A

Discussion #5 Identify and explain an example of secondary information. DA TA

Marketing information may be developed from either quantitative or qualitative data. Quantitative data are numerical. Qualitative data focus on opinions and personal interpretations. DA T A