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Marketing Decision Support Systems - Enhancing Decision Making Efficiency

Learn about the concept and purpose of marketing decision support systems, the importance of marketing research, and the steps involved in conducting a marketing research project. Explore how the Internet and scanner-based research impact marketing research, and understand the concept of competitive intelligence.

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Marketing Decision Support Systems - Enhancing Decision Making Efficiency

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  1. 6 Essentials of MarketingLamb, Hair, McDaniel Designed by Eric Brengle B-books, Ltd. Prepared by Deborah Baker Texas Christian University Decision Support Systems and Marketing Research CHAPTER 8

  2. Learning Outcomes Explain the concept and purpose of a marketing decision support system Define marketing research and explain its importance to marketing decision making Describe the steps involved in conducting a marketing research project LOI LO2 LO3

  3. Learning Outcomes Discuss the profound impact of the Internet on marketing research Discuss the growing importance of scanner-based researchExplain the concept of competitive intelligence LO4 LO5 LO6

  4. Marketing Decision Support Systems LOI Explain the concept and purpose of a marketing decision support system

  5. Decision Support Systems Marketing Decision Support Systems LOI An interactive, flexible computerized information system that enables managers to obtain and manipulate information as they are making decisions. DSS

  6. Interactive Flexible Discovery-Oriented Accessible DSS System Characteristics LOI

  7. DatabaseMarketing Marketing Decision Support Systems LOI The creation of a large computerized file of customers’ and potential customers’ profiles and purchase patterns. The key tool for successfulone-to-one marketing.

  8. REVIEW LEARNING OUTCOMEMarketing Decision Support Systems LOI

  9. The Role of Marketing Research LO2 Define marketing research and explain its importance to marketing decision making

  10. MarketingResearch The Role of Marketing Research LO2 The process of planning, collecting, and analyzing data relevant to a marketing decision.

  11. Marketing Research Studies Products Uses Awareness Advertising Familiarity Prices New concepts Packages Traffic patterns Names and Logos Wants Services Needs Buying habits Politics Colors LO2

  12. Gathering and presenting factual statements Descriptive Diagnostic • Explaining data • “What if?” Predictive The Role of Marketing Research LO2

  13. Improve the quality of decision making • Trace problems • Focus on keeping existing customers • Understand the marketplace • Alert them to marketplace trends • Gauge the value of goods and services, and the level of customer satisfaction Management Uses of Marketing Research LO2

  14. Improve quality of decision making • Trace problems • Focus on keeping existing customers • Understand changes inmarketplace Why marketing research? REVIEW LEARNING OUTCOMEMarketing Research and Its Importance LO2

  15. Steps in a Marketing Research Project LO3 Describe the steps involved in conducting a marketing research project

  16. 1 2 Define Problem 3 Plan Design/ Primary Data 4 Specify Sampling Procedure 5 Collect Data 6 Analyze Data 7 Prepare/ Present Report Follow Up LO3 The Marketing Research Process

  17. Marketing Research Marketing Research Problem Determining what information is needed and how that information can be obtained efficiently and effectively. Marketing Research Objective The specific information needed to solve a marketing research problem; the objective should provide insightful decision-making information. Management Decision Problem A broad-based problem that requires marketing research in order for managers to take proper actions. LO3

  18. Secondary Data Secondary Data LO3 Data previously collected for any purpose other than the one at hand.

  19. Internal Corporate Information Government Agencies Trade and Industry Associations Business Periodicals News Media http://www.coca-colastore.com Online Sources of Secondary Data LO3

  20. Advantages of Secondary Data • Saves time and money if on target • Aids in determining direction for primary data collection • Pinpoints the kinds of people to approach • Serves as a basis of comparison for other data LO3

  21. Disadvantages of Secondary Data • May not give adequate detailed information • May not be on target with the research problem • Quality and accuracy of data may pose a problem LO3

  22. The New Age of Secondary Information: The Internet 1 Analyze your topic 2 Test run a word or phrase in a search engine 3 Learn as you go and vary your approach 4 Don’t bog down in strategy that doesn’t work 5 Go back to earlier steps better informed LO3

  23. Which research questions must be answered? How and whenwill data be gathered? ? How willthe databe analyzed? Planning the Research Design LO3

  24. Primary Data Primary Data LO3 Information collected for the first time. Can be used for solving the particular problem under investigation.

