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UVU - MKTG 3600 - Chapter 4 - Class Notes

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UVU - MKTG 3600 - Chapter 4 - Class Notes

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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
guests.
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 
hypotheses.
Descriptive Research Generating information to better describe 
marketing problems, situations, or 
markets. 
Causal Research: Testing hypotheses about cause-and-effect
relationships.
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 
procedure. 
Research instruments? Questionnaire or mechanical instruments.  3

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School: Utah Valley University
Department: OTHER
Course: Marketing
Professor: Lee
Term: Spring 2019
Tags:
Name: Chapter 4
Description: Chapter 4 notes
Uploaded: 02/07/2019
7 Pages 35 Views 28 Unlocks
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