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Marketing Research and Marketing Information Chapter 4 New Coke The Importance of Information Companies need information about their: - - The Explosion of Marketing Information What is a Marketing Information System (MIS)? A MIS consists of people, equipment, and procedures to gather, sort, analyze, evaluate and distribute needed, timely, and accurate information to marketing decision makers. The MIS helps managers to: Assess Information Needs, Develop Needed Information, Distribute Information. Assessing Information Needs The Value/Cost Trade-off Functions of a MIS: Developing Information Internal Data – Marketing Intelligence - Marketing Research - Sources of Information (Data) Internal sources of information: External sources of information (Marketing Intelligence): Functions of a MIS: Distributing Information Marketing Research The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. Marketing Research Process Step 1. Defining the Problem & Research Objectives Common Research Methods Marketing Research Methods Exploratory research – Gathers preliminary information that will help define the problem and suggest hypotheses. Descriptive Research - Describes things as market potential for a product or the demographics and consumers’ attitudes. Causal research - Test hypotheses about cause- and-effect relationships. Step 2. Develop the Research Plan Research plan development follows these steps: Determining Specific Information Needs Gathering Secondary information Internal : inside the company’s database External : Sources outside the Firm Planning Primary Data Collection Develop the Research Plan Gathering Secondary Information Secondary Data: information that has been previously collected for some other purpose Advantages Disadvantages Develop the Research Plan - Planning Primary Data Collection Primary Data: data that must be collected from original sources for the specific purpose at hand Observation - The gathering of primary data by observing relevant people, actions and situations (Exploratory) Survey Research - The gathering of primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior (Descriptive) Experimental Research - Using groups of people to determine cause-and-effect relationships (Causal) Primary Data Advantages Disadvantages Planning Primary Data Collection Develop the Research Plan Planning Primary Data Collection Table 4.3 Online as a Research Contact Method Planning Primary Data Collection Sampling Decisions 1 2 3 Sampling Units Sampling Unit a single element or group of elements subject to selection in the sample Simple Random Sampling a sampling procedure that assures each element in the population of an equal chance of being included in the sample Stratified Sampling a probability sampling procedure in which simple random subsamples are drawn from within each stratum that are more or less equal on some characteristic Cluster Sampling an economically efficient sampling technique in which the population is divided into mutually exclusive groups (such as neighborhood blocks), and the researcher draws a random sample of the groups to interview Convenience Sampling the sampling procedure of obtaining those people or units that are most conveniently available. Judgment (purposive) Sampling a nonprobability sampling technique in which an experienced researcher selects the sample based on personal judgment about some appropriate characteristic of the sample member. Develop the Research Plan - Planning Primary Data Collection Research Instruments Presenting the Research Plan Summarize the plan in a written proposal and cover: Marketing Research Process - Step 3. Implementing the Research Plan Marketing Research Process - Step 4. Interpreting & Reporting Findings Researcher Should Present Important Findings that are Useful in the Major Decisions Faced by Management. Step 1 Step 2 Step 3 Online Report Delivery Other Marketing Research - Considerations Ethics In Marketing Research Common examples of unethical research practices: 1. Deception 2. Invasion of privacy 3. Reporting faulty conclusions 4. Disguising sales efforts as marketing research