Week 2 Notes
Week 2 Notes BADM 3401
Popular in Basic Marketing Management
Popular in Business Administration
This 3 page Class Notes was uploaded by Camille Duarte on Sunday September 13, 2015. The Class Notes belongs to BADM 3401 at George Washington University taught by Sung Ham in Summer 2015. Since its upload, it has received 37 views. For similar materials see Basic Marketing Management in Business Administration at George Washington University.
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Date Created: 09/13/15
BADM 3401 910 09132015 Managing Marketing Information to Gain Customer Insights Developing Marketing Information 0 Big Data analytics Internal databases 0 Electronic collections of consumer and market information obtained from data sources within the company network 0 Competitive Marketing Intelligence 0 Systematic collection and analysis of publicly available information about consumers competitors and developments in the marketing environment 0 Marketing Research 0 Systematic design collection analysis and reporting of data relevant to a speci c marketing situation facing an organization Research Objectives Step 1 Exploratory research 0 Objective is to de ne the problem and re ne research questions This preliminary information also helps suggest hypotheses Focus groups qualitative interviews 0 Descriptive research 0 Describes things markets environment competition Secondary data literature review nonexperimental surveys Casual research 0 Tests hypothesis about cause and effect relationships experiments Developing the Research Plan Step 2 Data Sources 0 Secondary Data 0 Advantages already existent easy to obtain cheap 0 Disadvantages could have been collected for a different purpose risks of inaccurate old or irrelevant data 0 Sources trade associations government and grocery scanner databases commercial databases online 0 Primary Data 0 Advantages collected for a speci c research plan 0 Disadvantages costly takes time to obtain results Primary Data Approaches Observational research 0 Involves gathering primary data by observing relevant people actions and situations 0 Ethnography Netnography behavioral targeting and social targeting Survey research 0 The most widely used method and is best for descriptive information knowledge attitudes preferences and buying behavior 0 Advantage exible o Disadvantage people can be unable or unwilling to answer give misleading or pleasing answers may be busy or unwilling to respond 0 Experimental research 0 Best for gathering casual information cause and effect relationships Marketing Research Contact Methods 0 Focus Groups 0 Group of participants trained moderator 0 Challenges expensive difficult to generalize from small group consumers not always open and honest risk of group think 0 Online method 0 Internet surveys online panels online experiments online focus groups 0 Advantages low cost speed higher response rates good for hard to reach groups Sample 0 A segment of the population selected for marketing research to represent the population as a whole Implementing the research plan Step 3 0 Collecting and analyzing the data Interpreting Step 4 o Interpreting and reporting the ndings Market Information and Research 0 A powerful tool for managers 0 Enhance persuasion 0 Improve decision making 0 Enable realtime implementation of marketing strategies Concerns 0 Consumer privacy 0 Misuse research ndings
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