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CHAPTER TURNING MARKETING INFORMATION INTO ACTION © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson Slide 8-2 PUT FIGURE FROM PAGE 166 HERE © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson AFTER READING THIS CHAPTER YOU SHOULD BE ABLE TO: • Understand the importance of market information to companies, and the challenges and issues with acquiring and implementing a well-functioning information system. • Comprehend the use and benefits of a marketing information system and market intelligence. © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson AFTER READING THIS CHAPTER YOU SHOULD BE ABLE TO: • Describe a step-by-step approach to conducting market research. • Explain how secondary and primary data are used in marketing. © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson AFTER READING THIS CHAPTER YOU SHOULD BE ABLE TO: • Explain the uses of market research instruments such as questionnaires, observations, experiments, and panels. • Comprehend alternative methods to forecast sales and use basic methods to generate a simple forecast. © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson MARKETING INFORMATION REQUIREMENTS AND SYSTEMS I. MARKETING INFORMATION SYSTEM MARKETING INTELLIGENCE MARKETING RESEARCH COMPETITIVE INTELLIGENCE © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson THE ROLE OF MARKETING RESEARCH II. • What is Marketing Research? Marketing Research • Challenges in Marketing Research • Types of Research Information • Exploratory, Descriptive, Causal • Steps in the Marketing Research Approach © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson III. STEPS IN THE MARKETING RESEARCH APPROACH FIGURE 8-1 The basic marketing research process PUT FIGURE 8-1 HERE © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson STEP 1: DEFINE THE PROBLEM • Establish Research Objectives Objectives • Identify Possible Marketing Actions Measures of Success © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson STEP 2: DESIGN THE RESEARCH PLAN • Identify Data Required and Sources of Data • Design Methods of Collection Concepts Methods • Hypothesis • Data • Secondary • Primary © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson FIGURE 8-2 Types of marketing information PUT FIGURE 8-2 HERE © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson STEP 3: CONDUCT EXPLORATORY RESEARCH • Focus Groups • Moderator • Observers • Participants • Depth Interviews • Secondary Data © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson STEP 3: CONDUCT EXPLORATORY RESEARCH (continued) • Secondary Data Secondary Data: Internal Secondary Data: External Advantages and Disadvantages of Secondary Data Performing a Situation Analysis © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson STEP 4: COLLECT PRIMARY RESEARCH INFORMATION • Primary Data: Observing Behavior Mechanical and Electronic Observation • Observational Data Personal Observation © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson FIGURE 8-4 Nielsen ratings of the top 10 national television programs from January 27, 2003 through February 2, 2003 © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson STEP 4: COLLECT PRIMARY RESEARCH INFORMATION (cont.) • Primary Data: Questioning Consumers • Questionnaire Data • Primary Data: Panels and Experiments • Panel • Experiment • Test Markets • Advantages and Disadvantages of Primary Data © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson FIGURE 8-5 Typical problems in wording questions © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson FIGURE 8-6 How do the techniques compare? INSERT FIGURE 8-6 FROM PAGE 182 © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson STEP 5: COMPILE, ANALYZE AND INTERPRET DATA DATA INFORMATION © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson STEP 6: GENERATE REPORT AND RECOMMENDATIONS • Presenting the Findings • Making Recommendations © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson IV. OTHER CONSIDERATIONS IN MARKETING RESEARCH • Sampling • Probability • Non-Probability • The Internet as a Research Tool • Making the Most of Internet Technology © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson FIGURE 8-7 Today’s marketing managers use information from many marketing factors PUT FIGURE 8-7 FROM PAGE 185 HERE © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson V. SALES FORECASTING TECHNIQUES • Sales Forecasting • Judgments of the Decision Maker • Direct Forecast • Lost-Horse Forecast • Surveys of Knowledgeable Groups • Buyers Intentions • Salesforce Survey • Statistical Methods • Linear Trend Extrapolation © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson FIGURE 8-8 Linear trend extrapolation of sales revenues of Xerox, made at the start of 1999 © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson Marketing Research “Marketing research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions to improve an organization’s marketing activities.” © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson Objectives “Objectives are specific, measurable goals the decision maker seeks to achieve in solving a problem.” © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson Measures of Success “Measures of success are criteria used in evaluating proposed solutions to the problem.” © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson Data “Data are the facts and figures related to the problem, and are divided into two main parts: secondary data and primary data.” © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson Focus Group “A focus group is a research technique where a small group of people meet for a few hours with a trained moderator to discuss topics surrounding the marketing research problem.” © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson Secondary Data “Secondary data are the facts and figures that have already been recorded before the project at hand.” © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson Primary Data “Primary data are the facts and figures that are newly collected for a project.” © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson Observational Data “Observational data are facts and figures obtained by watching, either mechanically or in person, how people actually behave.” © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson Questionnaire Data “Questionnaire data are facts and figures obtained by asking people about their attitudes, awareness, intentions, characteristics and behaviors.” © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson Sales Forecast “Sales forecast refers to the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts.” © 2004 McGraw-Hill Companies, Inc., McGraw-Hill Ryerson