Ch.7 & Ch.8 Flashcards
Marketing information system
A way of gathering and analyzing info for marketing managers to make decisions
Elements of marketing information system
Marketing dashboard, data, information, and wisdom
Marketing dashboard
Displays up to the minute marketing data in an Easy-to-Read format
Data
Becomes information when it answers who?, what?, how much?, and where?
Information
Becomes knowledge when it answers how? And why?
Wisdom
Knowledge and experience
The five-step marketing research process
Define the problem, analyzing the situation, getting problems specific data, interpreting the data, and solving the problem
Define the problem
State as clearly as possible what you hope to investigate
-develop research questions ( most difficult step )
Problem versus symptom
Symptoms are not always the problem, they can be one of the issues within the problem
Analyzing the situation
An informal study of what info is already available in the problem area
Secondary data sources
Info that has already been collected or published
Inside company
Company sales and cost data by product, channel, or geographic region
Outside company
Search the internet, library and government databases
Getting problems specific data
Two basic methods of gathering info, questioning and observing
Primary data
Info collected through original research
Qualitative
In-depth, open response answers. No yes or no questions
Quantitative
Research that collects and reports data primarily in numerical form
Interpreting the data
Data, information
Solving the problem
Early identification of a solution
What makes up primary data?
Observing and questioning
Examples of observing
Equipment ( video, scanner, etc ), website analysis, personal approaches
Examples of questioning
In depth and focus group interviews, online, mail, phone, personal surveys, panels
Product
The need satisfying offering of a firm
Quality
A product’s ability to satisfy a customer’s needs or requirements
