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Chapter 5

Chapter 5. Learning objectives: Explain the information needs of marketing management Discuss the nature of marketing information systems Elaborate on the types and sources of marketing information

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Chapter 5

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  1. Chapter 5 • Learning objectives: • Explain the information needs of marketing management • Discuss the nature of marketing information systems • Elaborate on the types and sources of marketing information • Discuss the use of marketing research as a major instrument in addressing the information needs of managers • Introduce the internet as a new development in marketing research • Investigate the techniques used for measuring and forecasting market demand Information for marketing management

  2. Marketing information requirements • Major types of marketing information requirements Internal information External information • Micro-environment • Top management • Financial • Production and technical • Human Resources • Purchasing • Public relations • Marketing, markets, products, marketing communication and prices • Macro-environment • Economy • Technology • Socio-institutional • Legal-institutional • International • Market environment • Consumers • Intermediaries • Competitors • Suppliers Marketing decision-making

  3. Marketing information systems • Marketing information systems • Definition: an organised way of continually gathering and analysing data to provide marketing managers with information they need in order to make decisions • Components of a marketing information system OUTPUTS INPUTS PROCESSING Marketing models Marketing research Information for marketing decisions Decision support system (DSS) Internal data Database External data Information processing specialists Marketing outcomes Feedback

  4. Components of a marketing information system • Components of a marketing information system • Marketing models • Marketing mix models • Forecasting models • New product forecasting models • Advertising models • Decision Support System (DSS) • A computerised system which helps marketing management to obtain and use information that is relevant to specific decision-making situations • DSS is made up of these parts: data system, dialog system and model system • DSS available: Brandaid, Admod, Callplan, Detailer, Geoline, Posse, Stratport and Brandframe

  5. Dimensions of marketing information • Dimensions of marketing information • Quality or value dimension (benefits) • Accurate • Timely • Adequate • Availability • Relevance • Cost dimension • Economic • Psychological Cost of marketing information for decision-making Value of marketing information for decision-making Benefits from the information

  6. Nature of marketing research • Nature of marketing research • Links consumer, customer and public to the marketer through information • Information is used to identify opportunities and problems • Generates, refines and evaluates actions • Monitors marketing performance • Improves understanding of marketing as a process • Marketing research • Specifies the information required • Designs the method for collecting information required • Manages and implements the data collection process • Analyses the results • Communicates the findings and implications

  7. Steps in the marketing research process • Marketing research process Description of the research problem and objectives Step 1 Deciding on a suitable research design Step 2 Step 3 Preparing the research design Fieldwork Step 4 Processing, tabulation and analysis Step 5 Step 6 Reporting the research results

  8. Step 1 • Step 1: Describing the research problem and objectives • Situation analysis • Secondary data analysis • Macro-environment • The product markets • Customer markets and buyer behaviour • Marketing strategies • Resources and constraints • Technological skills • Factors in determining the research objectives Scope of research Research objectives Research design Research purpose Research questions Hypothesis

  9. Step 2 • Step 2: Selecting the research design • Design types • Exploratory • Descriptive • Qualitative • Quantitative • Ad hoc • Ex post facto • Longitudinal • Causal • Predictive

  10. Step 3 • Step 3: Preparing the research design • Determine the sources of data • Primary and secondary sources • Determine the data collection approaches • Observation; survey; experimentation • Determine the data collection instruments • Questionnaire; mechanical/ electronic equipment • Determine the data collection methods • Personal interviews; telephone interviews; self-administered surveys • Design the sampling plan • Step 1: Define the population of interest • Step 2: Choose a data collection method • Step 3: Choose a sampling frame • Step 4: Select a sampling method • Probability sampling – systematic; stratified; cluster; simple random • Non-probability sampling – convenience; snowball; judgement; quota • Step 5: Determine the sample size • Step 6: Develop and specify operational plan for selecting sample elements • Step 7: Execute operational sampling plan

  11. Step 4 and 5 • Step 4: Fieldwork • Preventing bias from: situational factors, the fieldworkers and the data collection instrument • Important to consider: • Use of interviewers/ fieldworkers • Administrative procedures • Quality and cost control • Evaluation of interviewers • Step 5: Processing, tabulation and analysis • Data preparation • Data editing to detect errors, omissions and correction if needed • Data entry • Conversion of the information gathered to a medium that is suitable for viewing and manipulation • Tabulation & analysis • To summarise findings in a table or some type of graphical presentation

  12. Step 6 • Step 6: Reporting the research results • Presenting of the research report • Criteria for evaluating the report: • Understandability • Relevancy • Clarity • Conciseness • Organisation • Timeousness • Accuracy • Comprehensiveness

  13. Marketing research on the Internet • Marketing research on the Internet • Advantages of Internet research • Speed and ease of data collection • Cost reduction • Ability to reach large number of people • Visual enhancement like fonts, graphics, audio, video ad, professionally formatted page layout • Disadvantages of web surveys • Lack of representativeness of the Internet users • Problem of security

  14. Measurement and demand forecasting • Market measurement and demand forecasting • Markets are investigated and expresses in quantitatively measurable entities • Market measurement focuses on the current size and characteristics of the market • Market forecasting looks only at the future market situation • Levels of market measurement: consumer, product, geographical & time • Relevant markets for measurement: sales potential and market share • Market measurement methods: basic, chain ratio, market build-up & the market index • Market forecasting methods: time series analysis, statistical demand analysis, survey of buying intentions, opinions of sales personnel & jury of expert opinion

  15. Questions • Briefly explain market research and describe the market research process with practical examples. (15) • Discuss the advantages and disadvantages of Internet research and web surveys with practical examples. (10)

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