California State University, Bakersfield
1781033511791MARKETING RESEARCH0MARKETING RESEARCH Census Reports -- Secondary Research Interactive Query with Data & Info-Graphics The Market Research Process The Market Research Process Objectives and Formulating ProblemsDefining the problem and research objectives is the first step involved in the marketing research process.LEARNING OBJECTIVESOutline objectives and problems as part of the marketing research processKEY TAKEAWAYSKey PointsThe marketing research process involves six steps: 1: problem definition, 2: development of an approach to the problem, 3: research design formulation, 4: data collection, 5: data preparation and analysis, and 6: report preparation and presentation.The first step in any marketing research study is to define the problem, while taking into account the purpose of the study, the relevant background information, what information is needed, and how it will be used in decision making.This stage involves discussion with the decision makers, interviews with industry experts, analysis of secondary data, and, perhaps, some qualitative research, such as focus groups.There are three types of objectives that can be deployed in marketing research: exploratory research, descriptive research, and causal research.Key TermsMarketing Research: The function that links the consumers, customers, and public to the marketer through information. This information is used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.Objective: Not influenced by irrational emotions or prejudices.Systematic: Carried out using a planned, ordered procedure.ethnographic research: information regarding cultural phenomenaMarketing Research Is Systematic and Objective:Systematic planning is required at all the stages of the marketing research process. The procedures followed at each stage are methodologically sound, well documented, and, as much as possible, planned in advance. Marketing research uses the scientific method in that data are collected and analyzed to test prior notions or hypotheses.Marketing research aims to provide accurate information that reflects a true state of affairs and, thus, should be conducted impartially. While research is always influenced by the researcher’s research philosohy, it should be free from the personal or political biases of the researcher or the management.Overview of the Marketing Research Process:Step 1: Problem DefinitionStep 2: Development of an Approach to the ProblemStep 3: Research Design FormulationStep 4: Field Work or Data CollectionStep 5: Data Preparation and AnalysisStep 6: Report Preparation and PresentationStep 1: Problem DefinitionDefine the problem and research objectives. The first step in any marketing research study is to define the problem, while taking into account the purpose of the study, the relevant background information, what information is needed, and how it will be used in decision making. This stage involves discussion with the decision makers, interviews with industry experts, analysis of secondary data, and, perhaps, some qualitative research, such as focus groups. There are three types of objectives that can be deployed in marketing research:What’s the Problem?: The first stage of the marketing research process involves defining the problem.1. Exploratory researchUsed to better define a problem or scout opportunities.In-depth interviews and discussions groups are commonly used.2. Descriptive researchUsed to assess a situation in the marketplace (i.e., potential for a specific product or consumer attitudes).Methods include personal interviews and surveys.3. Causal researchUsed for testing cause and effect relationships.Typically through estimation.Plan the Research DesignThe research design is a framework or blueprint for conducting the marketing research project.LEARNING OBJECTIVESDescribe the formulation of research design within the context of the marketing research processKEY TAKEAWAYSKey PointsThe marketing research process is comprised of six steps: 1: problem definition, 2: development of an approach to the problem, 3: research design formulation, 4: field work or data collection, 5: data preparation and analysis and, 6: report preparation and presentation.It details the procedures necessary for obtaining the required information, and its purpose is to design a study that will test the hypotheses of interest, determine possible answers to the research questions, and provide the information needed for decision making.Decisions also are made regarding what data should be obtained from the respondents (e.g., by conducting a survey or an experiment), and a questionnaire and sampling plan also are designed in order to select the most appropriate respondents for the study.Research design involves secondary data analysis; qualitative research; quantitative data methods (survey, observation, and experimentation); information needed; measurement and scaling procedures; questionnaire design; sampling process and sample size; and a plan of data analysis.Key TermsMarketing Research: The function that links the consumers, customers, and public to the marketer through information. This information is used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.secondary data: information collected by someone other than the user of the dataQualitative research: A method of inquiry employed in many different academic disciplines, traditionally in the social sciences but also in market research and further contexts.Secondary Research: This process involves the