MKT – Flashcard
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Marketing Research Ethics
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Ethical approach to conducting marketing research that does no harm to the participant
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Marketing information system (MIS)
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- stores and analyzes data from a variety of sources and turns the data into information for useful marketing decision making - routine (EX: enrollment data of students at NKU) -internal secondary
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MIS system includes 3 important components:
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1. Types of data (Four) 2. Computer hardware and software (to analyze data and create reports) 3. information for marketing decisions
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4 types of data (MIS)
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1. Internal company data 2. Marketing intelligence 3. Marketing research 4. Acquired databases
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Internal data
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-Uses information from within the organization to produce reports on the results of sales and marketing activities -operational, day-by-day - EX: firms sales records: which customers buy which products etc. -sources include company reports and previous research, and salesperson & customer feedback. - cheapest and easiest
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Intranet
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Internal corporate communications network that links company departments, employees, and databases.
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External data
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•Data outside the company •Detailed and thorough investigation required •Secondary data sources include- -published research -syndicated research -government sources
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Primary data (research)
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Information collected by the researcher from original sources. Collected for specific reasons. Can be obtained through salesmen, dealers, and consumers. Costly. -consists of exploratory, descriptive, and casual research
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Secondary data (research)
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Already existing data which has been collected and published by some individual or institution. - consists of Internal and External sources
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Marketing intelligence
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- collects information from external sources •Method by which marketers get information about everyday happenings in the marketing environment •gathered by monitoring everyday sources; news articles, trade publications, web sites, sales people etc. • Gathering information about competition • external secondary data- data already gathered
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Marketing research
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• Collecting, analyzing, and interpreting data about customers, competitors, and the business environment to improve marketing effectiveness. •Researchers design a particular study to answer a question that they have in mind • Costly -reduces risks of making mistakes in the company
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Syndicated research
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Firms collecting data on a regular basis and selling the reports to multiple firms. (Research packaged for sale) •external secondary- already existing
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Custom research
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Conducted by a single fork to provide specific information it's managers need Cost vs. benefit Typically more expensive than syndicated
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Gathering "big" data
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•possible because of barcodes •rewards cards •correlations made •ex: target predicts pregnancy based off of unscented lotion sold •ex: Google identified flu outbreak before CDC
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Data mining
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• The process of analyzing data from different perspectives and summarizing it into useful information - information that can be used to increase revenue, cuts costs, or both •Internal secondary- Using old business records and data - takes advantage of the massive amount of data available -identify patterns and behaviors among different groups
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Data Warehouse
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used to store and process data
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Acquired databases
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-firms can acquire external databases from number of sources. - Government databases- US Census (data can be purchased)
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Steps in the marketing research process
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1. Define the problem 2. Determine the research design 3. Choose the method to collect data 4. Design the sample 5. Collect the data 6. Analyze and interpret the data 7. Prepare the research report (READ PG. 109)
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Which 2 systems provide the information marketers need in order to make good decisions?
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MIS and MDSS
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Exploratory (qualitative) research
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-A technique that marketers use to generate insights for future, more rigorous studies. -used to come up with ideas for new strategies and opportunities for a product. - consists of customer reviews, focus groups, case studies, and ethnography's.
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Descriptive (quantitative) research
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A tool that probes more systematically into the problem and bases its conclusions on large numbers of observations - cross-sectional longitudinal -averages, percentages, and other statistics being found. -Used large samples
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Cross-sectional Design
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collection of responses to a consumer survey (questionnaire) from one or more samples of respondents.
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Longitudinal Design
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tracks the responses of the same sample of respondents over time.
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Focus group
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A product oriented discussion among a small group of consumers led by a trained moderator. -used in exploratory research
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Casual research
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Attempts to understand cause and effect relationships -EX: purchase of beer and diapers peak b/w 5 & 7PM. consists of: -laboratory research -field studies -experiments
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telemarketing
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businesses sell directly to consumers over the phone.
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mall intercept
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researchers recruit shoppers in malls or other public areas
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Survey methods
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Involve some kind of interview or other direct contact with respondents who answer questions -Questionnaires (unstructured, structured, moderately structured, and mail -Telephone interviews -face-to-face interviews -online questionnaire
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Observational methods
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-online research -use of cookies -predictive technology
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Validity
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extent to which research actually measures what it was intended to measure. EX: Coca-cola classis VS. New coke
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Cookies
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Tracking web surfers moves
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Probability sampling
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A sample in which each member of the population has some known chance of being included. Ensures validity.
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Non-probability sampling
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Personal judgement is used to select respondents. Answer needed quickly.
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convenience sample
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individuals who just happen to be available at the time
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3 Hierarchical levels of business planning
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1. Strategic 2. Functional/ tactical 3. Operational
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Strategic Planning
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Managerial decision process that matches an organizations resources and capabilities to its market opportunities for long term growth survival. Highest level.
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SBU's
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units that represent different areas of business within a firm. EX: disneys SBU is its theme park, TV network, and cruise line.
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What the firm hopes to accomplish with a long-range business plan
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Organizational/SBU objectives
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Functional Planning
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Marketing planning, human resources, and finance are involved. Most strategic. Short termed plans.
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Operational Planning
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Focuses on day to day execution of functional plans and includes detailed annual, semiannual, or quarterly plans. Involved in creating buzz for a product, via social media.
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Strategic Planning Process
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1. define the mission 2. evaluate the internal/external environment 3. set organizational or SBU objectives 4. Establish business portfolio 5. develop growth strategies
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mission statement
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describes the overall purpose of the organization. what it tends to achieve in terms of its customers, products, and resources.
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Situation analysis
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assessment of the firms internal and external environment (uncontrollable).
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SWOT analysis
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analysis of the organizations strengths, weaknesses, opportunities, and threats in its environment. (internal and external environment)
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Product positioning
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Develop marketing strategies in comparison to the competition *Marketing Mix*
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Moorse law
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Moore's law is the observation that, over the history of computing hardware, the number of transistors on a dense integrated circuit doubles approximately every two years.
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Marketing decision support system (MDSS)
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Tools that allow managers to conduct analyses and find the information they need to make better marketing decisions. (requires the use of intranet) . Allows managers to examine complex relationships among factors in the marketplace. Creating PERCEPTUAL MAPS.
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Data mining (4 primary applications for marketers)
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1. Customer acquisition 2. Customer retention and loyalty 3. Customer abandonment 4. Market basket analysis
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Research design
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A plan that specifies what information marketers will collect and what type of study they will do
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Case study
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Comprehensive examination of a particular firm or organization
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Ethnography
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An approach to research based on observations of people in their own homes or communities
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external environment
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-Elements outside the firm that may affect it -Global and requires consideration of different trends. -Trends can be threats or opportunities
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Trends that can effect the external environment?
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-Legal/political -Economic -Competitive -Technological -Sociocultural
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Growth-market share matrix (BCG)
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focuses on determining the potential of a firms existing successful SBU's to generate cash that the firm can then use to invest in other businesses. (stars, cash cows, question marks, and dogs)
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STARS
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SBU's with products that have a dominant market share in high-growth markets. Generate large revenue, but require large amounts of funding.
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CASH COWS
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dominant market share in a low growth potential market. Firms usually milk cash cows of their profits to fund the growth of other SBU's.
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QUESTION MARKS
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Low market shares in fast growing markets.
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DOGS
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small share of a slow growth market.
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Market penetration strategy
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designed to increase sales of existing products to existing markets
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Product Development Strategy
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create growth by selling new products in existing markets. (breakfast all day at McDonalds.)
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Market development strategy
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Introduce existing products to new markets
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diversification strategy
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New products to a new target market
