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CHAPTER 4 MARKETING INFORMATION. Definition and Use of Information Databases in Marketing Types of...
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Transcript of CHAPTER 4 MARKETING INFORMATION. Definition and Use of Information Databases in Marketing Types of...
CHAPTER 4CHAPTER 4MARKETING INFORMATIONMARKETING INFORMATION
MARKETING INFORMATION
• Definition and Use of Information
• Databases in Marketing
• Types of Data
• Marketing Research Process
DEFINITION OF INFORMATION
Data that is judged useful by a decision maker
• Buyer
• Seller
• Influencer
USE OF INFORMATION
• The “me” information age
• Information is power
• Information is not neutral
• Information can be used strategically
THE “ME” INFORMATION AGE
“I can now work and communicate from anywhere to anywhere, with anything at anytime, and with anybody.”
•Cell Phones
•E-mails
•Internet
STRATEGIC INFORMATION
Far better an approximate answer to the
right question, which is often vague, than
an exact answer to the wrong question
STRATEGIC INFORMATION
Are we going in the right direction?
DATABASES IN MARKETING
• Scanning Data
• Customer Data
• Big Data
SCANNING DATA EXAMPLES
• Walmart
• Randalls
• Catalina
CUSTOMER DATABASE EXAMPLES
• Health Valley Foods
• Barchetti Retail Shop
• Bella Wedding Pictures
BIG DATA
Sellers searching for useful information contained in large data bases
BIG DATA EXAMPLES
• Ceasars Entertainment
• Zynga
• United Parcel Service
• Richmond Police
TYPES OF DATA
• Secondary Internal Data
• Secondary External Data
• Primary Observation Data
• Primary Questioning Data
SECONDARY INTERNAL DATA
• Accounting Data
• Financial Data
• Sales Data
• Supply Chain Data
SECONDARY EXTERNAL DATA
• Census Data
• Web
• Courthouse
• Hoovers
PRIMARY OBSERVATION
Observing something without any questioning or interviewing behavior
PRIMARY OBSERVATION EXAMPLES
• Retail price shopping
• Satellite images
• Observing kids play with toys
• Traffic counters
PRIMARY QUESTIONING DATA
Gathering data through a variety of interviews and questions
PRIMARY QUESTIONING EXAMPLES
• Personal interviews
• Telephone interviews
• Self-questionnaires
• Focus group Interviews
FOCUS GROUP INTERVIEWS
• Advantages:– Inexpensive– Fast to collect data
• Disadvantages:– May not represent target market– Cannot measure sampling error
FOCUS GROUP EXAMPLES
• Interview focus groups in person
• Interview focus groups online
• Interview focus groups in a teleconference
MARKETING RESEARCH PROCESS
WHAT INFORMATION IS NEEDED?
DATA COLLECTION
DATA ANALYSIS
MAJOR SAMPLE CHOICES
• Random sample
• Stratified sample
• Quota sample
• Convenient sample
RANDOM SAMPLE EXAMPLE
All 3,000 Bauer students have an equal chance if being picked in a sample of 200 Bauer students
STRATIFIED EXAMPLE
All 3,000 Bauer students are divided into subgroups like:• Undergraduate vs. graduate• Different majors
All 3,000 students have an equal chance of being picked from the subgroups, which add up to 200 students.
QUOTA SAMPLE EXAMPLE
All 3,000 Bauer students are divided into subgroups like:• Undergraduate vs. graduate• Different majors
The 200 students picked in the sample are not randomly picked from the subgroups but by quotas.
CONVENIENT SAMPLE EXAMPLE
All 3,000 Bauer students are eligible to be picked in the sample of 200 students.
The 200 students picked in the sample are not randomly picked from the 3,000 Bauer students.
SAMPLING BIASES
• Collection Bias
• Response Bias
• Question Wording Bias
COLLECTION BIAS
• Frame error
• Non-contact
• Interviewer Error
RESPONSE BIAS
• Refusal to answer questions
• Respondent bias
QUESTION WORDING BIAS
• Ability to answer question
• Willingness to answer question
• Loaded question