summary, collation, and synthesis of existing research rather than primary research, where data is collected from subjects or experiments.survey research: information from a predetermined set of questions that is given to a sample and is used to assess thoughts, opinions, and feelingsThe Marketing Research Process is comprised of the following steps:Step 1: Problem DefinitionStep 2: Development of an Approach to the ProblemStep 3: Research Design FormulationStep 4: Field Work or Data CollectionStep 5: Data Preparation and AnalysisStep 6: Report Preparation and PresentationStep 2: Development of an Approach to the ProblemStep two includes formulating an objective or theoretical framework, analytical models, research questions, hypotheses, and identifying characteristics or factors that can influence the research design. This process is guided by discussions with management and industry experts, case studies and simulations, analysis of secondary data, qualitative research, and pragmatic considerations.Research Planning: Planning involves creating and maintaining a plan.Step 3: Research Design FormulationA research design is a framework or blueprint for conducting the marketing research project. It details the procedures necessary for obtaining the required information, and its purpose is to design a study that will test the hypotheses of interest, determine possible answers to the research questions, and provide the information needed for decision making. Decisions are also made regarding what data should be obtained from the respondents (e,g,, by conducting a survey or an experiment). A questionnaire and sampling plan also are designed in order to select the most appropriate respondents for the study. The following steps are involved in formulating a research design:Secondary data analysis (based on secondary research)Qualitative researchMethods of collecting quantitative data (survey, observation, and experimentation)Definition of the information neededMeasurement and scaling proceduresQuestionnaire designSampling process and sample sizePlan of data analysisConducting Secondary Research: Secondary data analysis is one of the steps involved in formulating a research design.Developing the research plan for collecting information:The research plan outlines sources of existing data and spells out the specific research approaches, contact methods, sampling plans, and instruments that researchers will use to gather data. This plan includes a written proposal that outlines the management problem, research objectives, information required, how the results will help management decisions, and the budget allocated for the research.Collecting DataData collection is a crucial step in the research process because it enables the generation of insights that will influence the marketing strategy.LEARNING OBJECTIVESConstruct the rationale of field work or data collection from a marketing research process perspectiveKEY TAKEAWAYSKey PointsThe marketing research process is comprised of six steps: 1. problem definition, 2. development of an approach to the problem, 3. research design formulation, 4. field work or data collection, 5. data preparation and analysis, and 6. report preparation and presentation.Data collection involves a field force or staff that operates either in the field, as in the case of personal interviewing, from an office by telephone, or through mail (traditional mail and mail panel surveys with pre-recruited households).Proper selection, training, supervision, and evaluation of the field force helps minimize data-collection errors.Key Termsscientific method: The scientific method is a body of techniques for acquiring new knowledge or correcting and integrating previous knowledge. To be termed scientific, a method of inquiry must be based on empirical and measurable evidence subject to specific principles of reasoning.Data: Data are values of qualitative or quantitative variables belonging to a set of items; Data are typically the results of measurements and can be visualised using graphs or imagesmall intercept: a survey whereby respondents are intercepted in shopping in malls. The process involves stopping the shoppers, screening them for appropriateness, and either administering the survey on the spot or inviting them to a research facility located in the mall to complete the interview.The Marketing Research Process is comprised of the following steps:Step 1: Problem DefinitionStep 2: Development of an Approach to the ProblemStep 3: Research Design FormulationStep 4: Field Work or Data CollectionStep 5: Data Preparation & AnalysisStep 6: Report Preparation & PresentationStep 4: Field Work or Data CollectionField work, or data collection, involves a field force or staff that operates either in the field, as in the case of personal interviewing (focus group, in-home, mall intercept, or computer-assisted personal interviewing), from an office by telephone (telephone or computer-assisted telephone interviewing/CATI), or through mail (traditional mail and mail panel surveys with pre-recruited households). Proper selection, training, supervision, and evaluation of the field force helps minimize data-collection errors. In marketing research, an example of data collection is when a consumer goods company hires a market research company to conduct in-home ethnographies and in-store shop-alongs in an effort to collect primary research data.Focus Group: Soldiers and their family members participate in focus groups.Marketing Research is Systematic and ObjectiveSystematic