1. asses information needs 2. develop needed information 3. distribute information
A good MIS balances the information users would like against what they really need and what is feasible to offer.
In other words, businesses have to weigh the costs (money and time) and benefits of more information
What are 3 methods of developing marketing information?
1. Internal databases- ex. when you scan your kroger plus card, it records the data 2. Marketing Intelligence- the systematic collection and analysis of publicly available info about competitors and developments, ex: internet, census. 3. Marketing research- most expensive of the 3 methods ex: dumpster diving, 2001 Proctor and Gamble looked through competitor trash
What are the steps in the marketing research process?
1. defining the problem and research objectives 2. developing the research plan for collecting info 3. implementing the research plan 4. interpreting and reporting the findings ex: Rum's unique research process. sales were declining, so researches went to bars to see what people were ordering
What are the 3 types of research invoved in the marketing research process?
1. exploratory- preliminary info that helps define the problem and suggest hypotheses 2. descriptive- describes things, ex:survey 3. Casual-cause and effect type, ex:coupons
What should the research plan outline?
1. sources of existing data 2. specific research approaches 3. contact methods 4. sampling plans 5. instruments for data collection
Secondary Data: Information that already exists somewhere
ex: internal databases, commercial data services, government sources
*available more quickly at a lower cost that primary data
Primary Data: consists of information collected for the specific purpose at hand
Must determine... 1. Research approach 2. Contact method 3. Sampling Plan 4. Research instruments
1. the gathering of primary data by observing relevant people, actions, and situations 2. ethnographic research: observation in "natural environment" ex. watching how people shop 3. Mechanical observation, ex: people meters, checkout scanners
Most widely used method for primary data collection 2. approach best suited for gathering descriptive information
1. tries to explain cause-effect relationships 2. involves: selecting matched groups of subjects 3. giving different treatments 4. controlling unrelated factors 5. checking differences in group responses ex: pepsi commercial, The Pepsi Challenge
Flexibility, Quantity of data that can be collected, Control of interviewer effects, Control of sample, Speed of Data Collection, Response rate, cost
What step of the research plan is most expensive and subject to error?
Collecting the data
What are the 3 steps of interpreting research results?
1. interpret the findings 2. draw conclusions 3. report to management
Customer Relationship Management
1. companies look for customer touch points 2. CRM analysts develop data warehouses and use data mining techniques to find information out about customers, ex: Hara's Casinos uses cards to track customer purchases
What are Intranets?
is a private network that uses Internet protocols to securely share any part of an organization's information or operational systems within that organization
What are Extranets?
a private network that uses Internet protocols, network connectivity, and possibly the public telecommunication system to securely share part of an organization's information or operations with suppliers, vendors, partners, customers or other businesses.
Consumer Buying Behavior
1.refers to the buying behavior of people who buy goods and services for personal use 2. these people make up the Consumer Market 3. the central question for marketers is: How do consumers respond to various marketing efforts the company might use?
Factors influencing consumer behavior
1. Cultural- culture, subculture, social class. 2. Social- reference groups, family, roles and status 3. Personal- age and life cycle stage, occupation, economic situation, lifestyle, personality and self-concept 4. Psychological-motivation, perception, learning, belief and attitudes
1. the most basic cause of a person's wants and behaviors 2. culture includes basic values, perceptions, wants and behaviors 3. Subculture: groups of people with shared value systems based on common life experiences 4. Major groups of subcultures: Hispanic consumers, African-American, Asian, Mature
1. marketers attempt to reach opinion leaders (reference) 2. family is the most important consumer buying organization
1. people change the goods they buy over their lifetime 2. occupation 3. economic situation 4. patterns of libing are expressed in psychographics 5.psychographics measure and tracks consumer activities, interests, and opinions
Buyer Decision Process
1. need recognition 2. information system 3. evaluation of alternatives 4. purchase decision 5. post-purchase decision
4 sources of inforamation
1. personal- this source is most effective 2. commercial- most information for this source 3. public- mass media, consumer-rating groups 4. Experiential
Marketers must study buyers to find out how they evaluate brand alternatives
1. involves more dollars and items than consumer markets 2. far fewer buy larger buyers 3. business demand is derived from customer demand** 4. involves more professional purchasing effort 5. involve more decision participants 6. buying process more fomalized 7. buyers and sellers are much more dependent on each other
Business Buyer Behavior
refers to the buying behavior of the organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others.
the buyer routinely orders something without modifications
the buyer wants to modify product specifications (price terms and suppliers)
the buyer purchases a product or service for the first time
1. decision making unit of buying organization 2. not fixed or formally identified
Marketing sometimes generates controversy and concern when targeting: 1. vulnerable, minority, or disadvantaged populations 2. children and teens, ex: unhealthy cereal commercials shown on kids channels
extent to which a company can position itself as providing superior value
1. a products positions is the way a product is defined by consumers on important activites 2. the place the product occupies in consumers' minds relative to competing products
Positioning Statement Format
To ( target segment and need) our ( brand) is a (concept) that (point of difference)
Summary or Targeting Older Consumers
1. it is becoming more common to target older consumers 2. reasons: baby boomers, older consumers are more open to change than before, younger consumers are less willing to spend because of the recessions, but older consumers are typically more financially stable and willing to spend money even during the recession 3. baby boomers offer "assets, not allowances"
Summary of Wheaties Targeting
1. Wheaties is introducing a new product, Wheaties Fuel. It will be aimed exclusively at men-a first for cereal of any kind 2. Wheaties consulted athletes like Peyton Manning and Kevin Garnett for nutritional profile and flavor 3. will include no folic acid, which is thought to be more important for women, and will add vitamin E, which is thought to be lacking in men's diet.
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