Marketing Research
the systematic gathering and interpretation of information about individuals and organizations
How is market research done?
uses statistical and analytical methods and techniques
What is market research for?
to generate insights and support decision making
Market Research Process (8)
problem identification, research design, questionnaire design, data collection, data analysis, communicating research findings
MIS
Marketing information system
What is MIS
a structure consisting of people, equipment, and procedures to gather, sort, analyse, evaluate and distribute needed, timely, and accurate information to marketing decision makers
Components of MIS (4)
Internal report, marketing intelligence, marketing decision support analysis, marketing research
Internal reports
Internal information (includes bills, orders, inventory levels...etc)
Marketing Intelligence
external information (such as newspaper, industry reports)
Marketing decision support analysis
collected data (housed in databases) accessed with decision making tools
Marketing Research (in MIS)
conducted to provide information for a specific problem, where information NOT provided by other components of MIS
Types of Data
Primary data and secondary data
Primary Data
information that is developed by the researcher specifically for the research project
Seconary data
data that has been previously gathered by someone else for another research project
Internal secondary data
secondary data that has been collected within the firm (internal reports)
External secondary data
secondary data that has been collected outside of the firm (published reports, online databases)
Advantages of Secondary Data (4)
can be obtained quickly, inexpensive (compared to primary data), readily available, enhance primary data
Disadvantages of Secondary data (4)
incompatible reporting units, measurements units do not match, class definitions are not usable, data may be outdated
Parts of Problem Identification (2)
Marketing problem, research objectives
Marketing problem
(question)
Research objectives
to (evaluate; measurement verb)... (data information needed)
Who conducts market research (2)
in house or outsourced
Pros to outsourcing market research agencies
expertise, network, resources, speed
Cons to outsourcing market research agencies
cost, coordination (between agency and internal stakeholders)
Market research Industry Examples (2)
ESOMAR, MRSS (market research society of Singapore)
Marketing Research
the systematic gathering and interpretation of information about individuals and organizations
How is market research done?
uses statistical and analytical methods and techniques
What is market research for?
to generate insights and support decision making
Market Research Process (8)
problem identification, research design, questionnaire design, data collection, data analysis, communicating research findings
MIS
Marketing information system
What is MIS
a structure consisting of people, equipment, and procedures to gather, sort, analyse, evaluate and distribute needed, timely, and accurate information to marketing decision makers
Components of MIS (4)
Internal report, marketing intelligence, marketing decision support analysis, marketing research
Internal reports
Internal information (includes bills, orders, inventory levels...etc)
Marketing Intelligence
external information (such as newspaper, industry reports)
Marketing decision support analysis
collected data (housed in databases) accessed with decision making tools
Marketing Research (in MIS)
conducted to provide information for a specific problem, where information NOT provided by other components of MIS
Types of Data
Primary data and secondary data
Primary Data
information that is developed by the researcher specifically for the research project
Seconary data
data that has been previously gathered by someone else for another research project
Internal secondary data
secondary data that has been collected within the firm (internal reports)
External secondary data
secondary data that has been collected outside of the firm (published reports, online databases)
Advantages of Secondary Data (4)
can be obtained quickly, inexpensive (compared to primary data), readily available, enhance primary data
Disadvantages of Secondary data (4)
incompatible reporting units, measurements units do not match, class definitions are not usable, data may be outdated
Parts of Problem Identification (2)
Marketing problem, research objectives
Marketing problem
(question)
Research objectives
to (evaluate; measurement verb)... (data information needed)
Who conducts market research (2)
in house or outsourced
Pros to outsourcing market research agencies
expertise, network, resources, speed
Cons to outsourcing market research agencies
cost, coordination (between agency and internal stakeholders)
Market research Industry Examples (2)
ESOMAR, MRSS (market research society of Singapore)