planning is required at all stages of the marketing research process, especially in the data collection step. The procedures followed at each stage are methodologically sound, well documented, and, as much as possible, planned in advance. Marketing research uses the scientific method in that data are collected and analyzed to test prior notions or hypotheses.Marketing research aims to provide accurate information that reflects a true state of affairs and thus, should be conducted impartially. While research is always influenced by the researcher’s philosophy, it should be free from the personal or political biases of the researcher or the management. This is especially important in the data collection phase. The data collected will be analysed and used to make marketing decisions. Hence, it is vital that the data collection process be free of as much bias as possible.Primary Versus Secondary ResearchThere are many sources of information a marketer can use when collecting data. The Nielsen Ratings is an audience measurement system that provides data on audience size and the composition of television markets in the United States. The Gallup Polls conduct public opinion polls with its results published daily in the form of data driven news. The U.S Census Bureau, directed by the U.S. Government is the principal agency that is responsible for producing data about American people and the economy. Population, housing and demographic characteristics are gathered to help plan and define transportation systems, police and fire precinct, election districts and schools.Analyzing DataData Analysis is an important step in the Marketing Research process where data is organized, reviewed, verified, and interpreted.LEARNING OBJECTIVESSummarize the characteristics of data preparation and methodology of data analysisKEY TAKEAWAYSKey PointsThe Marketing Research Process is comprised of 6 steps: 1: Problem Definition, 2: Development of an Approach to the Problem, 3: Research Design Formulation, 4: Field Work or Data Collection, 5: Data Preparation and Analysis, 6: Report Preparation and Presentation.Data is carefully edited, coded, transcribed, and verified so it can be properly analyzed during this phase of the research process.Verification ensures that the data from the original questionnaires have been accurately transcribed, while data analysis gives meaning to the data that have been collected.Bias must be avoided when interpreting data because only the results (not personal opinion) should be communicated.Key Termsdata mining: A technique for searching large-scale databases for patterns; used mainly to find previously unknown correlations between variables that may be commercially useful.Marketing Research: The function that links the consumers, customers, and public to the marketer through information. This information is used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.business intelligence: Any information that pertains to the history, current status or future projections of a business organization.Overview of the Marketing Research Process:Step 1: Problem DefinitionStep 2: Development of an Approach to the ProblemStep 3: Research Design FormulationStep 4: Field Work or Data CollectionStep 5: Data Preparation and AnalysisStep 6: Report Preparation and PresentationStep 5: Data Preparation and AnalysisAnalysis of data is a process of inspecting, cleaning, transforming, and modeling data with the goal of highlighting useful information, suggesting conclusions, and supporting decision making. Data analysis has multiple facets and approaches, encompassing diverse techniques under a variety of names in different business, science, and social science domains. Data mining is a particular data analysis technique that focuses on modeling and knowledge discovery for predictive rather than purely descriptive purposes. Marketers use databases to extract applicable information that identifies customer patterns, characteristics and behaviors.Data Analysis: Taking notes is an important part of data analysis and testing parameters.Business intelligence covers data analysis that relies heavily on aggregation and focusing on business information. In statistical applications, some people divide data analysis into descriptive statistics, exploratory data analysis (EDA), and confirmatory data analysis (CDA). EDA focuses on discovering new features in the data and CDA focuses on confirming or falsifying existing hypotheses. Predictive analytics focuses on application of statistical or structural models for predictive forecasting or classification. Text analytics applies statistical, linguistic, and structural techniques to extract and classify information from textual sources, a species of unstructured data. All are varieties of data analysis.Meeting: Researchers can set up a debriefing meeting to review the analysis.During this phase of the research process, data is carefully edited, coded, transcribed, and verified in order for it to be properly analyzed. Statistical market research tools are used. The validity of the results is also assessed to confirm how well the data measures what it is supposed to measure. Oftentimes, the research team will arrange a debriefing session with the client to review highlights from the data and brainstorm potential ideas on how the findings can be implemented. This typically happens when a client hires a market research company and they want to remain thoroughly involved in the research process.Data Output: Types of data analysis outputs include a