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Marketing Research and Marketing Information System (Marketing Research…
Marketing Research and Marketing Information System
Marketing Research
Advantages
Guides communication with current and potential customers
Helps to identify opportunities in the marketplace
Measures the organization reputation
Uncovers and identifies potential problems
Helps to plan ahead and to establish trends
Helps to minimize risks and to make right decisions
To monitor changing values and behaviour of customers
Can evaluate the progress of the company
To identify the environmental changes and adapt to it
Types
By Source
Primary
Secondary
By Methodology
Qualitative
Quantitative
By Objectives
Exploratory
Casual
Descriptive
Marketing Research Process
1.Define the Problem and Set Objectives
2. Design the Research Plan
3. Collection of data
4. Data Analysis and Interpretation
5. Presentation of Research Findings
Value and Cost
Value
Decreased uncertainty
Increased likelihood of correct decision
Improved marketing
performance and
resulting higher profits
Costs
Research expenditures
Delay of marketing decision and
possible disclosure of information
to rivals
Possible erroneous search results
DONOT conduct when
Lack of resources
No feasibility
Closed mind-set
Late timing re-process
Poor timing remarket place
Vague objectives
Cost outweighs benefit
Determining when to do a Research
1.Time Contraint
2.Availability of Data
3.Nature of the Decision
4.Benefits Vs. Costs
Definition
The systematic gathering, recording and analysis of data about problems relating to the marketing of goods and services
Marketing Information System
what?
Aset of procedures and methods designed to generate, analyse, disseminate, and store anticipated marketing decision information on a regular or continuous basis.
Main Steps
1.Assessing information needs
2.Developing information
3.Distributing and using information
Main Sources of Infromation
Marketing Intelligence
Marketing Research
Internal Records
Advantages
Organized data collection
A broad perspective
The storage of important data
An avoidance of crises
Coordinated marketing plans
Speed in obtaining sufficient information to make decisions
Data amassed and kept over several time periods
The ability to do a cost-benefit analysis