[4] Market Analysis Flashcards
Marketing Information System [def]
A system in which marketing information is formally stored, analysed and distributed to managers in accord with their informational needs on a regular planned basis.
Marketing Information System Features [6]
Internal continuous data Internal ad-hoc data Environmental scanning Marketing research external continuous data external ad-hoc data
Internal Continuous Data: Examples [x2 generic,x1 specific]
Examples:
Profitability by product/customer/division/employee
Sales by store:Average Annual Sales Growth per Country?
Unilever
https://www.unilever.co.uk/brands/brand-stories/
Internal Ad Hoc Data (Examples x2)
Impact of advertising campaign on sales? (what were the firm’s sales before and after the campaign?)
Impact of price promotion on sales? (what were the firm’s sales before and after the promotion?)
Marketing Research Def & Fig of Size in UK
The primary focus is providing managers with information regarding markets and customer reactions to various product, price, promotion, and distribution decisions.
Marketing Research Industry size in the UK in 2016 (published in 2018): £4.8bn. Source: Market Research Society
External Continuous Data Sources- Examples x3
Television audience monitoring,
consumer panels where purchases are recorded,
loyalty cards
External Ad Hoc Data Sources - Egs x3 [annoying ans]
Surveys (e.g. product usage, product attitude, advertising, corporate image) [online/paper]
Face-to-face interviews
online panel polls
The Marketing Research Process [Anogram]
[REQDR]
- Research Planning
- Explanatory Research
- Main Quantitative Data Collection
- Data Analysis and Interpretation
- Report Writing and Presentation
Research Planning
Initial contact; Brief (to them) explains problem and outlines research objectives - Background, sources of information, project scale, timetable
Research brief & research proposal; Proposal (to you) is what marketing agency will do for you - Objectives, plan, timetable
Explanatory Research [x4]
- Secondary research; Involves preliminary exploration of a research area prior to the main data collection stage
- Qualitative research; Allows the researcher to understand the people who are to be interviewed in main data-collection stage
- Consultation with experts; Allows the researcher to understand the market being researched
- Observation; Serves as a basis for the quantitative data collection stage of the marketing research
Main Quantitative Data Collection [x5, each w/ description] [Anogram] 1 = 5 2= 1 long on with eg 3= 4 4=4 5=3
[DESSQ]
- Descriptive research; Descriptions of consumers’ awareness, beliefs, attitudes, preferences, behaviour
- Experimental research; Setting up control procedures to measure cause and effect (e.g. the effect on sales of a promotional offer)
- The sampling process; Population definition, Sampling frame (representativeness), Sampling method (generalizability), Sample size (statistical power)
- The survey method; Face-to-face interviews, Telephone interviews, Mail surveys, Internet surveys
- Questionnaire design; Planning, Design, Piloting
Stages in the development of a questionnaire [x3 w/ details]
1=4
2=6
3=4
1- Planning Stage: Information required Definition of population Target groups Survey method
2- Design Stage: Ordering of topics Type of question Wording and instructions Layout Scaling Prompts (i.e. cues)
3- Pilot Stage:
Pilot testing
Redesign
Final Questionnaire
Data Analysis and Interpretation
1 - ‘Aided by….?’
2- Care needed when …? x2
3- What errors can occur?
Aided by software packages
Examples: SPSS, LISREL, HLM, STATA
Care needed in interpreting cause and effect
Other explanations may be present!
Care needed when interpreting differences in means
Such values are subject to sampling error
Sampling error: error associated with not having sampled the entire
population
Report Writing; Typical Structure [x9]
Title page List of contents Preface Summary of conclusions and recommendations Previous related research Research method Research findings Conclusions Appendices
