module 4 Flashcards
What is Market Information System?
The continuing process of identifying, collecting, analyzing, accumulating and dispensing critical information to marketing decision-makers.
What factors should a company consider in creating MIS? Page
What info should the system collect? What are the info needs of each decision maker? How does the system maintain the privacy and confidentiality of sensitive info?
What are the internal sources of information?
Customer orders, customer payments, customer inquiries, salesperson info systems, marketing plans.
What are the external sources of collecting information?
Economic conditions, tech transformations, natural world,demographics, competition, political/legal environment
What is Marketing Intelligence
The collecting, analyzing, and storing of data from the macro
what is Market Research
data related to discovering and then solving marketing problems or opportunities and enhancing good decision making.
What are three important features of good market research?
- follows a well defined set of activities and does not happen by accident
- enhances the validity of the information
- is impartial and objective
What are the steps in the market research process?
Define the research problem Establish research design Search secondary sources Collect the data Analyze the data Report the findings
Exploratory research
geared toward discovery that can either answer the research question or identify other research variables for further study.
- clarifys research problem
- gain additional insight for research variables to study
- develop hypotheses to test
- answer research questions
Descriptive research
designed to explain or illustrate some phenomenon
- idetify characteristics of target market
- Assess competitors actions in the marketplace
- determine how customers use product
- discover differences across demographic charactertistics with the respect to the use of product or that of the competitors.
Casual research
descriptive research designed to identify associations between variables
Primary data
collected specifically for the research question
Secondary data
collected for some other purpose than the problem currently being considered
What are the two approaches used in collecting Primary data?
qualitative research: surveys and interviews not for statistical analysis
quantitative research: used to develop a more measured understanding using statistical analysis to asses and quanitfy the results
What are the two common ways of collecting Qualitative research technique?
In-depth interview (one-on-one)
surveys
discriptive research
surveys, behavioral data, and observational data
behavioral data
include info about when, what and how often customers purchase products and services as well as other customer “torches”, when companies match info with demographic and psychographic info they can see differences in purchase patterns.
what is the difference between Census and Sample
Census: comprehensive record of each individual in the population of interest
Sample: subgroup of the population selected for
What are the external sources of collecting Secondary data?
Government sources
Market research organizations
The internet
What are the advantages and disadvantages of Secondary data sources?
Advantage: Fast way to get data Less expensive Disadvantage: Not fit the research problem exactly Not current Might not be valid
What is the market research challenges in global markets
Secondary data: Data accessibility Data dependability Data comparability Primary data: Unwillingness to respond Unreliable sampling procedures Inaccurate language translation and insufficient comprehension
