Marketing week 7

in Marketing Process stage 1: under collaborators there is what 3

• suppliers

• marketing intermediaries

• publics

in Marketing Process stage 1: Under marketing intermediaries

• resellers

• physical distribution firms

• marketing service agencies

• financial intermediaries

in Marketing Process stage 1: in the 5Cs,,,,,,,Customers, company, competitors, collaborators

is part of what environment? and whats the definition

Microenvironment

• The actors close to the company that affect its ability to serve its customers

in Marketing Process stage 1: in the 5Cs,,,,,,Context/ climate

is what part of environment? explain it

macro environment

• the larger societal forces that affect the micro environment

In marketing Step 1: the 5Cs…. context/climate includes?

• demographic - the statistical characteristics of human populations

• economic - the economic classes (rich, middle, poor)

• natural - shortages of raw materials, increased pollution, global warming, environmental sustainability movement

• technological

• political - laws, government agencies, pressure groups

• cultural

big data is

the huge and complex data sets generated by today’s sophisticated information;

generation, collection, storage, and analysis technologies

customer insights is

fresh marketing information- based understandings of customers and the marketplace that become the basis for creating value, engagement, and relationships

the marketing information ecosystem is

people, process, and assets dedicated to assessing managers’ information needs, developing the needed information and helping managers and decision makers apply that information to generate and validate actionable customer and market insights

In the marketing information system: internal databases is

consumer and market information obtained from data sourced within the company network

ex = customer profiles and purchase patterns

in Internal databases what is one pro and 2 cons

Pro

• internal databases usually can be accessed more quickly and cheaply than other information sources

Cons

• it may be incomplete or in the wrong form for making marketing decisions because internal information is often collected for other purposes

• managing and mining data require highly sophisticated equipment and techniques

competitive marketing intelligence

• the ability to monitoring, collection, and analysis of publicly available information about customers in the market, competitors and developments in the marketing environment

what kind of marketing intelligence data might be available?

• (customers in the market) market/industry size and trend

• (competitor) competing products performance

• (customer) social intelligence

• (marketing environment) weather

marketing research

being able to collect, analyze, report data, information, and insights relevant to a specific marketing question or situation facing an organization

list the 4 steps when doing Marketing Research

1. defining the problem and research objectives

2. developing the research plan for collecting information

3. Implementing the research plan—-collecting and analyzing the data

4. interpreting and reporting the findings

In step 1 Marketing Research: Defining the problem & research objectives,,,,,what types of research are in it

• exploratory research

• descriptive research

• casual research

Exploratory research is

gathering preliminary info that will help further define the research problems

look for ,,,,,,Whats going on? early-stage problem

descriptive research

describe market size/ potential and consumer attitudes/ demographics/ characteristics

Look for,,,,,,Who/what/how many/ what percentage? describing a group

casual research and how to find it

figure out the consequences of a specific action/strategy of a company

Look for “If x, what happens to Y” Cause/effect

What is their research objective?

Batbold works for a marketing research company in Seoul.

Her current research involves finding the market size for a

client’s sports apparel product.

Batbold works for a marketing research company in Seoul.

Her current research involves finding the market size for a

client’s sports apparel product.

what is their research objective?

Do our customers believe our new product is too expensive

Do our customers believe our new product is too expensive

what is their research objective?

Hwanhee is exploring whether changing the look of his

company’s website would affect the percentage of people who

order the company’s sports apparel online.

Hwanhee is exploring whether changing the look of his

company’s website would affect the percentage of people who

order the company’s sports apparel online.

In Step 2 of the marketing information system: Developing the research plan for collecting information,,,,,, has what type of data

• primary data- information collected specifically to answer the question at hand that dont exist before decision to start research

• secondary data- already exist, were collected for another purpose

In Step 2 of the marketing information system: Developing the research plan for collecting information,,,,primary data collection has what 3 types of research and say if its qualitative and quantitive

observational research (qualitative) - often used for exploratory research

Survey research (both qualitative and quantitative)- commonly used for descriptive research

experimental research (quantitative) - used for causal research

observational research is

gathering primary data by observing relevant people, actions, and situations

observational research includes? and what is it?

Ethnography - a form of observational research that involves sending trained observers to watch and interact with consumers in their “natural environments”

Observational research can……

List 4

• generate new and unexpected insights

• but can not observe some things

• often time-consuming, expensive, and includes small samples of ppl

• interpretation can be a bigger challenge than survey or experimental research

In Step 2 of the marketing information system: Developing the research plan for collecting information,,,,, survey research is

gathering primary data by asking ppl questions about their knowledge, attitudes, preferences, and behavior

Survery Research is used in these types of way?

and explain it?

• mail/phone/online questionnaires

  • cheap & easy to collect large samples, easy to interpret the data (if quantitative), highly flexible (online survey)

  • experimenter generally limits the range of answers (for quantiative)

  • ppl may not know the reasons for their behavior or what they want, may give the answers they think they are supposed to

In survey research,,,,,what types of interviews is there and definition

• individual interview

• focus group interview - inviting small groups of ppl to meet with a trained moderator to talk about a product, service, or organization

A focus group interview…expensive? cheap?

• more expensive, time-consuming, more difficult to interpret, smaller samples, may be influenced by social conformity demands

• but have the opportunity for unexpected insight in some of the same ways as observational research

if you want to know how many people do not practice waste separation in the business building, which method is the best: survey or observation?

observation

if you want to know whether offering a 50-cent coupon will boost your sales, which method will give you more accurate results: survey or experiment?

Experiment

if you want to know which of your competitor’s products customers in your target market currently use the most, which method is best: ethnography or online questionnaire?

online questionnaire

if you want to know how international students at Yonsei interact around dinners in a dorm, which method is best: ethnography or survey?

Ethnography

sampling is

selecting a subgroup of ppl from a broader population

sampling plan —how?

Probability sampling - each member of a population has a known chance of being included in a sample

simple random sampling

duhh random

Stratified sampling is

random sampling from within each of multiple groups

cluster sampling us

random sampling of groups

non-probability sampling has 3 types of sampling,,,,,explain

• convenience sampling

• judgment sampling

• quota sampling

Convenience sampling is

easiest population members from which to obtain information

judgment sampling

researchers’ own judgment to select population members who are good prospects for accurate information

quota sampling

after making subgroups, sample a prescribed number of ppl

in STEP 3 of the marketing information system: implementing the research plan,,,,,,who will collect and analyze the data?

• internal group is often used when information is already held in company databases

• outside consultants are often better equipped for specialized tasks

EX of outside consultants

• running focus groups

• obtaining a random sample of potential consumers

What is Step 4 of the marketing information system

Interpreting and reporting the findings

In STEP 4 of the marketing information sys: interpreting and reporting findings,,,,,,what is needed to do it

• statisticians - may be needed to report findings

• managers - needed to shape these findings into coherent business story