heat map, bar plots, and scatter plots.Helpful tips to keep in mind during data analysis:Communicate the results.Try to avoid bias when interpreting data.Just because results fail to confirm original hypotheses, does not mean the research results are useless.Developing Insights and an Action PlanA successful presentation provides conclusions (based on the insights gathered) that effectively meet the objectives of the research.LEARNING OBJECTIVESIdentify the characteristics of preparing,presenting and documenting the results of marketing researchKEY TAKEAWAYSKey PointsReport Preparation & Presentation is the sixth step in the Marketing Research Process.The entire project should be documented in a written report that addresses the specific research questions identified; describes the approach, research design, data collection, and data analysis procedures adopted; and presents the results and the major findings.The findings should be presented in a comprehensible format so they can be readily used in the decision making process.In addition, an oral presentation should be made to management using tables, figures, and graphs to enhance clarity and impact.Key TermsExecutive Summary: A short document or section of a document that summarizes a longer report or proposal in such a way that readers can rapidly become acquainted with a large body of material without having to read it all.Market Research: The systematic collection and evaluation of data regarding customers’ preferences for actual and potential products and services.Overview of the Market Research Process:Step 1: Problem DefinitionStep 2: Development of an Approach to the ProblemStep 3: Research Design FormulationStep 4: Field Work or Data CollectionStep 5: Data Preparation & AnalysisStep 6: Report Preparation & PresentationStep 6: Report Preparation & PresentationDuring the Report Preparation & Presentation step, the entire project should be documented in a written report that addresses the specific research questions identified; describes the approach, the research design, data collection, and data analysis procedures adopted; and presents the results and the major findings. This permanent document is also helpful because it can be easily referenced by others who may not have been part of the research.The findings should be presented in a comprehensible format so that they can be readily used in the decision making process. In addition, an oral presentation should be made to management using tables, figures, and graphs to enhance clarity and impact.Presentation: Report preparation and presentation is the sixth step in the market research process.A successful presentation will include but is not limited to the following elements:Final conclusions (based on the insights gathered from data collected) that effectively meet the initial objectives of the researchRecommendations about how to apply the researchCharts, graphs, and visual elements that help showcase important facts and make the presentation easily digestible and memorableA formal research report presentation typically includes the following:Table of ContentsExecutive SummaryBackgroundResearch ObjectivesResearch MethodologyHighlights of Fieldwork Data CollectedAppendix (including Respondent Screening Instrument and Questionnaire)Findings/InsightsRecommendations/Implications and Action PlanTechnology to Assist Market Research Marketing Information SystemsA marketing information system (MIS) is a management information system designed to support marketing decision making.LEARNING OBJECTIVESShow the use of marketing information systems used in research and consumer marketingKEY TAKEAWAYSKey PointsAn MIS brings together many different kinds of data, people, equipment, and procedures to help an organization make better decisions.MIS not only indicates how things are going, but also why and where performance is failing to meet the plan.MISs produce fixed, regularly scheduled reports to middle and operational level managers to identify and inform structured and semi-structured decision problems.An MIS can provide endless benefits to any organization including: enabling managers to share information and work together virtually, helping marketers collaborate with customers on product designs and customer requirements, and addressing operational needs through customer management systems.Key TermsPhilip Kotler: An American academic focused on marketing. The author of Marketing Management, among dozens of other textbooks and books, and the S.C. Johnson & Son Distinguished Professor of International Marketing at the Kellogg School of Management at Northwestern University.Marketing Information SystemsA marketing information system (MIS) is a management information system designed to support marketing decision making. It brings together many different kinds of data, people, equipment and procedures to help an organization make better decisions. American academic Philip Kotler has defined it more broadly as “people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers. ” Not to be confused for a management information system, marketing information systems are designed specifically for managing the marketing aspects of the business.Example of an MIS: A marketing information system supports the decision-making process in marketing.Jobber (2007) defines it as a “system in which marketing data is formally gathered, stored, analysed and distributed to managers in accordance with their informational needs on a regular basis. ”MIS not only indicates how things are