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GBUS 207

PRINCIPLES OF
MARKETING

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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Lecture 4:

Managing Marketing Information

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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information

The Importance of Marketing Information


Companies need information about their:
Customers needs

Marketing environment

Competition

Marketing managers do not need more information,


they need better information.

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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information

Marketing Information System


An MIS consists of people, equipment, and procedures
to gather, sort, analyze, evaluate, and distribute
needed, timely, and accurate information to
marketing decision makers.

The MIS helps managers to:


Assess information needs

Develop needed information

Distribute information

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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information

Assessing Information Needs


A good MIS balances the information users would like
against what they really need and what is feasible to
offer.

Sometimes the company cannot provide the needed


information because it is not available or due to MIS
limitations.

Have to decide whether the benefits of more


information are worth the costs.

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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information

Developing Marketing Information


Internal Databases: Electronic collections of information
obtained from data sources within the company.
Competitive Marketing Intelligence: Systematic
collection and analysis of publicly available information
about consumers, competitors and developments in the
marketplace.

Marketing Research: Systematic design, collection,


analysis, and reporting of data relevant to a specific
marketing situation facing an organization.

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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information

The Marketing Research Process


Defining the problem and research objectives

Developing the research plan

Implementing the research plan

Interpreting and reporting the findings

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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information

Defining Problem & Objectives


Exploratory Research:
Gathers preliminary information that will help
define the problem and suggest hypotheses.

Descriptive Research:
Describes things (e.g., market potential for a
product, demographics and attitudes).

Causal Research:
Tests hypotheses about cause-and-effect
relationships.
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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information

Developing the Research Plan


Includes:
Determining the exact information needed.

Developing a plan for gathering it efficiently.

Presenting the written plan to management.

Outlines:
Sources of existing data

Specific research approaches

Contact methods

Sampling plans

Instruments for data collection


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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information

Gathering Secondary Data


Information that already exists somewhere:
Internal databases

Commercial data services

Government sources

Available more quickly and at a lower cost than primary


data.

Must be relevant (fits the research projects needs),


accurate (reliably collected and reported), current (up-to-
date enough for current decisions), and impartial
(objectively collected and reported).
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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information

Primary Data Collection


Consists of information collected for the specific
purpose at hand.

Must be relevant, accurate, current, and unbiased.

Must determine:
Research approach

Contact methods

Sampling plan

Research instruments

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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information

Observational Research
The gathering of primary data by observing relevant
people, actions, and situations.

Ethnographic research:
Observation in natural environment

Mechanical observation:
People meters

Checkout scanners

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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information

Survey Research
Most widely used method for primary
data collection.
Approach best suited for gathering
descriptive information.

Can gather information about peoples


knowledge, attitudes, preferences, or
buying behavior.
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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information

Experimental Research
Tries to explain cause-and-effect
relationships.

Involves:
selecting matched groups of subjects

giving different treatments

controlling unrelated factors

checking differences in group responses


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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information

Contact Methods
Mail surveys
Telephone surveys

Personal interviews
Individual interviewing

Focus group interviewing

Online marketing research


Surveys

Experiments

Focus groups
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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information

Sampling Plan
Sample: segment of the population selected to represent the
population as a whole.

Sampling requires three decisions:


Who is to be surveyed?
o Sampling unit

How many people should be surveyed?


o Sample size

How should the people in the sample be chosen?


o Sampling procedure

Probability vs. nonproability samples


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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information

Primary Data Collection


Questionnaires:
What questions to ask?

Form of each question?

Closed-ended questions

Open-ended questions
Wording?

Ordering?

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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information

Primary Data Collection

Mechanical Devices:
People meters

Supermarket scanners

Galvanometer

Eye cameras

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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information

Implementing the Research Plan


Collecting the data
Most expensive phase

Subject to error

Processing the data


Check for accuracy

Code for analysis

Analyzing the data


Tabulate results

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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information

Interpreting and Reporting Findings


Interpret the findings

Draw conclusions
Report to management
Present findings and conclusions that
will be most helpful to decision
making.

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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information

Customer Relationship Management (CRM)


Many companies utilize CRM.
Capture customer information from all sources.

Analyze it in depth.

Apply the results to build stronger relationships.

Companies look for customer touch points.

CRM analysts develop data warehouses and use data


mining techniques to find information out about
customers.

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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information

Customer Relationship Management (CRM)


Benefits of CRM:
Offer better customer service and develop deeper
customer relationships.
Pinpoint and target high-value customers more
effectively.
Better able to cross-sell products and develop
offers tailored to customers.

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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information
Distributing and Using Marketing
Information
Routine information for decision making

Nonroutine information for special situations

Intranets

Extranets

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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing
Information

Other Marketing Research Considerations


Marketing research in small businesses and nonprofit
organizations

International marketing research

Public policy and ethics in marketing research


Consumer privacy

Misuse of research findings

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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School
Managing Marketing Information

The End

THANK YOU

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GBUS207 Principles of Marketing (First Semester, 2014/15
Otto Afiuc GIMPA Business School