  25. Advantages of Primary Data • Answers a specific research question • Data are current • Source of data is known • Secrecy can be maintained LO3

  26. Disadvantages are usually offset by the advantages of primary data. Disadvantages of Primary Data • Expensive • “Piggybacking” may confuse respondents • Quality declines if interviews are lengthy • Reluctance to participate in lengthy interviews LO3

  27. Survey Research Survey Research LO3 The most popular technique for gathering primary data in which a researcher interacts with people to obtain facts, opinions, and attitudes.

  28. In-Home Interviews Mail Surveys Mall Intercept Interviews Executive Interviews Telephone Interviews Focus Groups Forms of Survey Research LO3

  29. Mall InterceptInterview Survey research method that involves interviewing people in the common areas of shopping malls. Executive Interview A type of survey that involves interviewing businesspeople at their offices concerning industrial products or services. Forms of Survey Research LO3

  30. Focus Groups Forms of Survey Research LO3 Seven to ten people who participate in a group discussion led by a moderator.

  31. Questionnaire Design Open-Ended Question An interview question that encourages an answer phrased in respondent’s own words. Closed-Ended Question An interview question that asks the respondent to make a selection from a limited list of responses. Scaled-Response Question A closed-ended question designed to measure the intensity of a respondent’s answer. LO3

  32. Questionnaire Design Clear and concise No ambiguous language Only one question Unbiased Reasonable terminology http://www.createsurvey.com Online LO3

  33. Observation Research Observation Research LO3 A research method that relies on three types of observation: • people watching people • people watching an activity • machines watching people

  34. http://www.bmiltd.com Online Observational Situations LO3

  35. Ethnographic Research Ethnographic Research LO3 The study of human behaviorin its natural context; involves observation of behavior and physical setting.

  36. The Sampling Procedure LO3 Sample A subset from a large population. Universe The population from which a sample will be drawn.

  37. Sampling Procedure Sample Universe Probability Samples Non-Probability Samples LO3

  38. Types of Samples Probability Samples Non-Probability Samples Simple Random Sample Convenience Sample Stratified Sample JudgmentSample Cluster Sample Quota Sample SystematicSample SnowballSample LO3

  39. Probability Samples LO3 Probability Sample A sample in which every element in the population has a known statistical likelihood of being selected. Random Sample A sample arranged so that every element of the population has an equal chance of being selected.

  40. Nonprobability Samples LO3 Nonprobability Sample Any sample in which little or no attempt is made to get a representative cross-section of the population. Convenience Sample A form of nonprobability sample using respondents who are convenient or readily accessible to the researcher.

  41. Measurement Error Error when there is a difference between the information desired and the information provided by research Sampling Error Error when a sample somehow does not represent the target population. Frame Error Error when a sample drawn from a population differs from the target population. Random Error Error because the selected sample is an imperfect representation of the overall population. Types of Errors LO3

  42. Field Service Firms Provide: • Focus group facilities • Mall intercept locations • Test product storage • Kitchen facilities • Retail audits LO3

  43. Cross-Tabulation Analyzing the Data LO3 A method of analyzing data that lets the analyst look at the responses to one question in relation to the responses to one or more other questions.

  44. Preparing and Presenting the Report • Concise statement of the research objectives • Explanation of research design • Summary of major findings • Conclusion with recommendations LO3

  45. Following Up • Were the recommendations followed? • Was sufficient decision-making information included in the report? • What could have been done to make the report more useful to management? LO3

  46. REVIEW LEARNINGOUTCOME LO3 Steps in a Marketing Research Project

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