3.04 Interpret marketing information to test hypotheses and/ or solve issues Marketing Management

What is marketing information? Need information to make decisions Need information to make decisions Technology generates a great deal of info. Technology generates a great deal of info. Not all info. generated is relevant Not all info. generated is relevant

Why marketing information is needed Explain why something is occurring Explain why something is occurring Predict what may happen Predict what may happen Monitor that goals are being met Monitor that goals are being met Discover…new products, new ways of doing things, promotion, image, etc. Discover…new products, new ways of doing things, promotion, image, etc. Hypothesis Testing- Test out theories and “what if” ideas Hypothesis Testing- Test out theories and “what if” ideas

To collect information marketers do marketing research Marketing research is the gathering of information to make marketing decisions. Marketing research is the gathering of information to make marketing decisions. The information collected is called data. The information collected is called data. There are 2 types of data: primary and secondary. There are 2 types of data: primary and secondary.

Primary data Information collected for the specific purpose at hand. Research approaches Research approaches –Observational research –Survey research –Interview research –Experimental research (approaches on next 4 slides)

Primary data Observational research Observational research: The gathering of primary data by observing relevant people, actions, and situations. Observational research: The gathering of primary data by observing relevant people, actions, and situations. Ex. Sit in front of store and watch customers. Ex. Sit in front of store and watch customers.

Primary data Survey research Survey research: The gathering of primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior. Survey research: The gathering of primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior. Survey research is done by creating a questionnaire for people to complete. Survey research is done by creating a questionnaire for people to complete.

Primary data Interview research Interview research: A formal meeting between two or more people, during which questions are asked of one person. Interview research: A formal meeting between two or more people, during which questions are asked of one person. Used to gain insight into customers’ thoughts, opinions, and reactions about products/ services. Used to gain insight into customers’ thoughts, opinions, and reactions about products/ services. Ex. Focus group Ex. Focus group

Primary data Primary data Experimental research Experimental research: The gathering of primary data by setting up an actual experiment and comparing results. Ex. Taste tests

Secondary data Information that already exists, having been collected for another purpose. May be obtained quickly and is less expensive than conducting your own primary data May be obtained quickly and is less expensive than conducting your own primary data Sources Sources –Internet –Government (SBA, census.gov) –Outside suppliers –Commercial online databases: Computerized collections of information available from online commercial sources.

Evaluating the collected data First examine the raw information (i.e., what was actually collected) to make sure the information exists as required. First examine the raw information (i.e., what was actually collected) to make sure the information exists as required. Inspect paper-based questionnaires for Inspect paper-based questionnaires for –errors by the individuals that completing them or –errors in the questions

Types of Errors with Questionnaires Incomplete Responses –(e.g., skipped questions) Incomplete Responses –(e.g., skipped questions) Data Entry Error –info not recorded properly or connection is disrupted before completion of survey Data Entry Error –info not recorded properly or connection is disrupted before completion of survey Questionable Entry –apparent inconsistencies in responses such as when a respondent does not appear to be answering honestly Questionable Entry –apparent inconsistencies in responses such as when a respondent does not appear to be answering honestly

What should you do with the data with errors? Exclude problem questions Exclude problem questionsor Throw out the entire survey Throw out the entire survey

What is coding in data analysis? Coding : marking the segments of data with symbols, descriptive words, category names, or numbers Each response would have a certain code. Helps to put responses into data categories. Example Are you a male or a female? Code or Variable Male=1 Female=2 a computer can easily calculate how many males or females completed the survey or how many males or females answered a certain way to a particular question