Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
11 Cards in this Set
- Front
- Back
What is a marketing information system and how can it create better value?
|
- MIS: a set of procedures and methods that apply to the regular, planned collection, analysis and presentation of information that then may be used in marketing decisions
- MIS can generate customized analyses or individual marketing research projects to assist with strategy - data mining: use of variety of statistical analysis tools to uncover previously unkown patterns in the data stored in databases or relationships among variables |
|
Elaborate on the ethics of using customer information.
|
- marketing researchers must not abuse their ability to access data used to build their enormous databases
- assure that there is safety measures to protect consumer's information and privacy |
|
What are the steps in the marketing research process?
|
- Step 1: define the problem and objectives
- Step 2: design the research project - Step 3: data collection - Step 4: analyze data - Step 5: present results |
|
Elaborate on Step 1 of the marketing research process
|
Define the problem and objective:
- define the problem to avoid coming up with the wrong answer - efforts and resources will be wasted for a poorly defined problem and objectives |
|
Elaborate on Step 2 of the marketing research process
|
Design the Research Project:
- identify the type of data needed and determine the type of research necessary to collect it - use secondary data (information that have already been collected from other sources and usually are readily available) to start to get relevant market data - primary data (collected to address specific research needs) is typically needed to get the info required |
|
What are the pros and cons of Primary and Secondary Research?
|
Secondary:
- Pros: saves time; reduces costs - Cons: might not be precisely relevant; may not be as timely; may not be original and therefore may not be as useful; methodologies may not be relevant or may be biased Primary: - Pros: specific and immediate data on topic; offers behavioural insights generally not available in secondary - Cons: more costly; takes longer; requires more sophisticated training and experience |
|
Elaborate on Step 3 of the marketing research process.
|
Data Collection Process:
- exploratory research attempts to begin to understand the phenomenon of interest, also provides initial information when the problem lacks any clear definition - conclusive research provides the info needed to confirm prelim insights which mgmt can use to pursue appropriate action |
|
What are some exploratory research methods?
|
- Observation: examining purchase and consumption behaviours through personal or video camera scrutiny; can last a variety of length in time; helps when consumers can't articulate their experience
- In-Depth Interviews: ask one-on-one questions that can provide historical context for the phenomenon and communicate how people really feel - Focus Group: uses unstructured inquiry to gather qualitative data about initial reactions to a G/S - Projective Technique: subjects are provided a scenario and asked to express their thoughts and feelings about it |
|
What are some conclusive research methods?
|
- Survey Research: online surveys tend to have higher response rates, less lies, less expensive, processed quicker, uses more multimedia elements
- Experimental research: manipulates one or more variables to determine which variable has a causal effect on another variable - Scanner research: uses UPC codes to get sales data - Panel research: get info from a group of consumers |
|
Elaborate on Step 4 of the marketing research process.
|
Analyze Data
- should be through and methodical to generate meaningful information - data becomes information when organized, analyzed and interpreted - purpose of this is to describe, explain, predict and/or evaluate a particular situation - must be done objectively so that the wrong decision is not made |
|
Elaborate on Step 5 of the marketing research process
|
Present Results:
- present to appropriate decision-makers - |