deca marketing IM

marketing-information management

marketing decisions

involves:

• what products to offer

• what new products to develop

• what customer service to provide w/ each product

secondary research

involves compiling existing data

• could be outdated or incomplete

• cheap and less time-consuming

interview research

conversations in which a researcher surveys an individual to obtain research data

causal research

/conclusive research, focuses on cause/effect and tests “what if” theories

experimental research

research method that tests “cause and effect” by test marketing new products or comparing test groups w control groups

exploratory research

collects info to help business define its issue, situation, or concern and decide how to proceed w/ its research

• not time consuming or costly

focus group

used to collect qualitative data

• collects customers’ opinions about goods/services

leading questions

tends to influence respondents’ answers by including word choices that evoke a certain emotion

• creates bias and skews results

internal data

form of secondary data that already exists within the organization’s own “in-house” system

external data

secondary data that already exists outside the organization

primary research

collects new data specifically for the project at hand

basic research

seeks to build knowledge and understanding

applied research

seeks to solve a problem or answer a specific question

tracking in data collection

methods that researchers use to collect quantitative data abt customer behavior for marketing research

• businesses can track online: website hits, online orders, cookies

• also can track in person: point of purchase scanners, customer loyalty cards

cookies

placed on user’s hard drive when they visit a site → next time the user visits the site, the computer recognizes the user

• helps w marketing-information

primacy and recency bias

first and last items will receive the most attention from an individual

assimilation and contrast theory

a person’s judgement can act as an anchor, influencing their future decisions

fatigue and drop-offs

when a respondent becomes tired, distracted, or disengaged

priming and anchoring

when an early piece of information ‘sets the tone’ and limits or influences all the participant’s subsequent answers (similar to extra-info bias)