Assessing marketing information needs. Marketing Research. Analyzing & using market information.

2. Principles of Marketing
Punjab Colleges Shahdara
Assignment No.2

3. Managing marketing information to gain customer insights.
I. Assessing marketing information needs.
II. Marketing Research.
III. Analyzing & using market information.
Topic
Instructed By: Prof. Niaz Ahmed
Prepared By
 Ayesha Iram (L5F14MCOM0007)
 Tayyab Hussain (L5F14MCOM0009)
 Syed Mudassir Hussain Shah (L5F14MCOM0017)

4. I. Marketing Information and Customer
Insights
II. Assessing Marketing Information Needs
III. Developing Marketing Information
IV. Marketing Research
V. Analyzing Marketing Information
VI. Distributing and Using Marketing
Information
VII. Other Marketing Information Considerations
Context

5. Marketing Information and Customer Insights
(MIS)
It as a "system in
which marketing data is
formally gathered, stored,
analyzed and distributed to
managers in accordance with
their informational needs on
a regular basis."
Customer Insight
It is the intersection between
interests of the consumer and
features of the brand. Its main
purpose is to understand why the
consumer cares for the brand.
(a) information managers would like to have and
(b) what is feasible to offer
The MIS must watch the marketing environment and provide relevant
information to decision makers
It may not be possible to provide all data, e.g. how a competitor will
respond to a price change

6. Marketing information system (MIS)
consists of people and procedures for
• Assessing the information needs
• Developing needed information
• Helping decision makers use the
information for customer.
MIS provides information to the company’s
marketing and other managers and external
partners such as suppliers, resellers, and
marketing service agencies

7. Assessing Marketing Information Needs
Needs Assessment Analysis is used to
compare wants, needs, and expectations
to your brand’s or category’s perceived
delivery or performance.
General steps taken in
a needs assessment.
Exploration and identification: During the first phase of the needs
assessment, you need to determine what you already know about your
organization's needs
Data gathering and analysis: At this stage you are collecting the
information you need to better understand the gaps (needs) between
where you are and where you want to be.
Utilization:This is where the data you analyzed is used to create a plan
of action and implement it.
Evaluation: Evaluation can help you determine what made an action plan
successful or find the errors in your needs assessment

8. User’s
Needs
MIS
Offerings
Balancing what the information users would like
to have against what they need and what is
feasible to offer.
8
Characteristics of a Good MIS

9. Marketing research is "the process or set of processes that links
the consumers, customers, and end users to the marketer
through information.

10. Marketing Research
It is the systematic design, collection, analysis, and
reporting of data relevant to a specific marketing
situation facing an organization
Types of Marketing
Research
Observational research
Ethnographic research

11. Observational research
Involves gathering primary data by observing
relevant people, actions, and situations.
Ethnographic research
Involves sending trained observers to watch and
interact with consumers in their natural environment.

12. Marketing Research
It is the most widely used method
and is best for descriptive
information—knowledge, attitudes,
preferences, and buying behavior.
• Flexible
• People can be unable or unwilling
to answer.
• Gives misleading or pleasing
answers.
• Privacy concerns.

13. Marketing Research
It is best for gathering causal
information—cause-and-effect
relationships.
• Focus Groups
• Six to 10 people with a trained
moderator
• Challenge
• Expensive
• Difficult to generalize from small group
• Consumers not always open and honest

14. Defining the Problem and Research Objectives
Exploratory research
Descriptive research
Causal research
14
Marketing Research

15. Planning Primary Data Collection
Research
approaches
Contact methods
Sampling plan
Research
instruments
15
Marketing Research

16. Collecting the information
Processing the information
Analyzing the information
Interpret findings
Draw conclusions
Report to management
16
Marketing Research

17. Analyzing Marketing Information
Marketing information has no value until it is used to
make better marketing decisions Many companies have
now acquired or developed special software and
analysis techniques -- called customer relationship
management (CRM) -- that integrate, analyze, and apply
the mountains of individual customer data contained in
their databases.

18. Customer Relationship Management
(CRM)
CRM consists of sophisticated software and analytical tools that integrate
customer information from all sources, analyze it in depth, and apply
the results to build stronger customer relationships

19. In the market research process, the fourth step
is: Analyze the Data or Information. The following
section provides a brief description of several commonly
used statistical tools,decision support models, and
optimization routines
• Multiple Regression
• Discriminant Analysis
• Factor Analysis
• Cluster Analysis
• Conjoint Analysis
• Multidimensional Scaling
The amount of data that can be collected and assembled in a
market research study can be astronomical. Data organization
and data reduction are two very important aspects of data
analysis that is seldom highlighted

20. Multiple Regression
A simple market research example is the estimation of the best fit for advertising by
looking at how sales revenue (the dependent variable) changes in relation to
expenditures on advertising, placement of ads, and timing of ads.
Discriminant Analysis
Market research can make use of discriminant analyses in a number of ways. One
simple example is to distinguish what advertising channels are most effective for
different types of products.
Factor Analysis
This statistical method is used to determine which are the strongest underlying
dimensions of a larger set of variables that are inter-correlated. Where many
variables are correlated, factor analysis identifies which relations are strongest

21. Cluster Analysis
This statistical procedure is used to separate objects into a specific number of
groups that are mutually exclusive but that are also relatively homogeneous in
constitution.
Conjoint Analysis
This statistical method is used to unpack the preferences of consumers with regard
to different marketing offers. Two dimensions are of interest to the market
researcher in conjoint analysis: (1) The inferred utility functions of each attribute,
and (2) the relative importance of the preferred attributes to the consumers.
Multidimensional Scaling
This category represents a constellation of techniques used to produce perceptual
maps of competing brands or products.

22. Distributing and Using Marketing
Information
Information distribution involves entering information
into databases and making it available in a time-
useable manner
 Intranet provides information to employees and
other stakeholders
 Extranet provides information to key customers and
suppliers

23. Other Marketing Information
Considerations
Marketing Research in Small Businesses and
Nonprofit Organizations
International Market Research
Public Policy and Ethics
• Customer privacy
• Misuse of research findings
23

24. Marketing Research in Small Businesses and
Nonprofit Organizations
Need information about their industry, competitors, potential customers, and
reactions to new offers. Must track changes in customer needs and
wants, reactions to new products, and changes in the competitive
environment
4-39
Sources of marketing information:
• Observing their environment
• Monitoring competitor advertising
• Evaluating customer mix
• Visiting competitors
• Conducting informal surveys
• Conducting simple experiments
Secondary data
• Trade associations
• Chambers of Commerce
• Government agencies
• Media

25. International Marketing Research
Additional and different challenges
• Level of economic development
• Culture
• Customs
• Buying patterns
• Difficulty in collecting secondary data
• Hard-to-reach respondents
Public Policy and Ethics in Marketing Research
• Intrusions on consumer
privacy
• Consumer resentment
• Misuse of research findings