What is a marketing information system?
Marketing information system consists of people, equipment and procedures to gather and distribute information to decision makers.
What are the 4 components of a marketing information system?
- Internal databases
- Marketing intelligence
- Marketing research
- Information analysis
(Assessing and distributing)
What are the marketing research process?
- Defining problem and research objectives
- Develop research plan for collecting information
- Implement research plan (analyze and collect)
- Interpret and report findings
What is the characteristics of good market research?
- Information used to monitor environment
- Understand what the customer want
- Formulate and evaluate the market segment
- Assess demand
- Evaluate tactics and performances
What are the 3 ways marketers can define their problems and objectives?
- Exploratory Research
- Descriptive Research
- Casual Research
What are the 2 ways marketers can conduct a research plan?
- Gather secondary/primary data
2. Sampling
What are the 3 ways marketers can implement a research plan?
- Check for accuracy and completeness
- Code it for analysis
- Statistical analysis
What is the purpose of implementing a research plan?
To guard it against problems when contacting respondents (i.e. bias, refuse to corporate)
How do marketers interpret and report findings?
Work together with researchers to come to a conclusion
What is the meaning of exploratory research?
Gather information that will define problem and suggests hypothesis
What is the meaning of descriptive research?
Describe things like market potential and attitudes towards products.
What is the meaning of casual research?
Test hypothesis about cause and effect relationship.
What are the benefits of gathering secondary data?
- Obtained quickly
- Low Costs
- Availability
What are the cons of gathering secondary data?
- Information required may not exist
2. Data already available may not be relevant or accurate
What are the pros of gathering primary data?
- Flexibility (can obtain a lot of variety of questions/information)
- Deep level of understanding from respondent
What are the 3 ways to gather primary data?
- Observational research
- Survey research
- Experimental research
What are the 3 components of sampling decisions?
- Sampling Unit
- Sampling Size
- Sampling procedure
What are the cons of gathering primary data?
- People may not respond
- People may be biased
- Some data may be difficult to achieve in the field
