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Global Marketing Information Systems and Market Research. The Presentation

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Global Marketing Information Systems and Market Research Chapter 6 Learning Objectives Discuss the roles of IT, MIS, and big data in a global company’s decision-making processes. Describe ... the various sources of market information, including direct perception. Identify the individual steps in the traditional market research process and explain some of the ways global marketers adapt them. Compare the way a multinational firm organizes the marketing research effort with the way a global or transnational firm approaches the organizing issue. Explain how information’s role as a strategic asset affects the structure of global corporations. Information Technology, Management Information System & Big Data IT: An organization’s processes for creating, storing, exchanging, using, and managing information. MIS: A means for gathering, analyzing and reporting relevant data to provide managers and other decision makers with a continuous flow of information about markets, customers, competitors and company operations. Big Data: Extremely large data sets that can be subjected to computational analysis to reveal patterns and trends. https://marketingplatform.google.com/about/analytics/features/ Big data and big data analytics have long been the province of astronomers, meteorologists, and other members of the scientific community. It is only recently that big data collection and analysis been used in business situations. In particular, the exploding popularity of Facebook and other social media platforms has resulted in a wealth of big data. However, much of that data may be redundant or irrelevant, for a simple reason: The cost of data collection has dropped so dramatically that a company can amass data irrespective of a particular question, problem, or purpose that its marketers might have. Business Intelligence Network A component of MIS Major Objective: To enable interactive access to data, enable manipulation of these data, and to provide managers and analysts with the ability to conduct appropriate analysis. By analyzing historical and current data, situations, and performances, decision makers get valuable insights upon which they can base more informed and better decisions. Many companies with global operations have made significant investments in IT infrastructure in recent years. Such investment is typically directed at upgrading a company’s legacy computer hardware and software. Microsoft, SAP, Oracle, and IBM are some of the beneficiaries of this trend. All are global enterprises, and many of their customers are global as well. Vendors of complex software systems can find it difficult to achieve 100 percent customer satisfaction. IT Infrastructure Intranet: A private network that allows insiders or outsiders to share information securely and without paper RTE: Real Time Enterprises are companies like Google, Amazon, FedEx that leverage big data EDI: Electronic Data Interchange systems allow computer systems to speak the same language system allows a company’s business units to submit orders, issue invoices, and conduct business electronically with other company units as well as with outside companies. One of the key features of EDI is that its transaction formats are universal. This enables computer systems at different companies to speak the same language. Walmart is legendary for its sophisticated EDI system; for years, vendors had received orders from the retailer on personal computers using dial-up modems connected to third-party transmission networks. In 2002, Walmart informed vendors that it was switching to an Internet-based EDI system. The switch has saved both time and money; the modem-based system was susceptible to transmission interruptions, and the cost was between $0.10 and $0.20 per thousand characters transmitted. Any vendor that now wishes to do business with Walmart must purchase and install the necessary computer software. IT Infrastructure ECR: Efficient Consumer Response is a joint initiative of supply chain members to optimize the supply chain to benefit customers. EPOS: Electronic Point of Sale data read on checkout scanners help firms identify sales patterns & geographical consumer preferences. IT Infrastructure CRM: Customer Relationship Management is a philosophy that values two-way communication between the company & the customer. Touchpoints are any point of contact between the two. 360-degree view of the customer SFA: Sales Force Automation software automates routine sales & marketing functions Data warehouses Every point of contact (“touchpoint” in CRM-speak) that a company has with a consumer or business customer—via a Web site, a warranty card or sweepstakes entry, a payment on a credit card account, or an inquiry to a call center—is an opportunity to collect data. Likewise, every time a Spotify user clicks “play,” a data point is generated. CRM tools allow companies to determine which customers are most valuable and to react in a timely manner with customized product and service offerings that closely match customer needs. If implemented correctly, CRM can make employees more productive and enhance corporate profitability; it also benefits customers by providing value-added products and services. Enriched Information Supply Chain Sources of Market Information Personal Sources As much as 2/3rd of corporate information Executives based abroad, company subsidiaries and affiliates Travel builds contacts and rapport 75% from face-to-face conversations Direct Sensory Perception Seeing, feeling, hearing, smelling, or tasting firsthand to find out what is going on in a country “I believe it is part of any good marketer’s job to be in touch with their audience and their product. There’s no substitute for face-to-face, eye-to-eye, hand-to-hand.” Cindy Spodek-Dickey Microsoft Executive Some information is easily available from other sources, but sensory experience of it is needed for it to sink in. Often, the background information or context one gets from observing