MODULE 6

• Marketing Information: Also known as business intelligence, competitive

  intelligence, or marketing intelligence, is information about the market that helps to identify opportunities in the market. This information helps to determine a company’s strengths and weaknesses while also evaluating the external environment’s opportunities and threats.
• According to the American Marketing Association (AMA), marketing research “is the function that links the consumer, customer, and public to the marketer through information.
• Marketing research presents information gained through various sources as a resource for managers to make data-driven business

  decisions.
• Data refers to raw facts that have no specific meaning.
• Information refers to processed data that has a purpose and meaning.
• 3 Categories of Marketing Information

  1. Internal Data
  2. External Data
  3. Marketing Intelligence
• External data is data that originates from outside the organization.
• Competitive intelligence is the collection of that information from the

  marketplace.
• 7 Steps in Successful Marketing Plan

  1. Define the problem
  2. Develop the research plan
  3. Select the data collection
  4. Design the sample
  5. Collect the data
  6. Analyze the data
  7. Prepare the research report
• Problem definition is the realization that there is an issue that needs to be addressed.
• Primary data - This type of research doesn’t currently exist until it is pulled together for the project.
• Examples of primary data collection include survey, observation, experiment, or focus group data that is gathered for the current project.
• Secondary data is any research that was completed for another purpose but can be used to help inform the research process.
• Secondary data comes in many forms and includes census data, journal articles, previously collected survey or focus group data of related topics, and compiled company data.
• 3 Ethical Issues in Marketing Research

  1. Use of Deceptive Practices
  2. Invasion of Privacy
  3. Breaches of Confidentiality
• Deceptive practices involve providing false or misleading information to participants in a research study. This can damage trust and compromise the research's integrity.
• Invasion of privacy occurs when researchers intrude into personal lives without consent. This includes collecting sensitive information or using intrusive methods.
• Breaches of confidentiality happen when promised privacy isn't maintained. This can lead to unauthorized disclosure of sensitive information, harming individuals or organizations.
• Non-Probability Sample - is a situation in which each potential member of the sample has an unknown likelihood of being selected in the sample.
• Probability Sample - are those in which every member of the sample has an identified likelihood of being selected.
• Data collection is the systematic gathering of information that addresses the identified problem.
• 4 Research Types

  1. Exploratory
  2. Descriptive
  3. Experimental
  4. Ethnographic
• Ethnographic: Method of collecting data that is conducted by observing people's natural behavior.
• Experimental (Causal): Studies that define a cause-and-effect relationship between two factors.