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What is Marketing Intelligence?
“the process of acquiring and analyzing information in order to understand the market (both existing and potential customers); to determine the current and future needs and preferences, attitudes and behavior of the market; and to assess changes in the business environment that may affect the size and nature of the market in future.”
Marketing Intelligence incorporates...
information from customer analysis and industry analysis as well as general market conditions.
Examples of Needs of Marketing Intelligence
- ■ Producers have little direct contact with consumers (geographical distance and channel layers).
- ■ Channels have little knowledge about customer attitudes, preference, and changing tastes.
- ■ Need to understand competition without spying on them.
- ■ Management goals involve sales targets and market share achievement.
- ■ Need to identify successful new product developments early in the process to ensure growth and revenue maximization by ﬁnding a balance between costs and prices of products.
- ■ The future is uncertain, yet, businesses do need to anticipate the future. The need is to look at least up to 5–10 years in advance. Pharmaceutical companies do it on a regular basis because they have to plan for what happens when a particular patent expires.
Various areas where marketing Intelligence is applied
- ■ Product decisions-Marketing intelligence helps in making decisions on investing in new products and also in optimizing product speciﬁcations or offering to target customer groups.
- ■ Customer segmentation decisions- Marketing intelligence gives an opportunity for companies to study the impact of advertisements—before and after advertisements. Based on research and audience composition, marketing intelligence gives companies the ﬂexibility to choose advertising media. Finally, MI also gives companies enough information for selection of target segments.
- ■ Brand and pricing decisions-Marketing intelligence helps decision makers in building brand equity and consciousness among the targeted customer segments. Gathering marketing intelligence also helps capture popular perceptions and changing trends, tastes, and lifestyles.
- ■ Keeping stakeholders happy Understanding stakeholder needs and responding to them keeps all stakeholders—customers,channels, and suppliers—satisﬁed. A satisﬁed customer is a proﬁtable customer.
- ■ Market estimation, competitive benchmarking, and distribution Marketing intelligence also helps in quantitative analysis of market forces—estimating size of the market, quantitative and behavioral analysis of the market, and forecasting future trends/needs.Marketing intelligence also helps in market share analyses.
The primary decision to use Market Research factors include the following:
- Type and Nature of info sought
- Availability of resources
- Cost-Benefit Analysis
Categories of Marketing Research Goals?
- Programmatic Research-performed to develop marketing options through market segmentation, market opportunity analysis or consumer attitude and product usage studies
- Selective Research-new product concept testing, advertising copy testing, pretest marketing, test marketing
- Evaluative Research-Evaluate performance of programs including brand image studies, customer satisfaction w/product quality
The purpose of a Marketing Decision Support System?
Combine marketing data from multiple sources into a single database
What are the 4 components of MDSS?
Modeling, Analysis, Display, Database
Stages of Marketing Research Process?
- 1.Agree on Research Process - problems or opportunities, decision alternatives, research users
- 2. Establish Research Objectives - Research Questions, Hypothesis, Bounderies of study
- 3. Estimate the Value of Info - Benefit>Cost
- 4. Design the Research - Choose among alternative research approaches, Specify the sampling plan, Design the experiment, design the questionnaire
- 5. Collect the Data
- 6. Prepare and Analyze the Data
- 7. Report and provide strategic recommendations
Research Objective is ____ and has ____ components?
A statement of what information is needed and has 3 components: 1. Develop a research question, 2. Develop Hypothesis, 3. Scope/Boundry
Asked for what specific info is required to achieve research purpose. If question is answered, then it should aide the decision maker
Possible answer to the research question
Expected Value under Certainty
EVUC=(Prob of success)-(Fail % * $ if you do not introduce)
Expected Value of Perfect Information?
EVUPI = EVUC - EV
The single most important element of good research is the development of:
a research purpose that links the research to decision making.
Causal research should be used when:
- The researcher must show that one
- variable determines the values of another variable.
- Research Purpose: Will an increase in the service staff be proﬁtable?
- Research Question:What is the relationship between size of service staff and revenue?
- Hypothesis: For small organizations, an increase of 50 percent or less will generate marginal revenue in excess of marginal costs.
Exploratory research is used:
- when one is seeking insights into the
- general nature of a problem, the possible decision alternatives, and
- relevant variables that need to beconsidered
True or False?
Qualitative research methods are generally less structured and more intensive than survey methods
Descriptive Research tends to use:
Causal Research tends to use:
Experimentation with specific hypothesis
3 Major Categories of acceptable uses of Qualitative Research Methods:
- Exploratory - Defining problems in more detail
- Orientation - Learning the consumer's vantage point and vocab
- Clinicals - Gaining insights into topics that otherwise might be impossible to pursue
2 Types of In-Depth Interviews
- Non Directive
Focus Group Study
In Depth Interview
- Focus Group Study - Strength: Group Synergy and Client Involvement, Weakness: Expensive, Biased recruitment can lead to biased results
- In Depth Interview: Strength:Can find hidden issues Weakness: Time Consuming, Answers are difficult to quantify
- Projective Techniques: Strength: can obtain subconscious info