Chapter 1 - Marketing Information Sources

Question 1

Marketing Information Sources

Answer 1

• Open/Published/Desk sources (newspapers, magazines, TV, Radio, Journals, Goernment stats), comp
• Internal/Secondary Company sources (Accounting system- data sales/Geo/Demo, Retailers - EPOS scan code what/when/where/same time, Sales force - communicate into learn customers)
• Marketing research (information fathered from the market for the specific purpose of decision making - external objective biggest most important)

Question 2

Research planning

Answer 2

1) Problem Definition & Objective (why want)
2) Information Required (quant/qual)
3) Methodology (approach/strenght)
4) Timing (how soon deadline influence meth)
5) Decisions ( get A do X get B do Y)

Question 3

The ‘Three Dimensions’ of Marketing Research Types

Answer 3

• X (Desk, Field - use together)
• Y (Qualitative, Quantitative)
• Z ( Off the peg, Ad Hoc)

Question 4

Desk/Secondary

Answer 4

• Information requirements satisfied/partly satisfied from open/published sources
  e.g. Government Stats (office of national stats) Newspapers, Magazines, TV, Radio (reliable?) Trade Press (Nexus, may specific to industry), Academic research/Journals
  Advantages
• Fast, Cheap/Free, Large sample or even census (same conclusion different research)
  Disadvantages
• not confidential, may not be eactly what require, May be old/out of date, source may be unreliable

Question 5

Field/Primary Research

Answer 5

• obtained direct from the market: surveys, observation, experimentation, focus groups
  Advantages
• Confidential (if ad hoc)
• Exactly what require (if ad hoc)
• Up to date
  Disadvantages
• slower, expensive, to make quicker/cheaper reduce sample size/research scope - 3 objectives cut down 2/1

Question 6

Ad Hoc/Tailor made Marketing Research

Answer 6

• Research carried out by marketing research company for the specific demands of one client, for a specific purpose
  Advantages
• Confidential, Specific
  Disadvantages
• Slow (doesn’t start until objectives defined), Expensive (pay whole cost), sample/scope reduce

Question 7

Off the Peg/Syndicated/Continuous Marketing Research

Answer 7

• Data collected continuously by specialist market research agencies, who then look for customers
  Advantages
• Fast (waiting to be bought), Extremely up to date, cheap larger sample wide scope- cost spread over many buyers, longitudinal (collected continuously - through time)
  Disadvantages
• Not confidential, may not be specific to objective
  e.g. Euromonitor Passport, Key note, Nexis

Question 8

Quantitive vs Qualitative

Answer 8

Quantitative
- Large sample (statistically significant), consumer treated at aggregate level (assume every dif but characterise), short, simple questions, highly structured data collected, low interviewer skills (script), cheapish

- Analysis: maths, statistics , objective information (reach same conclusion
- Conclusion: Who, when where, how much, how often
Qualitative
- Small sample (15/20), consumer treated at individual level (everyone same 18-24), long discussions, unstructured data collection, high interviewer skills (flow freely), expensive

- Analysis: psychology, subjective information (matter of opinion)

- Conclusion: WHY