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Chapter Five

Continuous Learning About Markets

Continuous Learning About Markets

Market orientation and


organizational learning Marketing research information Information systems Marketing intelligence systems and knowledge management Issues in collecting and using information

TM 5-1 McGraw-Hill/Irwin 2003 The McGraw-Hill Companies, Inc., All Rights Reserved.

Market Orientation and Organizational Learning

Market orientation perspective


includes all relevant sources of knowledge and ideas Characteristics of the learning organization Learning and competitive advantage

TM 5-2 McGraw-Hill/Irwin 2003 The McGraw-Hill Companies, Inc., All Rights Reserved.

Learning About Markets


OpenMinded Inquiry Keeping and Gaining Access to Prior Learning Synergistic Information Distribution

Mutually Informed Interpretations

TM 5-3 Source: George S. Day, Journal of Marketing, October 1994.

Exhibit 5-1

A Framework for Market Sensing


Probability of the Event Occurring
High 7 6 5 4 3 2 1 * 1=Disaster, 2=Very bad, 3=Bad, 4=Neutral, 5=Good, 6=Very good, 7=Ideal Danger Future Risks Things to Watch Utopia Field of Dreams Medium Low

Effect of the Event on the Company*

TM 5-4 McGraw-Hill/Irwin 2003 The McGraw-Hill Companies, Inc., All Rights Reserved.

Types of Marketing Information

Marketing research studies Standardized information


services Management information systems Database systems Decision support systems Customer relationship management (CRM) systems Competitor intelligence systems
TM 5-5 McGraw-Hill/Irwin 2003 The McGraw-Hill Companies, Inc., All Rights Reserved.

Strategies for Obtaining Information

Internal Data Collect existing information Published information Subscription Strategy alternatives Use standardized research services Single purchase

Exploratory Conduct research study Full-scale

TM 5-6 McGraw-Hill/Irwin 2003 The McGraw-Hill Companies, Inc., All Rights Reserved.

Advantages and Limitations of Questioning Methods Advantages Limitations


Personal Interviews
Most versatile and flexible Long questionnaires handled more easily Presence of interviewer allows more flexibility in procedure More enjoyable for respondents Fewer refusals High cost Possibility of interviewer bias Possibility of cheating by interviewer due to lack of supervision Project time often lengthy

Telephone Interviews
Fewer interviewers needed Relatively inexpensive Rapid method of data collection Can reach large number of households More control over interviewers More noncommittal answers Some households overrepresented Lengthy and detailed questions often not feasible

Mail surveys
Higher-quality information Better for collecting information on possibly embarrassing subjects Relatively cheaper to conduct No interviewer bias Questionnaire cannot be changed Complex Can be completed by person other than intended Follow-up expensive Response often slow in coming

Source: Harper W. Boyd, Jr., Ralph Westfall, and Stanley F. Stasch, Marketing Research: Text and Cases, 5th ed. (Homewood, IL Richard D. Irwin, 1981), Chap. 4. TM 5-7

Special Research Studies


Problem Definition Information Required Research Method Sampling Plan Questionnaire Design Data Collection Analysis and Report

TM 5-8 McGraw-Hill/Irwin 2003 The McGraw-Hill Companies, Inc., All Rights Reserved.

Exhibit 5-5

Screening A New Research Supplier 1. Client Would you recommend this supplier? 2. Supplier Do you have sufficient funds for this project? 3. What parts of the project will be subcontracted, and how do you manage subcontractors? 4. May I see your interviewers manual and data entry manual? 5. How do you train and supervise interviewers?

TM 5-9 McGraw-Hill/Irwin 2003 The McGraw-Hill Companies, Inc., All Rights Reserved.

6. What percentage of interviews are validated? 7. May I see a typical questionnaire? 8. Who draws your samples? 9. What percentage of your data entry is verified? 10. Managers What do you think about this supplier?

TM 5-10 Source: Seymour Sudman and Edward Blair, Marketing Research, A Problem-Solving Approach, Irwin/McGraw-Hill, 1998, 67.

Marketing Decision-Support System Components

Database

Display

Analysis Capabilities

Models

TM 5-11 McGraw-Hill/Irwin 2003 The McGraw-Hill Companies, Inc., All Rights Reserved.

Marketing Intelligence Systems and Knowledge Management

Market sensing does not rely


on hard data alone

intelligence from publications, sales calls, customer visits, social contacts, Internet, rumor

Knowledge management Role of the Chief Knowledge


Officer Leveraging customer knowledge

creating customer knowledge development dialogues operating enterprise-wide customer knowledge communities capturing customer knowledge at the point of customer contact management commitment to customer knowledge TM 5-12
2003 The McGraw-Hill Companies, Inc., All Rights Reserved.

McGraw-Hill/Irwin

Issues in Collecting and Using Information

Invasion of customer privacy

e.g., use of medical databases to sell healthcare products e.g., guidelines for sharing of confidential information

Information and ethics

TM 5-13 McGraw-Hill/Irwin 2003 The McGraw-Hill Companies, Inc., All Rights Reserved.