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Market Information Systems

Market Information Systems. Market Research & How it is Conducted. Market Research. In this section you will discover What market research is Why market research is important Who uses market research The value of technology Different types of research Limitations of research.

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Market Information Systems

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  1. Market Information Systems Market Research & How it is Conducted

  2. Market Research • In this section you will discover • What market research is • Why market research is important • Who uses market research • The value of technology • Different types of research • Limitations of research

  3. Marketing Research • Links the public to the marketer through information • Marketing information is used to: • Identify market opportunities • Solve marketing problems • Implement market plans • Monitor market performance

  4. Marketing Research • Research is all methods used to gather information, analyze it & report on it • Kellogg's could use it to launch a new cereal, Hilton to gauge customer satisfaction

  5. Marketing Research • Since customers accept only about 10% of new products, knowing likes and dislikes is crucial • Will help to minimize risk & potential losses • Will help to capitalize of product and company strengths

  6. Why is research important? • Businesses need to know what the current & future trends are • Where customers like to shop • What media they go to for information • How much customers will spend • Keep track of competition • What Company X is selling and for how much

  7. Research takes time • Some companies will spend years on developing products • Stouffers spent 13 years creating Lean Cuisine • Testing product and packaging designs and conducting pilot sales in large cities

  8. Who uses Market research? • Small businesses (under $5 mil) do informal research, usually by employees or owner • Simple surveys with no specialized department • Larger companies have formal research departments • Alternatively, they could outsource the research

  9. Big bucks in research • Over $3 billion annually

  10. Who uses Market Research? • Consumer product companies • Media outlets • Federal Government • Trade Organizations • Retails • Anyone who wants to better understand the wants and needs of consumers

  11. What now? • After collecting all kinds of data, it needs to be sorted and stored • Market Information Systems • Set of procedures & methods that regulates, generates, stores, analyzes and distributes information for use in marketing decisions

  12. Market Information Systems • These systems typically rely heavily on internal data • Sales reports, inventory lists • Other forms include • Competitor records • Customer profile data • Government data • Third party research

  13. Technology at its finest • Bar code scanners • Are most often used to help with inventory management • Can be used to gather P.O.S. data on types of products purchased together to help with promotions • Valued customer cards • Adds identity to products • Allows marketers to gather personal data

  14. Databases • A collection of related information about a topic • L.L. Bean maintains a customer catalog • American Express has a detailed system • Address • What you buy • Where you eat • How much you spend • Uses it to send special perks to members

  15. More data • Data harvesting • Collecting all possible information • Companies often turn around and sell databases to other companies • A bank may sell lists of mortgages to mortgage insurers • No consumer permission is needed • Government has begun to step in and protect consumers

  16. Difficulties Arise • Very costly • Need computer systems and trained personnel • Can be overwhelmed by the amount of data • Must prioritize, just because you can get it, doesn’t mean you should

  17. Liar, Liar • Researchers often find people are less than truthful • A focus group of bald men insisted they were not bothered being bald, but they always wore hats • New technology is using brain waves and skin sensations to detect misrepresentations

  18. Types of Research • Attitude • Market • Media • Product

  19. Attitude Research • Also called opinion research • Determine how people feel about products, ideas, companies • Gallup is one of the largest and most respected organizations • Random Sampling • 10% of a population is typically large enough

  20. Market Research • Gathering & analyzing data related to marketed goods and services • Concerned with size, location & makeup of market • Need to gather before product is introduced and frequently thereafter • Ford’s focus on younger customers • Cadillac’s revival

  21. Market Research • Goal is to investigate & define target markets • Data, existing and projected, help to identify trends and prepare company • Not 100% reliable – generalized study • Sales and Economic forecasting

  22. Sales Forecasting • Attempt to make an educated guess at future sales • Total market sales are calculated, then a share is predicted • Share based on previous company sales

  23. Economic Forecasting • Attempt to predict future conditions • Federal agencies collect information on new homes, inflation, money supply & price indexes • Woods & Poole Economies, Inc. give projections for MSAs through 2020 • Metropolitan Statistical Area

  24. Media Research • Media selection & frequency • Measures effectiveness of message and placement • Includes demo-,psycho-, and geographic information • Print • Broadcast • Online

  25. Print • Tested on recall, communication & persuasiveness • Ability to change beliefs, attitudes or intended behavior • Uses consumer panels • Focus Groups • Typically a cross section of society – teens, seniors, minorities, etc.

  26. Broadcast Media • Arbitron Ratings Co. – largest radio survey company • Uses diaries to gauge tune ins • Includes station and program details • Nielson Media Research, Inc. • Uses a sample of 5000 homes • Homes equipped with meters that monitor programs

  27. Online Advertising • Agencies use mock & live situations to test recall or web advertising • Favorite methods • Pop-ups • Pop-unders • Cookies

  28. Product research • Centers on product & package design and usage & acceptance of products • New product acceptance • Utilize test markets • Could be risky due to leaks of new products to competition • Existing products • Question both industry and consumers

  29. Limitations • Limited by time • Often decisions need to be made before enough data has been collected • Limited by capital • Companies often do not want to invest enough for a in-depth study • Limited by information • Even the most expansive studies will not find all variables or will return too much information

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