Limited time offer 20% OFF StudySoup Subscription details

UVU - MKTG 3600 - Chapter 4 - Class Notes

Created by: Sara Larsen Elite Notetaker

> > > > UVU - MKTG 3600 - Chapter 4 - Class Notes

UVU - MKTG 3600 - Chapter 4 - Class Notes

This preview shows pages 1 - 3 of a 7 page document. to view the rest of the content
background image Chapter 4 The Importance of Marketing Information o Companies need information about their: Customers’ needs Marketing environment Competition o Marketing managers do not need more information,  they need better information that provides insights 
which are useful for decision-making.
The Company’s MIS o A Marketing Information System consists of people  and procedures for assessing information needs, 
developing the needed information, and helping 
decision makers to use the information to gain 
market insights.
Assessing Information Needs o A good MIS balances the information users would  like against what they really need and what is 
feasible to offer.
Sometimes the company cannot provide the 
needed information because it is not available 
or due to MIS limitations.
MIS efforts are costly. Firms must decide 
whether the value of the insights gained from 
more information is worth the cost.
Developing Marketing Information o Internal Databases: Electronic collections of consumer and market 
information obtained from data sources within 
the company network.
i.e. Computerized reservation and record 
keeping systems allow hotel chains to 
track smoking and bed size preferences of
background image o Marketing Intelligence: Systematic collection and analysis of publicly 
available information about consumers, 
competitors, and developments in the 
marketing environment.
o Marketing Research: Systematic design, collection, analysis, and 
reporting of data relevant to a specific 
marketing situation facing an organization.
The Marketing Research Process Defining Research Objectives o Research Objectives may include: Exploratory Research: Gathering preliminary information that will
help define the problem and suggest 
Descriptive Research Generating information to better describe 
marketing problems, situations, or 
Causal Research: Testing hypotheses about cause-and-effect
Developing the Research Plan o Requires: Determining the exact information needed.  Developing a plan for gathering it efficiently.  Presenting the written plan to management.  o The research plan outlines: Sources of existing data 2
background image Specific research approaches Applicable contact methods Sampling plans Instruments for data collection Secondary Data o Information that already exists somewhere which  was collected for another purpose.  o Common Sources of Secondary data: Internal databases Commercial data services Government sources o Advantages: Available more quickly and at a lower cost than
primary data. 
Can sometimes lead to information that an 
individual firm could not gather itself.
o Disadvantages: The data a company needs may not exist as 
secondary data. 
Secondary data must be carefully evaluated for
relevancy, accuracy, currency, and impartiality.
Primary Data o Consists of information collected for the specific  purpose at hand. Primary data must be relevant, 
accurate, current, and unbiased.
o Primary data collection decisions: What is our research approach? Observation, survey, or experiment Which contact methods should we use? Mail, telephone, personal, or online What is our sampling plan? Sampling unit, sample size, and sampling 
Research instruments? Questionnaire or mechanical instruments.  3

This is the end of the preview. Please to view the rest of the content
Join more than 18,000+ college students at Utah Valley University who use StudySoup to get ahead
School: Utah Valley University
Department: OTHER
Course: Marketing
Professor: Lee
Term: Spring 2019
Name: Chapter 4
Description: Chapter 4 notes
Uploaded: 02/07/2019
7 Pages 35 Views 28 Unlocks
  • Better Grades Guarantee
  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
Join StudySoup for FREE
Get Full Access to UVU - Class Notes - Week 4
Join with Email
Already have an account? Login here
Log in to StudySoup
Get Full Access to UVU - Class Notes - Week 4

Forgot password? Reset password here

Reset your password

I don't want to reset my password

Need help? Contact support

Need an Account? Is not associated with an account
Sign up
We're here to help

Having trouble accessing your account? Let us help you, contact support at +1(510) 944-1054 or

Got it, thanks!
Password Reset Request Sent An email has been sent to the email address associated to your account. Follow the link in the email to reset your password. If you're having trouble finding our email please check your spam folder
Got it, thanks!
Already have an Account? Is already in use
Log in
Incorrect Password The password used to log in with this account is incorrect
Try Again

Forgot password? Reset it here