MKT 3000 (CH.4)

Competitive marketing intelligence

the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.

Benchmarking

the continuous process of measuring and comparing an organization's products, services, processes, or metrics against industry leaders or best practices

What makes social media important for Marketers?

Allows them to measure the sentiment within social media comments

TAM

Total Addressable Market

Marketing research

the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization

Exploratory research

Gather preliminary research info and define problems. Its goal is try to find out what is going on within that market or trend

Descriptive Research

Describes marketing problems, situations, market potential. It tries to answer what does the market look like?

Casual Research

Researches the causes and effects

Research

is information collected for the specific purpose at hand.

Secondary data

information that already exists somewhere, having been collected for another purpose.

Advantages of Secondary Data

–Lower cost

–Obtained quickly

–Cannot collect otherwise

Disadvantages of Secondary Data

•Data may not be

–Relevant

–Accurate

–Current

- Impartial

Observational research

Involves gathering primary data by observing relevant people, actions, and situations. It tries to answer what do people actually do?

Ethnographic research

Involves sending trained observers to watch and interact with consumers in their “natural environments.”

Survey research

Involves gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.

Experimental research

Involves gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.

How is the Marketing Research Process done?

• Define the problem and research objectives

• Develop a research plan to gather all of your relevant information

• Implementing your research plan to gather and analyze data

• Interpreting and reporting your findings