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Mktg mid term ch 4

marketing mid term ch 4

Marketing Information System a process that 1st determines what info marketing managers need and then gathers, sorts, analyzes, stores, and puts out relevant & timely marketing info to systm users-internal company data, marketing intelligence, marketing research, acquired databases
Internal Company data internal records of sales information, such as which customers buy which products in what quantities and at what intervals, which items are in stock, when items were shipped to customers and which items are defective
Marketing Intelligence a method by which marketers get info about every day happenings in the marketing environment - newspapers, mystery shoppers,-used to forecast
Marketing Research the process of collecting, analyzing, and interpreting data about customers, competitors, and the business environment to improve marketing effectiveness - custom (new) and syndicated (reused) research
Acquired Databases a large amount of info that can be useful in marketing decision making is available in the form of external databases - US census, license info, etc
Data mining a process in which analysts sift thru data to identify unique patterns of behavior among different customer groups-customer acquisition, customer retention&loyalty, customer abandonment, market basket analysis
customer acquisition demographics
customer retention & loyalty targeting big spenders, keep them coming in
customer abandonment "firing a customer" because keeping them costs the firm too much
market basket analysis develops focused promotional strategies based on the records of which customers have bought certain products
Steps in the marketing research process 1.define the research problem 2. determine the research design-decide of 'plan of attack' 3.Choose the method to collect primary data 4. design the sample 5. collect the data 6. analyze and interpret data 7. prepare the research report
research design a plan that specifies exactly what info marketers will collect and what type of study they will do
secondary research data that has been collected for some other purpose other than the problem at hand - saves firm money and time
primary research data from research conducted to help make a specific decision - gathered directly from respondents to specifically address the question at hand
exploratory research qualitative-a technique that marketers use to generate insights for future, more rigorous studies-usually small scale and cheaper, consumer interviews, focus group, projective techniques, case study, ethnogoraphy
Descriptive Research Quantitative - a tool that probes more systematically into the problem and bases its conclusions on large numbers of observations - average, percentages, cross sectional design, longitudinal design
methods for collecting data survey- varying structures, mail, phone, questionnaires, online, live interviews-mall intercept; observational-watching consumers in action-unobtrusive if alterations may occur; mechanical observation-nonhuman device;online-cookies
data quality validity, reliability, representativeness
validity the extent to which research actually measures what it was intended to measure
reliability the extent to which research measurement techniques are free of errors
representativeness the extent to which consumers in the study are similar to a larger group in which the organization has an interest
Created by: bernabell24