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MSU / OTHER / MKT 3013 / Collection of consumer and market information obtained from data sourc

Collection of consumer and market information obtained from data sourc

Collection of consumer and market information obtained from data sourc

Description

School: Mississippi State University
Department: OTHER
Course: Principles of Marketing
Professor: Melissa moore
Term: Spring 2017
Tags:
Cost: 50
Name: Exam 1 Study Guide (Chapter 4)
Description: Here is the rest of the study guide for exam 1!
Uploaded: 02/06/2017
5 Pages 12 Views 10 Unlocks
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Exam 1 Study Guide (Chapter 4)


Collection of consumer and market information obtained from data sources within the company’s network.



Chapter 4 

The LEGO Group’s innovative marketing research produced lots of “Aha! Moments.” This helped LEGO to recast its classic, colorful bricks into modern, tech-rich play experiences for  children around the world.  

To create value for customers and build meaningful relationships with them, marketers must  first gain fresh, deep insights into what customers need and want. Such insight comes from  good marketing information.  

Gaining consumer insights is tricky. Consumer needs and motives for buying are difficult to  determine. They may say they would like healthier choices, but when provided healthier choices they still choose the burger and fries.  

“Big T” – real truth. You have to look at what their actions are suggesting “Little t” – getting closer to the truth, but you are thrown off. What you say and what you do  are two different things.


What is competitive marketing intelligence?



You have to keep pushing towards Big T.

Information only has value when it is being used.  

Marketing Information System (MIS) consists of people and procedures for assessing  information needs, developing the needed information, and helping decision makers use the  information to generate and validate actionable customer and market insights.  A well-designed information system begins and ends with information users—assessing their  information needs and then delivering information and insights that meet those needs.

Marketing managers and other information users

Obtaining customer and market insights from marketing information

Marketing Information System

Developing needed information

Assessing  Analyzing Information  ????????    Internal      ????????   Marketing   ????????  Marketing  ???????? and using Needs         Databases               Intelligence         Research information


Consists of information collected for the specific purpose at hand.



Don't forget about the age old question of osu ib

Marketing environment

Target  Marketing Competitors Publics Macroenvironment Markets channels forces

A good MIS system balances the information users would like to have against that they really  need and what is feasible to offer.

Internal databases – collection of consumer and market information obtained from data  sources within the company’s network.  

They can usually be accessed more quickly and cheaply than other information sources.  Ex: Macy’s uses its huge internal database to glean customer insights and personalize customer        engagements. Individual customer data include demographics, in-store and online         purchases, style preferences, and personal motivations, even browsing patterns at Macy’s         Web, mobile, and social media sites. Macy’s then analyzes the data intensely and uses the         resulting insights to coordinate and hyper-personalize each customer’s shopping         experiences.

Competitive marketing intelligence - systematic collection and analysis of publicly available     information about consumers, competitors, and developments in the marketplace.  Goal: improve strategic decision making by understanding the consumer environment,     assessing and tracking competitors’ actions, and providing early warnings of opportunities     and threats.  Don't forget about the age old question of ece 307

Techniques:

1) Observing consumers firsthand If you want to learn more check out personal menu planner

2) Quizzing the company’s own employees

3) Benchmarking competitors’ products

4) Online research

5) Monitoring social media buzz

Whereas marketing intelligence involves actively scanning the general marketing environment,     marketing research involves more focused studies to gain insights relating to specific     marketing decisions.  

Marketing research – systematic design, collection, analysis, and reporting of data relevant to a     specific marketing situation facing an organization.  

Marketing research gives marketers insights into customer motivations, purchase behavior, and     satisfaction. It can help them to assess market potential and market share or measure the     effectiveness of pricing, product, distribution, and promotion activities.  

The Marketing Research Process:

Defining the problem             Developing the         Implementing the    Interpreting       And research ????      research plan for       ????   research plan—collecting ????  and reporting        Objectives        collecting information     and analyzing the data            the findings

Tropicana thought that having a glass of orange juice on their carton would reflect the idea of  being classy. Consumers could not even make sense of it, and some even though the new  carton design was the generic brand. Tropicana then returned back to their original design with  the straw in the orange. If you want to learn more check out math180 log in

Three Types of Marketing Research Objectives:

1) Exploratory research – gather preliminary information that will help define the problem  and suggest hypotheses.

2) Descriptive research – describe things, such as the market potential for a product of the  demographics and attitudes of consumers why buy the products

3) Casual research – test hypotheses about cause-and-effect relationships  Managers often start with exploratory research and later follow with descriptive or casual  research.

