TURNING MARKETING INFORMATION INTO

ACTION

TURNING MARKETING INFORMATION INTO

ACTION

CHAPTER 8

Five-step marketing research approach leading Five-step marketing research approach leading to marketing actionsto marketing actions

• Set the Research Objectives

• Identify Possible Marketing Actions Measures of success

STEP 1: DEFINE THE PROBLEM

• Specify Constraints

• Identify Data needed for Marketing Actions

• Determine How to Collect Data• Concepts

• Methods Probability sampling Nonprobability sampling Statistical inference

STEP 2: DEVELOP THE RESEARCH PLAN

Types of Marketing InformationTypes of Marketing Information

STEP 3: COLLECT RELEVANT INFORMATION

• Secondary Data• Internal Secondary Data• External Secondary Data

• Primary Data• Observational Data• Questionnaire Data• Panels and Experiments

• Advantages and Disadvantages

STEP 3: COLLECT RELEVANT INFORMATION

Example: Nielsen//NetRatings of the top 10 Internet WebsitesExample: Nielsen//NetRatings of the top 10 Internet Websites

• Using Information Technology to Trigger Marketing Actions• The Marketing Manager’s View of Sales “Drivers”

• Key Elements of an Information System

• The Challenge in Mining Marketing Data

• Data Mining: Approach to Searching the Data Ocean

STEP 3: COLLECT RELEVANT INFORMATION

• Analyze the Data

• Present the Findings

STEP 4: DEVELOP FINDINGS

Converting data into marketing actions: What to Converting data into marketing actions: What to do about supermarket chains . . .do about supermarket chains . . .

• Identify the Action Recommendations

• Implement the Action Recommendations

• Evaluate the Results

STEP 5: TAKE MARKETING ACTIONS

• Basic Forecasting Terms• Market or Industry Potential

• Sales or Company Forecast

• Two Basic Approaches to Forecasting• Top-Down Forecast

• Buildup Forecast

MARKET AND SALES FORECASTING

Buildup approach to a two-quarter sales forecast Buildup approach to a two-quarter sales forecast for Apple Computer productsfor Apple Computer products

• Specific Sales Forecasting Techniques• Judgments of the Decision Maker

Direct forecast Lost-horse forecast

• Surveys of Knowledgeable Groups Survey of buyers’ intentions forecast Salesforce survey forecast Jury of executive opinion forecast Survey of experts forecast

• Statistical Methods Trend extrapolatioN

MARKET AND SALES FORECASTING

Linear trend extrapolation of sales revenues of Linear trend extrapolation of sales revenues of Xerox . . . 1999Xerox . . . 1999