Presentation on theme: "Marketing Research 4.06 Acquire foundational knowledge of marketing-information management to understand its nature and scope."— Presentation transcript:
1 Marketing Research4.06 Acquire foundational knowledge of marketing-information management to understand its nature and scope.
2 MIM Vocabulary Marketing Information Information gleaned from talking with the customerMarketing-Information Management SystemMethod for collecting and analyzing/interpreting dataMarketing ResearchMethodology for discovering the customer’s wants and needs – links consumer, customer and public to marketer (This is why company’s conduct research)
3 Who uses marketing research? Marketing research may be formal or informalDepending on the size of the business it may be done in house (internal department) or outsourced (hire an expert)Government, opinion polls, associations and businesses use marketing research
4 Marketing Information Management (MIM) – 2 TYPES Primary is information the company collects directly from its own surveys – first time collected; expensive and time consuming; up to date; fits company’s needs and marketers interact with participantsSecondary is information the company collects from other sources (libraries, online, Federal publications, etc.) – desk research – already exists; efficient and costs less; it can be out of date
5 MIM Why marketers should collect information: To stay ahead of the competitionTo better serve current customersTo successfully expand into new marketsTo better understand the economy’s effect on its customers
6 Credibility and Ethics WHY the integrity of the marketing information must be protected.Personal information (that can be used to identify specific people) that is collected must be protected from unauthorized use.The integrity of the data is critical to its accurate analysis and interpretationInformation collected unethically must be handled according to the law
7 Ethics in MIM Keeping collected information confidential A company may not use information obtained unethicallyInformation collected by the company must be protected from inappropriate use or distributionInformation collected from research surveys taken for one specific purpose (i.e. consumer credit) may not be used for marketing campaigns (i.e. direct mail)Use of “cookies” – WHAT ARE THESE????
8 TechnologyMarketing-information management (MIM) tracks and monitors customer website activities.Use of “cookies”Accurate count of hits to a website
9 Vocabulary Define the following terms: Self-Regulation – The company or industry enforces its own rules for interacting with its customersThere aren’t any specific laws or government regulations concerning that company’s or industry’s productsPrivacyThe concept that an individual’s personal information (contact, SSN, preferences, etc.) are to be safely kept by the company and only shared or used as agreed to by the customer.There are legal requirements for a company to safeguard certain informationThere are morale obligations as well
10 SUGGing and FRUGGing SUGGING FRUGGING Selling under the guise of a survey (research) - a product marketer falsely pretends to be a market researcher conducting a survey, when in reality they are simply trying to sell the product in questionFRUGGINGFundraising under the guise of a survey - a product marketer falsely purports to be a market researcher conducting a statistical survey, when in reality the "researcher" is attempting to solicit a donation
11 Self-regulationExplain the role of self-regulation for marketing researchersFor the good of the marketing research industry, high standards are set in the way information is collected and handledThis protects the industry because customers will trust the people giving the surveyAny researcher failing to follow the self-regulation guidelines will be punished or expelled from the association
12 PrivacyDiscuss privacy concerns associated with the collection, storage, mining, and use of dataAll personal data must be protected from inappropriate useInformation collected for one purpose might be ineligible for use in another purposeCertain data might not be allowed to be stored (i.e. SSN) or might have to be encoded and separated from other information
13 Legal IssuesCompanies must be careful about collecting information about children under 18 years oldWhile buying preferences and opinions are fine, personal data must be very carefully handled (think Sony Playstation fiasco)Medical Information – HIPPA lawsResearchers aren’t permitted to use their collected information for anything other than the purpose it was collected