Chips are more of a stand alone snack, while crackers are normally paired with toppings. Chips have more flavor and are saltier, while crackers are healthier and not as greasy. Chips are eaten more as an every day snack, while crackers are eaten more in the winter. Ritz crackers put all of this into consideration when making their toasted chips. They needed to  be thin and crispy, while still keeping the Ritz buttery flavor.  

Primary data – consists of information collected for the specific purpose at hand Secondary data – consists of information that already exists somewhere, having been collected  for another purpose We also discuss several other topics like Professional dental supply has been successfully selling dental instruments to dentists for the past 20 years, and has developed strong customer relations. when looking for new marketing opportunities, professional dental supply will most likely look firs

Your primary data can become someone else’s secondary data.

Research Approaches       Contact Methods          Sampling Plan           Research Instruments Observation     Mail                        Sampling Unit                         Questionnaire Survey Telephone            Sample Size          Mechanical instruments Experiment Personal      Sampling Procedure

  Online

Observational research - involves gathering primary data by observing relevant people, actions,     and situations. Researchers often observe consumer behavior to glean customer insights they     can’t obtain by simply asking customer questions.

Ethnographic research – involves sending observers to watch and interact with consumers in     their “natural environment

Netnography research – observing consumers in a natural context in the Internet and mobile     Space

Observational and ethnographic research often yields the kinds of details that just don’t     emerge from traditional research questionnaires or focus groups. Observational research can     generate fresh customer and market insights that people are unwilling or unable to provide.  If you want to learn more check out emily godin

Survey research - gathering primary data by asking people questions about their knowledge,     attitudes, preferences, and buying behavior. It is the most widely used method for primary     data collection and is the approach best suited for gathering descriptive information. The     major advantage is its flexibility; it can be used to obtain many different kinds of information     in many different situations.

Experimental research - gathering primary data by selecting matched groups of subjects, giving     them different treatments, controlling related factors, and checking for differences in group     responses. It is the best suited for gathering casual information. It also tries to explain cause-    and-effect relationships.

Focus groups are the most widely used qualitative research tool and with good reason. They  foster fruitful discussion and can provide unique insight into customers’ and potential  customers’ needs, wants, thoughts, and feelings.  

Behavioral targeting – marketers use the online data to target ads and offers to specific     consumers.  

Ex: if you place an Apple iPad in your amazon.com shopping cart but don’t buy it, you might     expect to see some ads for that very type of tablet the next time you visit your favorite ESPN     site to catch up on the latest sports scores.  

Sample – segment of the population selected for marketing research to represent the  population as a whole. Ideally, the sample should be representative so that the researcher can  make accurate estimates of the thoughts and behaviors of the larger population.

Designing the sample requires three decisions:

1) Who is to be studied (what sampling unit)? The answer to this question is not always  obvious.  

2) How many people should be included (what sample size)? Large samples give more  reliable results than small samples. However, larger samples usually cost more, and it is  not necessary to sample the entire target market or even a large portion to get reliable  results

3) How should the people in the sample be chosen (what sampling procedure)?  

Probability sample – each population member has a known chance of being included in the  sample, and researchers can calculate confidence limits for sampling error Ex: Simple random sample, stratified random sample, and cluster (area) sample Nonprobability sample – sampling error cannot be measured. These varied ways of drawing  samples have different costs and time limitations as well as different accuracy and statistical  properties.  

Ex: convenience sample, judgment sample, and quota sample

Three types of mechanical instruments:

1) People meters – attached to television sets to record who watches what programs 2) Checkout scanners – used by retailers to record shoppers’ purchases

3) Smart shelves – shelves use sensors to analyze facial structures and other characteristics  that identify a shopper’s age and sex and determine if and when the shopper selects a  product off the shelf

Three main marketing information considerations:

1) Interpreting and Reporting the Findings – market researcher must interpret the findings,  draw conclusions, and report them to the management. The researcher should not try  to overwhelm the managers with numbers and fancy statistical techniques. Rather, the  researcher should present important findings and insights that are useful in the major  decisions faced by management.

2) Analyzing and Using Marketing Information – Managers may need help applying the  information to gain customer and market insights that will improve their marketing  decisions. This help may include advanced analytics to learn more about the  relationships within the sets of data. Information analysis might also involve the  application of analytical models that will help marketers make better decisions. Once  the information has been processed and analyzed, it must be made available to the right  decision makers at the right time.

3) Distributing and Using Marketing Information – marketing information system must  make information readily available to managers and others who need it, when they  need it. In some cases, this means providing managers with regular performance  reports, intelligence updates, and reports on the results of research studies

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