going, but also why and where performance is failing to meet the plan. These reports include near real-time performance of cost centers and projects with detail sufficient for individual accountability. MISs produce fixed, regularly scheduled reports to middle and operational level managers to identify and inform structured and semi-structured decision problems.A traditional marketing information system can provide endless benefits to any organization in the private or public sector, despite its size or level of managerial sophistication. Some of these benefits include:It enables managers to share information and work together virtually.It helps marketers collaborate with customers on product designs and customer requirements.It addresses operational needs through customer management systems that focus on the day-to-day processing of customer transactions from the initial sale through customer service.The availability of the customer data and feedback can help the company align their business processes according to the needs of the customers. The effective management of customer data can help the company perform direct marketing and promotional rmation is considered to be an important asset for any company in the modern competitive world. The consumer buying trends and behaviors can be predicted by the analysis of sales and revenue reports from each operating region of the company.Digital SurveysDigital surveys are research tools that ask consumers questions in a virtual environment.LEARNING OBJECTIVESDescribe the characteristics of digital surveys from a market research point of viewKEY TAKEAWAYSKey PointsWith the increasing use of the Internet, online questionnaires have become a popular way to collect information.Online Research Methods include: ethnography, focus groups, interviews, web-based experiments and clinical trials.The advantages of digital surveys include: questions can be displayed in different ways, data can be received immediately, collection is more cost-effective than traditional methods, and adapting surveys is quick and affordable.The disadvantages of digital surveys include: response rates are limited to people who can access the web, many people dislike completing questionnaires online, and people who respond to online questionnaire invitations tend to be younger.Key Termsethnography: The branch of anthropology that scientifically describes specific human cultures and societies.Online Research Method: A way in which researchers can collect data via the Internet. This is also referred to as Internet research.focus group: A group of people, sampled from a larger population, interviewed in open session for market research or political analysis.Digital surveys, also referred to as online questionnaires, are research tools that ask consumers questions in a virtual environment. These surveys are a type of Online Research Method (ORM). Many of these ORMs are related to older research methodologies that have been re-invented and re-imagined to work with new technologies and the on-the-go conditions of a digital environment.With the increasing use of the Internet, online questionnaires have become a popular way of collecting information. However, the online research field remains relatively new and continues to evolve. With the growth of social media, new levels of complexity and opportunity have been created for using digital surveys to conduct market research.Other Online Research Methods for Surveying ConsumersOnline EthnographyOnline Focus GroupOnline InterviewWeb-based ExperimentsOnline Clinical TrialsClinical Trial: An online clinical trial is one type of research method used to survey customers.Advantages of Digital SurveysThe administrator has greater flexibility in displaying questions. Questions can be displayed with check boxes, pull down menus, pop up menus, help screens, or submenus.An online forum allows responses to be received from more subjects and from anywhere in the world.This method is also cheaper to use, because there are fewer costs incurred from buying paper, printing materials or paying postage.Since data is collected into a central database, the time for analysis is substantially reduced.It is easier to correct errors on an online questionnaire, since the administrator does not have to reprint and redistribute all the questionnaires.Disadvantages of Digital SurveysNot everyone has access to the Internet, so the response rate is limited.Many people are not receptive to completing questionnaires online.Studies indicate that the demographic that responds to online questionnaire invitations are generally younger people.DatabasesIn market research, databases contain information that is collected, aggregated, and used to define segments of homogeneous consumers.LEARNING OBJECTIVESDescribe the purpose and use of databases in marketing researchKEY TAKEAWAYSKey PointsResearchers keep consumer databases up-to-date with as much available data as possible regarding consumer behavior and product consumption.When companies want to conduct consumer market research, they call on these research facilities to request consumers who fit a specific demographic and behavioral profile so that these prospective respondents can then be contacted to participate in research studies.Database research provides the raw data that has already been contributed by the purchaser when they complete brief surveys that ask for their contact and demographic information during or after a product purchase.Marketers can use database research to identify common