Intro to Marketing-Information Management (18.1)

Sep 15, 2024

Lesson 18.1: Intro to Marketing Information Management

Overview

  • Purpose of Customer Surveys: Companies seek customer opinions to make informed decisions.
  • Importance: Helps businesses understand customer desires and market opportunities.

Key Topics

  1. Definition of Marketing Information Management

    • Synonymous with marketing research.
    • Involves collecting information about customers, competitors, and market opportunities.
    • Essential for market planning, one of the seven marketing functions.

  2. Research Data

    • Data Storage: Stored in databases like customer and marketing research databases.
    • Primary vs. Secondary Data:
      • Primary Data: Collected by the organization for a specific purpose.
      • Secondary Data: Already exists and can be located in various sources.

  3. Primary Data

    • Types: Observation, Interview, Survey, Diary, Experiment.
    • Sample Size: Needs to be representative for validity.
    • Collection: Internally by marketers or externally by firms like AC Nielsen.

  4. Secondary Data

    • Sources: Business records, Government, Market research, Academic sources, Trade associations, Internet.
    • Relevance: Must be current (within 5 years) to be useful.

Detailed Explanation

Primary Data Types

  • Observation: Watching behaviors, e.g., window display effectiveness.
  • Interview: Formal meetings, e.g., focus groups.
  • Survey: Organized studies with unbiased questions.
  • Diary: Records of activities, two formats (open, forced choice).
  • Experiment: Compare outcomes by altering a single variable.

Secondary Data Sources

  • Business Records: Sales, customer databases, financial statements.
  • Government Sources: Economic and demographic data, e.g., U.S. Census Bureau.
  • Market Research Sources: Data available from chambers of commerce.
  • Academic Sources: University libraries and research.
  • Trade Associations: Industry-specific data, e.g., trade journals.
  • Internet: General and competitor research, care with source credibility.

Data Characteristics

  • Qualitative vs. Quantitative:
    • Qualitative: Requires judgment, e.g., focus groups.
    • Quantitative: Numerical, e.g., sales records.

Key Reminders

  • Leading Questions: Avoid in surveys as they suggest desired answers.

Additional Resources

  • Sources cited for further reading and verification.
  • Graphics: Summarize primary and secondary data types for quick reference.

End of Lesson 18.1

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