Module C Flashcards
Marketing information system
People and procedures tasked with gathering, analysing and reporting information to generate customer insights
Insights
Insights are understanding what customers really need and want.
An insights team led by a marketing director gathers information from different sources to transform into insights.
Where is information gathered from
- Internal database
electronic collections of a company’s transactions obtained from sources within the company like cash flow from accounts department, sales from sales department etc - Marketing intelligence
Public information posted by government agencies and company’s who are required to post it by law. Eg census, NSO, company progress (competitor progress)
-Market research
Collecting fresh data and information to solve a specific marketing objective.
Marketing research process, step 1
Determining the marketing research objective
There are 3 marketing research objectives.
Exploratory - understanding a subject of study in a preliminary way.
Descriptive - to describe things eg, demographics and attitudes
Casual - to test hypothesis about cause and effect relationships. Eg, petrol prices go up, what is the effect on consumers
Marketing research process, step 2
Part 1
Step 2: Designing a marketing research plan (i.e.planning to collect primary data)
part 1: Research Approaches (4)
- Observational research: Gathering data by observing consumers shop
- Ethnographic research: Gathering data by observing and interacting with consumers in their natural environment
- Survey research: Descriptive information such as attitudes and buying behaviour
- Experimental research: Causal information by capturing cause and effect relationships. Eg, raising prices on white bread to analyse consumer reaction
Marketing research process, step 2
Part 2
Step 2: Designing a marketing research plan (i.e.planning to collect primary data)
Part 2: Contact Methods (4)
- Mail contacts: reach audiences in big areas, responses are usually quite low, time consuming to create, distribute and receive mail back.
- Telephone contacts: Misunderstood questions can be easily clarified, cannot perceive body language
- Personal contacts: Versatile, body language can be observed, though expensive and prone to interviewer bias
- Online contacts: Internet surveys provide information faster and are lower cost.
Marketing research process, step 2
Part 3
Step 2: Designing a marketing research plan (i.e.planning to collect primary data)
Part 3: Sampling plan (2 - 3 each)
- Probability sample: each member has a chance of being chosen
+ Simple random sample: every member of the population has an equal chance of selection
+ Stratified random sample: the population is divided into groups (eg age, occupation), and random samples are drawn from each group
+ Cluster (area) sample: the population is divided into groups (eg housing area), and random samples are drawn from each group
- Non-probability sample: each member has an imbalanced chance of being chosen
+ Convenience sample: the easiest population members are selected to gather information
+ Judgement sample: the organiser judges who to select for gathering information
+ Quota sample: A prescribed number of people are interviewed in several categories.
Marketing research process, step 2
Part 4
Step 2: Designing a marketing research plan (i.e.planning to collect primary data)
Part 4: Research instruments (2)
-Questionnaires: commonly used as it is very flexible, questions can be of 2 types:
+ Open ended: answered more broadly and in depth, qualitative data
+ Close ended: answered more strictly, quantitative data
-Technological devices: help understand behaviours, eg, checkout scanners in retail stores
Marketing research process, step 3
Implementing the research plan
Collecting, processing, and analysing data and insights.
Marketing research process, step 4
Interpreting and reporting the findings
The resulting data is presented to management, usually done by using infographics.
Quantitative and qualitative data
Quantitative: statistical data done using research instruments such as questionnaires (surveys).
Qualitative: Data explaining attitudes and customer behaviour in detail. Done primarily with focus groups.