a situation can help fill in the big picture. For example, Walmart’s first stores in China stocked a number of products—extension ladders and giant bottles of soy sauce, for example—that were inappropriate for local customers. Joe Hatfield, Walmart’s top executive for Asia, began roaming the streets of Shenzhen in search of ideas. His observations paid off; when Walmart’s giant store in Dalian opened in April 2000, a million shoppers passed through its doors in the first week.They snapped up products ranging from lunch boxes to pizza topped with corn and pineapple. Formal Marketing Research Formal Marketing Research, (cont.) Step 1: Information Requirement Step 2: Problem Definition Be aware! The Self-Reference Criterion is at work when a person’s home-country values and beliefs influence the assessment of another country. Mattel execs thought Japanese girls would like Barbie just like American girls. They didn’t. Disney’s detailed code about personal appearance was an insult to French culture, individualism, and privacy when Disneyland Paris opened. Step 3: Choose a Unit of Analysis Single country Region Global City, state, or province Urban/Rural Select preview: How Kelon and Haier innovated to attract the local Chinese market Step 4: Examine Data Availability U.S. Government Resources National Trade Data Base (Dept. of Commerce) Bureau of Economic Analysis Census Bureau Eurostat Canadian Trade Commissioner Service Statistical Yearbook of the United Nations CIA World Factbook MarketResearch.com https://www.austrade.gov.au/news/economic-analysis/key-publications/aibs-2018-market-profiles-dashboard Secondary Data Data from sources that already exist - they have not been gathered for the specific research project Minimal effort and cost Possible problems accuracy Availability timeliness comparability of data Step 5: Assess Value of Research If secondary data are not available, managers may conduct further studies Assess the cost of research vs. what the information is worth Would the company enter the market without spending big money on research? Small markets may merit only modest research expense Step 6: Research Design Primary Data when secondary data not available provides accurate data which give exact answers to a given research problem Possible problems difficulties in gaining the data cost more time is necessary to gather the data Step 6: Research Design Use multiple indicators rather than a single measure Individual companies should develop customized indicators specific to the industry, product market, or business model Always conduct comparative assessments in multiple markets Observations of purchasing patterns, other behavior should weigh more heavily that reports or opinions about purchase intention or price sensitivity Qualitative Research Use To provide consumer understanding; to “get close” to the consumer To describe the social and cultural contexts of consumer behavior, including cultural, religious, and political factors that impact decision making To identify core-brand equity and “get under the skin” of brands To “mine” the consumer and identify what people really feel Issues in Data Collection Standardization vs. Extension of Marketing Mix? Demand & profit potential may depend on whether the market is existing or potential Existing Markets are being served by one or more companies Potential Markets Latent: An undiscovered segment Incipient : A market will emerge is an economic, demographic, political, or sociocultural trend continues Research Methodologies Survey Research: Qualitative or Quantitative Make use Back or Parallel translation technique to insure accuracy Consumer Panel: Respondents behavior tracked over time; Nielsen Media tracks television audience measurement (TAM) Observation: Trained observers or a mechanical device (video camera) watch & record actual or potential consumers Focus Groups: Moderator leads 6-10 person discussion Scale Development: Likert scale; be aware of bias Sampling: Convenience or Quota samples Survey research Utilizes questionnaires designed to elicit quantitative data (“How much would you buy?”), qualitative responses (“Why would you buy?”), or both. Survey research is often conducted by means of a questionnaire distributed through the mail, asked over the telephone, or asked in person. Many good marketing research textbooks provide details on questionnaire design and administration. In global market research, a number of survey design and administration issues may arise. When using the telephone as a research tool, it is important to remember that what is customary in one country may be impossible in others because of infrastructure differences, cultural barriers, or other reasons. For example, telephone directories or lists may not be available; also, important differences may exist between urban dwellers and people in rural areas. In China, for example, the Ministry of Information Industry reports that 77 percent of households in coastal areas have at least one fixed-line telephone; in rural areas, the number is only 40 percent. At a deeper level, culture shapes attitudes and values in a way that directly affects people’s willingness to respond to interviewer questions. Open-ended questions may help the researcher identify a respondent’s frame of reference. In some cultures, respondents may be unwilling to answer certain questions or they may intentionally give inaccurate answers. Data Analysis Data must be cleaned & tabulated Factor analysis Cluster analysis Perceptual mapping Conjoint analysis/Choice modelling Comparative analysis Market estimation by analogy Comparative analysis Cluster analysis Step 8: Interpretation & Presentation The report should clearly link to the problem or opportunity indentified in Step 1 Use language with which managers are comfortable Simplify complex quantitative analysis Current Issues in Global Marketing Research Comparability means that research can be used for valid comparisons between countries Emic analysis studies a culture from within Etic analyis is detached & used in multi-country studies [Show More]

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