Summary Lecture Notes week 4

Week 4 Lecture Notes:

What is standardized information, standardized information is secondary data that is available to everyone. There are two types of standardized information: Syndicated Data and Performer Q.

·         Syndicated Data are data that are collected in a standard format and made available to all subscribers. Example Q score or IMBD (see page 178).

·         Standardized Service refers to a standardized data marketing research process that is used to generate information for a particular user (see page 179).

What are some of the advantages and disadvantages of using this type of data with marketing research?

Syndicated data

Advantage

·         Shared cost

·         Data are disseminated/processed very quickly

Disadvantages

·         Buyers have little control over what data is collected

Standardized service

Advantages

·         Taking advantage of the experience of the research firm conducting the research (researchers are experienced in a particular process.)

·         There tend to be a reduce cost with this type of research

·         This type of research service tend to be speedy

Disadvantages

·         The research is not customized

·         Lack of knowledge about client industry

What is standardized research used for?

·         Measuring consumer attitudes and opinion polls. First the martiz poll is conducted on American and European consumer on a variety of topics. These are usually free to anyone and these are often published on media outlet such as CNN headline, News, and associated press. Let’s review the different polls on pages 180 and 182.

·         Defining Market Segments focuses on customers sharing certain characteristic such as age, income, and gender.

·         Conducting Market tracking-tracking studies we mean studies that monitor or track a variable over time. This is usually done when a firm wants to track sales overtime. Nielsen is an example of this further detail let’s look at this (191)

·         Monitoring Media Usage and Promotion Effectiveness this is usually used when we want to see how well or business is doing, this measure included effectiveness, readership, listenership( all mass media) Nielsen Television Index focused on T.V rating.

Single Source Data

Single source data are recorded continuously from a panel of respondent to measure their exposure to promoting material usually, TV and store promotions, and it measures buying behaviors.

Single source data are date that contains information on several variables such as promotional messages exposure, demographics, and buyer behavior. This type of information can help managers determine causal relationships between types of promotions and sales.