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Marketing Research

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Marketing Information System & Marketing Research

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Presenters (Group 6)

Marketing Information:

Marketing Information Marketing Information is the everyday information about developments in the marketing environment . Accurate & timely information is important for making critical marketing decision . Up to date everyday information about development in marketing environment helps managers to Prepare and adjust marketing plans and make alternative changes to marketing mix

Decision Support System (DSS):

Decision Support System (DSS) DSS is an information system used for gathering intelligent and valuable marketing information for making management decisions . DSS usually contain search engine – a computer program that helps marketing manager find information that is needed. Four characteristics of a DSS are - Interactive Flexible Discovery-oriented Accessible

DSS (Application):

DSS (Application) DSS helps Managers to gain information about – Customers & their responses to the marketing mix Targeting & segmentation Competitors Marketing Environment Carry out detailed cost analysis for implementation and control

Marketing Information System:

Marketing Information System MIS is a set of procedures & methods designed to generate, analyze & store anticipated marketing decision information on a regular, continuous basis. It significantly improves the decision making capabilities of all types of organization. MIS requires to be continuously updated with information from the marketing environment.

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MIS allows manager to access faster information in an easy-to-use format. It can be used operationally , managerially , and strategically for several aspects of marketing as well as important valuable decision in organization . Helps to identify the general category of data and information required. Application of MIS

Sources of MIS:

Sources of MIS Internal Data External Data Past credit reports Internal sales reports Competitive product analyses Marketing research Economic forecasts Government report Trade shows Information source for MIS might include Formal Marketing research studies as well as previously published internal data within the firm or external data .

Elements of a Complete MIS:

Elements of a Complete MIS Information Questions and Decision Results Source Answers maker Marketing Manager Decision Market Research Studies Internal Data Sources External data sources Marketing Models Databases (Data warehouse) Decision Support System (DSS) Information Technology Specialists Outcomes (sales, profit, Customer reaction, etc) Inputs Questions New information Answers Feedback

Competitive Intelligence:

Competitive Intelligence Competitive intelligence is the creation of a system that helps managers assess their competitors & vendors in order to become a more efficient and effective competitor. Advantages of using CI - Allows managers to predict changes in business relationships . Forecast a competitors strategy. Discover new or potential competitors. Helps to identify marketplace opportunities. Helps guard against threat .

Marketing Research:

Marketing Research It plays a key role in the marketing system. Provides data on the effectiveness of the current marketing mix. Provides insight for changes. Is the primary data source for DSS. Marketing Research is the planning, collection, & analysis of data relevant to marketing decision making.

Management uses of MR:

Management uses of MR Improves the quality of marketing decision making. Identify problems in marketing plan. Used to retain customers by having an intimate understanding of their needs . Helps the managers and marketers to understand the dynamics of marketplace and take advantage of opportunities. It can give marketers insight into – consumer attitudes, product loyalty, purchase rates, media usage, lifestyles, and wide range of other factors.

Characteristics of MR:

Characteristics of MR The characteristics of marketing research are – Descriptive - gathering and presenting statements of fact (who buys particular product). Diagnostic - explaining data. Predictive - attempting to estimate the results of a planned marketing decision. In order to have good marketing research, it is extremely important for the marketing manager & the researcher to develop a good working relationship. Collaboration between the researcher & the manager is absolutely necessary for success of marketing research efforts.

Marketing Research Project:

Marketing Research Project Marketing research is a (five step) scientific approach to decision making based upon the scientific method . Defining the problem Analyzing the situation Obtaining problem-specific data Interpreting the data Solving the problem

Problem/Opportunity:

Problem/Opportunity The research process begins with the identification of marketing problem or opportunity . Problem: Involves determining information needed to analyze problem. Objective: Is to provide insightful decision-making information to manager.

Marketing Research USes:

Marketing research process might be applied - Identify marketing problem. Evaluate new market opportunities . Evaluate alternatives for Marking mix . Marketing Research USes

Situation Analysis:

Situation Analysis Situation analysis is an informal study in answer to question related to problem area. Involves asking the questions to the informed people such as - Experts within the organization Key middlemen Other knowledgeable people It might uncover information that leads to an early identification of a solution. Might help to determine other types of information required. It educates researcher by providing background about unfamiliar problem areas.

