4.06 Acquire foundational knowledge of marketing-information management to understand its nature...
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4.06 Acquire foundational knowledge of marketing-
information management to understand its nature and
scope.
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Worksheet for Notes
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Warm-up: Sponsor and pop-up ads impact the way audiences
receive promotional information. These types of messages exist because of the following technological development:
Advertising that promotes the support a restaurant gives to community projects is _________ advertising.
Some governments regulate promotional activities in their countries to protect consumers from ____.
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Marketing Research Process
Marketing
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Marketing Research Links….
Consumer, Customer, and
PublicMarketer through
informationMarketing Research: Involves the process & methods used to gather information, analyze it, & report findings related to marketing goods and services.
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MIM VocabularyMarketing Research
Methodology for discovering the customer’s wants and needs – links consumer, customer and public to marketer Can be formal or informal Can be done within firm or by 3rd Party
Marketing-Information Management SystemMethod for collecting and analyzing/interpreting data
Marketing InformationInformation gleaned from talking with the customer
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Marketing Information ManagementWho Uses Marketing Research?
GovernmentOpinion pollsAssociations Businesses
Why do we use Marketing Research?To obtain information about the preferences,
opinions, habits, trends, and plans of current and potential customers.
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Marketing Info. ManagementDescribe the characteristics of useful
marketing information.Can be interpreted correctlyAccurateRelevant (current and useful)
Describe reasons that marketers need to gather accurate information.All business decisions are based on the
information collected and how that info is interpreted/analyzed
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Marketing Research Process:The Marketing Research Process involves five steps
Step #1• Defining the problem
Occurs when a company clearly identifies the problem & what is needed to solve it
Allows you to create objectives that will guide your research process
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Types of DataStep #2: Obtaining data
Primary DataObtained for one particular purposeFirst time collectedExpensive
Secondary DataAlready gathered for another purposeInformation that already exists
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Primary Data Sources:Obtained by:
Survey methodOnline surveysPhone surveysInterview Method
Observation methodFastest and most cost-effectiveMystery Shopper
Experimental method
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Mystery Shopper Researcher that
poses as a customer and goes into a retail store to observe employees.
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Secondary Data Sources:Internet
U.S. Government
Consumer and Business Information companies
Business and Trade Publications
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MIMCategorize internal sources of marketing
information.Customer surveysSales people feedbackDatabase of customers and their purchasesSales reportsCompany records
Discuss external sources of marketing information.Federal/State/Local governmentPublished reports from other sources (competitors,
industry research, news sources)Trade reports
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Types of Marketing Info. Mgmt.Attitude Research – opinion research = feelings
Market Research – info related to marketing a good/serviceSales Forecasting = project future salesEconomic Forecasting = predict economic future
Media Research – media selection & frequency (media mix)Researching print advertisements, broadcast media, online
Product Research – product design, packaging, usageNew product acceptanceExisting product research
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Research ProcessStep #3: Analyzing the data
- Research is compiled & analyzed so that data collected can be interpreted
Step #4: Recommending solutions to the problem
- Researchers come up with potential solutions to the problem and present them in a report.
Step #5: Applying The Results- Research results are put into action.
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Marketing Info. ManagementExplain why marketers should collect information.
To stay ahead of the competitionTo better serve current customersTo successfully expand into new marketsTo better understand the economy’s effect on its
customersProvides Marketing Mix Strategies:
What products should be produced Where the product should be sold How the products will be promoted At what price the products will sell
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MIM SystemContrast marketing research with a
marketing-information system.Research is the collecting of dataAn MIM system can include research but also is
responsible for assisting with making decisions
Describe the use of a marketing-information system.Improve the level of satisfaction consumers feel
with the company’s productsBuild sales and profitability
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Benefits of Marketing InformationHelps the company better understand its
current and potential customersImprove the level of satisfaction consumers
feel with the company’s productsBuild sales and profitabilityHappier customersLess threat from competitorsHigher profits (in the long-run)
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MIM SystemDescribe limitations of marketing-
information management systemsBenefits of the information must be greater than
the expenses of the MIM system – small businesses can’t afford the expense
Significant investment of time and money
The information being managed is only as good as what is collected and how it is analyzed (Garbage In, Garbage Out - GIGO)
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Marketing Research ProcessExplain the functions of a marketing-
information management system.Collect accurate and useful data
Analyze and interprets the data into usable information
Shows trends and clearly explains why the market is the way it is
Helps the managers make good business decisions (expand/delete a product line, enter new markets, set pricing and service policies, etc.
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Finish M&M Worksheet