Marketing Management Chapter 5: Marketing Research and Information

Chapter 5: Summary

This chapter explored the search for information about the customer and the market. This constitutes the listening part of the marketing dialogue. Marketing research is also needed to assist managers in the decision-making process and to analyze organizational performance. To be viable, however, the benefits derived from marketing research need to exceed the cost of conducting such research.

A systematic research approach will lead to the development of a Market Information System (MIS) that contains information both internal and external to the firm. Important internal data sources are performance analyses, sales reports and employees’ ongoing experience. The more data the intelligence system receives and the more precisely the system can process the available data, the better it can serve the manager. It is therefore important to develop ways of entering nonnumerical reports, such as accounts from a sales conversation or information about customer interests. New technology can enable an MIS to alter communication and decision structures within a firm but also requires careful planning of information distribution and retention.

External information can be derived from either secondary or primary data. Secondary data, collected in response to someone else’s questions, are obtained through desk research and are available quickly and at a low cost. Main sources of secondary data are internal databases, libraries, directories, newsletters, commercial information providers, trade associations, and electronic information services. To ensure their usefulness, the researcher must determine the quality of the data source, the quality of the actual data, and the compatibility of the data with information requirements. Primary data are collected directly on behalf of a specific research project. Typical ways of obtaining such data are through syndicated research—such as retail audits, panel research, or omnibus surveys—and custom research.

The first step of primary marketing research is to clearly define the objectives to ensure the usefulness of the research. Next, the research level needs to be decided. Exploratory research helps mainly in identifying problems, descriptive research provides information about existing market phenomena, and causal research sheds light on the relationships between market factors. The research approach then determines whether qualitative or quantitative data will be collected. Observation, in-depth interviews, and focus groups are primary techniques to yield qualitative data, which may be very insightful but are not fully generalizable and cannot be analyzed statistically. Quantitative data overcome these problems but require the systematic collection of large numbers of data. Experimentation and survey research are the primary research tools. Good survey research must concentrate on question design and structure to elicit useful responses. Data can then be collected by mail (postal mail or e-mail), by using online applications e.g. SurveryMonkey, by telephone, or in-person after an appropriate sample frame is constructed. The data need to be analyzed with appropriate techniques to make the data set comprehensible, insightful, and useful for management. This usefulness is at the heart of the research report, which in essence is a communication process persuading recipients to use the information.

Birmingham Insights on Asia – (5) Implications and Recommendations for Malaysian E-Commerce

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This comment is based on Anson Lim’s Dissertation, Export Intermediaries within The Modernized Structure of E-Commerce and The Prevalence of Internet Based Distribution Channels,written under the supervision of Prof. Michael Czinkota at the University of Birmingham, UK.

Literary analysis has demonstrated that researchers have adapted to include both internet and conventional operations within the scope of intermediary responsibilities. From this perspective, the nature of intermediary functions within the scope of international relationships continues to evolve to match the evolution of manufacturer initiatives.

Given the prevalence of internet users throughout the globe, the remarkable nature of internet use increases in Malaysia over the past decades, internet resources are essential to ensuring competitive marketplace expansion through foreign exports.

Summarily, Malaysian intermediaries highlight the improved performance that internet services have enacted within their organizations; therefore, the support structure continuous to be implemented, the future of commerce hinging on its effective manipulation.

One method of competition with the coming Malaysian internet boon is to establish marketing footholds within popular social networking sites and online forums in order to further the distribution of manufacturer products. Online distribution channels are one mode of enhancing usability, and in addition, the communicative nature of such resources will enhance the manufacturer offering among consumers.

Allowing niche marketing to function within a participative capacity, consumers should be encouraged to review products, retrieve cost savings via promotions, and explore options for customization. As the online community continues to dictate what is a successful product in the scope of Malaysian commerce, the evolution of manufacturer offerings will come as a direct result of intermediary communication.

Similarly, the role of the intermediary must adjust to met the demands of these participants, ensuring that long term brand recognition and loyalty schemes are effectively integrated along the most popular channels. The method behind this strategy is one which dramatically alters the responsibilities of intermediary operation; however, the leveraged knowledge capital and foundation of foreign business networks remains stable and necessitated.

Stay tuned for more implications and recommendations.

5 Different Jobs With An International Business Degree

by  for careerealism.com

1. International Accountant

If you found accounting interesting during your business classes, you can pursue a career as an international accountant. This career usually involves obtaining an MBA in accounting in addition to your bachelors of international business. This position is very important as standard GAAP doesn’t apply in every country. The company will need your expertise in knowing the various tax laws and currency exchanges as well as how to read and create financial statements for other countries’ laws and specifications

2. Import/Export Compliance Specialist (Or Customs Compliance)

This job is found in both the federal government and private sector. You could also be an independent contractor and work for several companies. A compliance specialist maintains the compliance of imports and exports within regulatory law, both domestic and international. In addition, you would need to make changes as needed to stay within the regulatory laws. The most lucrative jobs are found within the federal government.

3. International Economist

Economists study the market, they analyze, examine trends, and make projections. An international economist does this on an international level and not just domestically. Companies in the international market or those looking to enter it will use an international economist to watch the trends, examine economies, and make projections about the places they are interested in doing business with or continuing. This is not an entry-level position but you can work your way up to one from starting in finance or marketing within that organization.

4. Management Analyst

Also called a management consultant, these jobs are found everywhere domestically. They analyze company operations to look at efficiencies, examine profit margins, and study the company structure. With an international business degree, you can go beyond the domestic side and examine how the international segments of the company can be improved. This position often involves significant travel or living abroad as you will have to personally examine the segment of the company in order to analyze its function.

5. International Banking

For degree holders who have an interest in banking, you have some choices with an international business degree. You could work at a local bank with foreign accounts or at a foreign-owned bank that does business in your country.

After you complete your degree, you will have several different options on where you want to go in your career, from finance to banking to consulting. While many of these jobs need advanced degrees or specialization, they are still obtainable and lucrative.
Read more at http://www.careerealism.com/international-business-degree/#QXCbuSgHS3EOyh8W.99

5 Latest International Business News

Source: Reuters

EQT frontrunner for Siemens hearing-aids business: sources

FRANKFURT/LONDON – German engineering group Siemens is in advanced talks to sell its hearing-aids business for more than 2 billion euros ($2.5 billion), with private equity firm EQT the frontrunner, two people familiar with the matter said

China to pitch high-speed trains to California

SHANGHAI – State-backed China CNR Corporation is making a pitch to sell its high-speed trains to California, signaling China’s growing export ambitions for such technology after building the world’s longest network in just seven years.

Standard Life, ICBC to broaden cooperation in China, UK, Hong Kong

LONDON – British insurer Standard Life and Industrial and Commercial Bank of China (ICBC) said on Wednesday they had agreed to look at developing savings and investment services together.

TOKYO – SoftBank Corp announced Wednesday it will lead a $100 million investment round in Indonesian ecommerce giant PT Tokopedia, the Japanese mobile carrier’s third investment overseas under Vice Chairman Nikesh Arora.

Sony Pictures TV acquires stakes in Israeli telenovela channels

JERUSALEM – Sony Pictures Television agreed to buy 50 percent stakes in two Israeli telenovela cable TV channels from Dori Media Group, the companies said on Tuesday.