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TURNING MARKETING INFORMATION INTO ACTION

TURNING MARKETING INFORMATION INTO ACTION. CHAPTER 8. Five-step marketing research approach leading to marketing actions. STEP 1: DEFINE THE PROBLEM. Set the Research Objectives Identify Possible Marketing Actions Measures of success. STEP 2: DEVELOP THE RESEARCH PLAN.

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TURNING MARKETING INFORMATION INTO ACTION

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  1. TURNING MARKETING INFORMATION INTO ACTION CHAPTER 8

  2. Five-step marketing research approach leading to marketing actions

  3. STEP 1: DEFINE THE PROBLEM • Set the Research Objectives • Identify Possible Marketing Actions • Measures of success

  4. STEP 2: DEVELOP THE RESEARCH PLAN • Specify Constraints • Identify Data needed for Marketing Actions • Determine How to Collect Data • Concepts • Methods • Probability sampling • Nonprobability sampling • Statistical inference

  5. Types of Marketing Information STEP 3: COLLECT RELEVANT INFORMATION

  6. STEP 3: COLLECT RELEVANT INFORMATION • Secondary Data • Internal Secondary Data • External Secondary Data • Primary Data • Observational Data • Questionnaire Data • Panels and Experiments • Advantages and Disadvantages

  7. Example: Nielsen//NetRatings of the top 10 Internet Websites

  8. STEP 3: COLLECT RELEVANT INFORMATION • Using Information Technology to Trigger Marketing Actions • The Marketing Manager’s View of Sales “Drivers” • Key Elements of an Information System • The Challenge in Mining Marketing Data • Data Mining: Approach to Searching the Data Ocean

  9. STEP 4: DEVELOP FINDINGS • Analyze the Data • Present the Findings

  10. Converting data into marketing actions: What to do about supermarket chains . . .

  11. STEP 5: TAKE MARKETING ACTIONS • Identify the Action Recommendations • Implement the Action Recommendations • Evaluate the Results

  12. MARKET AND SALES FORECASTING • Basic Forecasting Terms • Market or Industry Potential • Sales or Company Forecast • Two Basic Approaches to Forecasting • Top-Down Forecast • Buildup Forecast

  13. Buildup approach to a two-quarter sales forecast for Apple Computer products

  14. MARKET AND SALES FORECASTING • Specific Sales Forecasting Techniques • Judgments of the Decision Maker • Direct forecast • Lost-horse forecast • Surveys of Knowledgeable Groups • Survey of buyers’ intentions forecast • Salesforce survey forecast • Jury of executive opinion forecast • Survey of experts forecast • Statistical Methods • Trend extrapolatioN

  15. Linear trend extrapolation of sales revenues of Xerox . . . 1999

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