buying patterns among consumers.Lists that can be found in existing databases include: credit card holders, smokers, drinkers, car buyers, video buyers.Key TermsMarket Research: The systematic collection and evaluation of data regarding customers’ preferences for actual and potential products and services.baby boomer: A person born in the postwar years (generally considered in the USA and other Allied countries as between 1945 and the early 1960s), when there was an increase in the birth rate following the return of servicemen at the end of World War II.database: An organized collection of data. The data are typically organized to model relevant aspects of reality (for example, the availability of rooms in hotels), in a way that supports processes requiring this information (for example, finding a hotel with vacancies).A database is an organized collection of data that is typically organized to model relevant aspects of reality (for example, the availability of rooms in hotels) in a way that supports the processes that require this information (for example, finding a hotel with vacancies). In market research, a database contains information that is collected, aggregated, and used to define segments of homogeneous consumers.Consumer Databases in Market ResearchResearchers keep consumer databases up-to-date with as much available data as possible regarding consumer behavior and product consumption. This customer information oftentimes includes, but is not limited to, a variety of data, including name and address, history of shopping and purchases, demographics, and brand and product consumption. When companies want to conduct consumer market research, they call on these research facilities to request consumers who fit a specific demographic and behavioral profile so that these prospective respondents can then be contacted to participate in research panies may also acquire prospect data directly through the use of sweepstakes, contests, online registrations, and other lead generation activities.Database ResearchDatabase research provides the raw data that has already been contributed by the purchaser when they complete brief surveys that ask for their contact and demographic information during or after a product purchase. Marketers can use database research to identify common buying patterns among consumers. Lists that can be found in existing databases include: credit card holders, smokers, drinkers, car buyers, video buyers.Customers asked for information at counter: Retail outlets such as pharmacies can request customer’s contact information at check-out for specific products as a way to help build a consumer database.Database research is considered an extremely helpful tool in market segmentation research. For example, from zip code lists, marketers may determine where the wealthy consumers live in a city. That list can be merged with a list of moms of children 0-5 years old. The resulting list can be merged with another list of women who are Hispanic and African American to further target this niche demographic. The final list will deliver a potential market for a new baby product to be introduced and profiled in Hispanic and African American women’s magazines. The people on the potential buyers’ list could then be mailed an invitation to come test this new baby product.Decision Support SystemsDecision support systems are tools that help companies assess and resolve business questions in a timely and effective manner.LEARNING OBJECTIVESDemonstrate the uses and effectiveness of decision support systems from a marketing perspectiveKEY TAKEAWAYSKey PointsCompanies across all industries rely on decision support tools, techniques, and models to help them assess and resolve business questions.A DSS is a computer-based information system that helps businesses or organizations make better decisions by providing a flexible tool for analysis.In addition to helping management, DSSs also serve the operations and planning levels of an organization by helping them make decisions.Decision support systems can be either fully computerized, human, or a combination of both.A key component to any DSS is business intelligence reporting tools, processes, and methodologies.The top benefits of decision support systems include: speeding up the process of decision making, increasing organizational control, speeding up problem solving in an organization, helping automate managerial processes, improving personal efficiency, and eliminating value chain activities.Key TermsDecision Support System: A computer-based information system that supports business or organizational decision-making activities.Decision Support SystemsCompanies across all industries rely on decision support tools, techniques, and models to help them assess and resolve business questions. One example of this is a decision support system (DSS). A DSS is a computer-based information system that helps businesses or organizations make better decisions by providing a flexible tool for analysis. With supporting software and hardware, this tool collects data that helps an organization gather and interpret relevant business information. It then converts the information into a basis for marketing action.Example of a DSS: A decision support system helps a company resolve business questions.Decision support systems enable managers to obtain and manipulate information as they are making decisions. In addition to helping management, DSSs also serve the operations and planning levels of an organization by helping them make