CHAP 9 MARKETING RESEARCH Flashcards
Marketing research its importance to marketing decision making
Marketing research is a main data source for management information systems. In other words, the findings of a marketing research project become data for management decision making. Practically speaking, marketers use marketing research to improve the decision-making process, trace problems, and serve both current and future customers. Marketing research can also help managers understand whether and when changes should be made to existing products and services. Marketing research helps managers understand what is going on in the marketplace and take advantage of opportunities.
Steps involved in conducting a marketing research project
. First, the researcher and the decision maker must agree on a problem statement or a set of research objectives. Social media and big data may be helpful in this pursuit. The researcher then creates an overall research design to specify how primary data will be gathered and analyzed. Before collecting data, the researcher decides whether the group to be interviewed will be a probability or nonprobability sample. Field service firms are often hired to carry out data collection. Once data have been collected, the researcher analyzes them using statistical analysis. The researcher then prepares and presents oral and written reports, with conclusions and recommendations, to management. As a final step, the researcher determines whether the recommendations were implemented and what could have been done to make the project more successful.
Competitive intelligence
Derived from military intelligence, competitive intelligence is an important tool for helping a firm overcome a competitor’s advantage. Competitive intelligence (CI) helps managers assess their competitors and their vendors in order to become more efficient and effective competitors. Intelligence is analyzed information, and it becomes decision-making intelligence when it has implications for the organization. The Internet is an important resource for gathering CI, but noncomputer sources such as company salespeople, industry experts, CI consultants, and government agencies can be equally valuable.
