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Chapter. 7. Standardized Information Sources. What is standardized information?. Standardized information: type of secondary data in which the data collected and/or the process of collecting data are standardized for all users:

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  1. Chapter 7 Standardized Information Sources

  2. What is standardized information? • Standardized information:type of secondary data in which the data collected and/or the process of collecting data are standardized for all users: • Syndicated data: data that are collected in a standard format and made available to all subscribers for a fee – Nielsen Media’s TV rating. • Standardized services:a standardized marketing research process that is used to generate information for a particular user- NFO has a large scale consumer panels for testing new products.

  3. Advantages of Standardized Information * Syndicated Data * • Shared costs • High quality of data • Speed with which data are collected and made available for decision making

  4. Disadvantages of Standardized Information Syndicated Data • Little control over what data are collected • Buyers must commit to long-term contracts • Competitors have access to the same information

  5. Advantages of Standardized Information * Standardized Services * • Using the experience of the firm offering the service • Reduced cost- No setting-up costs involved. • Increased speed of conducting the service- No setting-up time required.

  6. Disadvantages of Standardized Information Standardized Services • Inability to customize services • Service firm not being knowledgeable of the client’s industry

  7. Application Areas of Standardized Information • Measuring consumer attitudes and opinion polls • Yankelovich Monitor • Harris Poll • Gallup Poll • Defining market segments • Providing information on members of the industrial market • SIC • NAICS • Dun’s Market Identifiers

  8. Application Areas of Standardized Information…cont. • Providing information on members of the consumer market • VALS-2 • GIS (Geodemographic Information Systems) • Geodemographics is the term used to describe the classification of arbitrary, usually small, geographic areas in terms of characteristics of their inhabitants. • PRIZM • Conducting market tracking • Tracking studies are those that monitor, or track, a variable such as sales or market share over time.

  9. Application Areas of Standardized Information…cont. • Market tracking at the retail level • AC Nielsen Scantrack Services • InfoScan Syndicated Data Service • Retail Store Audits • Market tracking at the household level • Infoscan’s Combined Outlet Consumer Panel • AC Nielsen Homescan Panel • Diary • Audit

  10. Application Areas of Standardized Information…cont. • Turning market tracking information into intelligence • IRI’s Builder • AC Nielsen’s Category Business Planner • Monitoring media usage and promotion effectiveness • Television • Nielsen Television Index (NTI) • Radio • Arbitron • Print • RoperASW’s Starch Readership Service • Multimedia • Simmons Study of Media and Markets

  11. Single-Source Data • Single source data: data that contain information on several variables such as promotional message exposure, demographics, and buyer behavior ( Nielsen) • BehaviorScan (IRI): household panels of 3,000 , each receives an electronic card and can link “ media exposure to consumer’s purchasing behavior for “certain brand”.

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