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

Marketing ManagementMarketing Management

What is marketing What is marketing information?information?

Need information to Need information to make decisionsmake decisions

Technology generates a Technology generates a great deal of info.great deal of info.

Not all info. generated is Not all info. generated is relevantrelevant

Why marketing Why marketing information is neededinformation is needed

Explain why something is occurringExplain why something is occurring Predict what may happenPredict what may happen Monitor that goals are being metMonitor that goals are being met Discover…new products, new ways Discover…new products, new ways

of doing things, promotion, image, of doing things, promotion, image, etc.etc.

Hypothesis Testing- Test out Hypothesis Testing- Test out theories and “what if” ideastheories and “what if” ideas

To collect information To collect information marketers do marketing marketers do marketing researchresearch Marketing research is the Marketing research is the

gathering of information to make gathering of information to make marketing decisions.marketing decisions.

The information collected is called The information collected is called data.data.

There are 2 types of data: There are 2 types of data: primary and secondary. primary and secondary.

Primary dataPrimary data

Information collected for the specific Information collected for the specific purpose at hand.purpose at hand.

Research approachesResearch approaches– Observational researchObservational research– Survey researchSurvey research– Interview researchInterview research– Experimental researchExperimental research(approaches on next 4 slides)(approaches on next 4 slides)

Primary data Primary data Observational Observational researchresearch

Observational research: The Observational research: The gathering of primary data by gathering of primary data by observing relevant people, observing relevant people, actions, and situations.actions, and situations.

Ex. Sit in front of store and watch Ex. Sit in front of store and watch customers.customers.

Primary dataPrimary data Survey research Survey research

Survey research: The Survey research: The gathering of primary data by gathering of primary data by asking people questions asking people questions about their knowledge, about their knowledge, attitudes, preferences, and attitudes, preferences, and buying behavior.buying behavior.

Survey research is done by Survey research is done by creating a questionnaire for creating a questionnaire for people to complete.people to complete.

Primary dataPrimary dataInterview researchInterview research

Interview research: A formal meeting Interview research: A formal meeting between two or more people, during between two or more people, during which questions are asked of one which questions are asked of one person. person.

Used to gain insight into customers’ Used to gain insight into customers’ thoughts, opinions, and reactions thoughts, opinions, and reactions about products/ services. about products/ services.

Ex. Focus groupEx. Focus group

Primary dataPrimary data Experimental research

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

Ex. Taste tests

Secondary dataSecondary data

Information that already exists, having been collected for another purpose.

May be obtained quickly and is less May be obtained quickly and is less expensive than conducting your own primary expensive than conducting your own primary datadata

SourcesSources– InternetInternet– Government (SBA, census.gov)Government (SBA, census.gov)– Outside suppliersOutside suppliers– Commercial online databases: Computerized Commercial online databases: Computerized

collections of information available from collections of information available from online commercial sources.online commercial sources.

Evaluating the collected Evaluating the collected datadata

First examine the raw information (i.e., First examine the raw information (i.e., what was actually collected) to make what was actually collected) to make sure the information exists as sure the information exists as required. required.

Inspect paper-based questionnaires forInspect paper-based questionnaires for– errors by the individuals that completing errors by the individuals that completing

them or them or – errors in the questionserrors in the questions

Types of Errors with Types of Errors with QuestionnairesQuestionnaires Incomplete ResponsesIncomplete Responses –(e.g., –(e.g.,

skipped questions) skipped questions) Data Entry ErrorData Entry Error –info not –info not

recorded properly or connection is recorded properly or connection is disrupted before completion of disrupted before completion of survey survey

Questionable EntryQuestionable Entry –apparent –apparent inconsistencies in responses such inconsistencies in responses such as when a respondent does not as when a respondent does not appear to be answering honestly appear to be answering honestly

What should you do What should you do with the data with with the data with errors?errors? Exclude problem questionsExclude problem questions

oror Throw out the entire surveyThrow out the entire survey

What is coding in data What is coding in data analysis?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=2a 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