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Week 5: Marketing Information (Market Research Process (5.Preparing and…
Week 5: Marketing Information
Marketing Research
What
Systematic and objective identification, collection, analysis, dissemination, and use of information
taken to improve decision making (identifying and solving problems in marketing)
Types
Research designed to identify problems
Market potential or market share
Market characteristics
Forecasting trends
Research designed to solve problems
Informs specific marketing actions
Segmentation
Product, pricing, promotion and distribution
Market Research Process
Defining the problem
Identify problem
interview experts
Should not be too broad
Should not be too narrow
Developing an approach tot he problem
Secondary data
Consists of information that already exist
Internal
Ready to use
External
Published materials
Primary data
Consists of information collected to the current research purpose
Formulating Research Design
Focus Groups
An interview conducted by a trained moderator among a small group of respondents in an unstructured and natural manner
Depth Interview
Intensive, one-on-one discussion between researcher and respondent
Application areas
Selection of respondents
Fieldwork/Data Collection
Different approach
personal, telephone, mail
5.Preparing and Analysing Data
Editing responses
Coding and transcribing
Verification for accuracy
Statistical analysis
Interpretation of results
Preparing and Presenting
Documented in written report
Competitive intelligence
Systematic collection and analysis of publicly available information about competitors and developments in the marketing environment
Environmental Scanning (Evan, 1998)
Of environmental forces that may impact the company
React on opportunity/threats
long term PESTN
Internal Record
Information gathered from sources within the company to evaluate marketing performance and to detect marketing problems/opportunities
Marketing Information System (MyIS)
A set of procedures for generating, analysing, storing and distributing information to marketing decisions
Marketing information Issues
International marketing issues
Globalisation of markets
Social Media's Role
Computing tools
User generated content
Conversation monitoring
Ethics in Marketing Research
Intrusions on consumer privacy
Misuse of research findings
An increase in codes of practice