Secondary Data:

Secondary Data It is information that has already been gathered for some other purpose, but it might be useful to the researcher. Most of the Secondary data is available from inside the company or outside the company. Inside the Company Outside the Company Marketing Information System Internet Intranet Government information Financial info. from A/C dept. Trade association field sales report Private research organization

Primary Data :

Primary Data Primary data are pieces of information collected for the first time and used for solving the particular problem under investigation. It is custom-designed to the researcher’s immediate need. Marketers collect problem-specific primary data that is customized to their unique needs. Must be collected if the specific research question cannot be answered by available secondary data. Major disadvantage of primary data collection is the expense.

Primary Data Sources:

Primary Data Sources Researchers use various research designs and methods to collect primary data Techniques used for primary data collection includes Survey, Observation, and Experiments . Observations: Are used to monitor the consumer behaviors . Could be achieved through Mechanical approaches Personal approaches Questioning: Asking people question in formal or informal setting In depth and focus group interviews Online, mail, phone, personal surveys or survey panels

Surveys:

Surveys Surveys: Are the most popular techniques. Involves interacting with people to obtain facts, opinions, and attitudes. In home interviews/survey: Provide high quality information. Offer the opportunity to gain in-depth responses. Extremely expensive due to interviewers time and mileage. Mail surveys: Centrally controlled. Relatively low cost. Produce low response rates. Provide anonymity for respondents.

Interviewing:

Interviewing Mall intercept interviews: Involves interviewing people in the common areas of shopping malls . Briefer than in-home interviews. Often do not provide a representative sample of consumers. Quality of information is similar to telephone interview. Less costly than home-interviews. Have potential for great deal of sampling errors . Computer-assisted personal interviewing: Involves interviewer reading the questions from a computer screen and entering the respondent comments . Executive interviewing: Used by marketing researchers to refer to the individual equivalent of door to door interviewing .

Focus group interview:

Focus group interview It involves 6 to 10 participants in group discussion in an informal setting. Used by researchers as more formal quantitative research . They are relatively inexpensive & could be conducted quickly. Disadvantage : as very few participants are involved they might not represent the entire target market .

Questioning:

Questioning Means asking consumers about their ideas, attitudes, interests, or behaviors . May be conducted formally or informally. Qualities of good questionnaires include clearness, conciseness, objectiveness, and reasonable terminology . Open-ended questions: encourage unlimited answers phrased in the respondent’s own words . Qualitative questioning: Is open-ended with a hidden purpose. It aims for in-depth, detailed responses instead of YES or NO answers. Main advantage of qualitative questioning is the depth of the response obtained. Open ended qualitative questioning works best in the research situations that require the generation of a lot of ideas as opposed to firm conclusions.

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Closed-ended questions: The respondent is provided with a list of responses and is requested to make a selection from that list. Questions requires only two possible answers or multiple choices. Scaled Response question is closed-ended question to measure the intensity of a respondent’s answer. Experiment : It can be performed in the field or in a laboratory. The researcher changes one or more variables(such as price or package ) while measuring the effect of those changes on another variable(usually sales). Experiments are very helpful to determine causality .

Observation:

Observation Observation Research - Involves monitoring behaviors. It relies on 3 types of observation. People watching people. People watching physical phenomena. Machines watching people. It may be done by humans or by machines. Cost of observation methods has gone down due to technological advancements, so it is more important sources of primary data for marketers.

Prepare and Present the Report :

Prepare and Present the Report The last step in Marketing research process involves solving the problem. The market researcher must communicate the conclusions and recommendations to management. Usually both oral and written reports are required. Solving the problem in marketing Actionable results Managers needs to know about research Lack of Impact? Quality of suppliers is variable Needed: time, forethought, money

Follow up :

Follow up Researcher should determine if the management followed the recommendation as per research analysis. Market research is not always the correct solution to problem. In several situations it might be best not to conduct market research. When decision-making information already exists. When the cost of conducting research are greater than the benefits. Learn from the success or failure of others.

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