decisions, which may be rapidly changing and not easily specified in advance. Decision support systems can be either fully computerized, human, or a combination of both.A key component to any DSS is business intelligence reporting tools, processes, and methodologies. DSSs also include knowledge-based systems and an interactive software-based system intended to help decision makers compile useful information from a combination of raw data, documents, personal knowledge, or business models.Typical information that a decision support application might gather and present includes:Comparative sales figures between one period and the nextProjected revenue figures based on product sales assumptionsDecision support systems can be developed to support the types of decision-making faced by managers in specific industries such as the airline and real estate industry. For example, American Airlines produced a DSS that helps to decide how much to overbook and how to set prices for each seat so that a plane is filled and profits are maximized. Decision support systems have become critical and useful across all types of business. In today’s global marketplace, it is imperative that companies respond quickly to market changes. Companies with comprehensive decision support systems have a significant competitive advantage.The top benefits of decision support systems include:Speeding up the process of decision makingIncreasing organizational controlSpeeding up problem solving in an organizationHelping automate managerial processesImproving personal efficiencyEliminating value chain activitiesCompetitive IntelligenceCompetitive Intelligence (CI) is a hybrid process of marketing research and strategic analysis that can give companies a competitive advantage.LEARNING OBJECTIVESDescribe the characteristics of competitive intelligence or (CI)KEY TAKEAWAYSKey PointsCompetitive intelligence entails defining, gathering, analyzing, and distributing information about products, customers, and petitive intelligence seeks to make the organization more competitive relative to its entire environment and stakeholders: customers, competitors, distributors, technologies, and macro-economic data.There are many synonyms for competitive intelligence such as business intelligence, market intelligence, and corporate intelligence.At the core of this concept is the ability to understand the competition’s position and predict the likely moves that competing companies will employ based on basic business principles.Although the Internet is a first stop in information gathering, CI typically entails spending more time and effort gathering information by means of primary research, such as speaking with one’s own employees, customers, suppliers, or outside industry petitive intelligence can be executed via the following methods: primary research, secondary research, and analysis.Key TermsPrimary Research: The research that involves the collection of data that does not yet exist.primary data: information collected by the investigator conducting the researchcompetitive intelligence: The action of defining, gathering, analyzing, and distributing intelligence about products, customers, competitors, and any aspect of the environment needed to support executives and managers in making strategic decisions for an organization.Secondary Research: This process involves the summary, collation, and synthesis of existing research rather than primary research, where data is collected from subjects or petitive Intelligence (CI) in marketing research involves defining, gathering, analyzing, and distributing information about products, customers, and competitors and any aspect of the environment needed to support executives and managers in making strategic decisions for an organization. Although the term CI is also considered synonymous with competitor analysis, competitive intelligence extends beyond analyzing competitors. CI seeks to make the organization more competitive relative to its entire environment and stakeholders: customers, competitors, distributors, technologies, and macro-economic data.There are many synonyms for competitive intelligence such as business intelligence, market intelligence, and corporate intelligence.The CI field has been growing exponentially as it is becoming a must-have core competency for many businesses. At the core of this concept is the ability to understand the competition’s position and predict the likely moves that competing companies will employ based on basic business principles.Internet: The Internet is one method that’s used to gather information for competitive analysis.Although the Internet is a first stop in information gathering, CI typically entails spending more time and effort gathering information by means of primary research, such as speaking with one’s own employees, customers, suppliers, or outside industry experts. CI can typically be executed via the following methods:Primary research – This process involves the use of a human network to access meaningful intelligence.Secondary research – This process involves the use of secondary research sources, such as by gathering published information.Analysis – This process involves the use of analytical tools.In essence, CI is a hybrid process of marketing research and strategic analysis that ultimately seeks to provide companies and their products with a competitive advantage in the marketplace.UNIVERSITY OF CHICAGO DETAILED MARKETING RESEARCH PROCESS 130 PAGE PDF ................
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