MI-EX2

Yellow Pages
Define a trading area (mapping)/Locate number of competitors in a particular market / industry size/Marketing and product line information/one of the most frequently used marketing tools/inexpensive to target specific audiences
Environmental scanning
The process of continually acquiring information on events occurring outside the organization in order to identify and interpret potential trends
Libraries still play an important role in the intelligence gathering process by:
Providing access to online databases/Providing access to information not available online/Eliminating virtually all costs associated with intelligence gathering
Through the use of environmental scanning, Flexcar, a company that rents cars by the hour, could:
determine why the market for short-term car rentals is growing
Which of the following is not a general source of external secondary information
trade show inquiries
Which new industrial classification system is replacing the SIC codes?
NAICS
When evaluating the accuracy of a web source, which of the following questions much be addressed:
How reliable is the information
BUT
___________ functions like a Boolean Operator but is not one.
Use of phrases (quotation marks)
________ is the best option to use when searching for a text string, such as the University of Texas.
Authority
Determining an author’s qualifications is fundamental in evaluating the source’s
Permanence
Advantages for using online resources include all of the following EXCEPT
When evaluating a web source, which of the following questions much be addressed to assess the authority of a source
How reputable is the publisher
Boolean operators include all of the following EXCEPT
BUT
Critical thinking mistakes when using secondary sources of information include all of the following except
One-sided sources should not be used as sole source
Environmental scanning
The collection and interpretation of information about forces, events, and relationships that may affect the organization./continually aquiring info on events occuring outside the organization in order to identify and interpret potential trends
secondary data
Market research firms, commercial publications, and government data can be used as sources of
What is the chief advantage of primary data
relevance to the problem at hand
Budget Competition
_____________considers all products and services competing for the same customer dollar as forming a market.
Good sources of information may include
Associations/Government/Media
Through the use of environmental scanning, Flexcar, a company that rents cars by the hour, could
determine why the market for short-term car rentals is growing
internal secondary data
When a marketing researcher uses a collection of reports, financial statements, and surveys from different departments within her firm, this is an example of::
Which is not a method for determining competitors
company sales literature
Advantage of Secondary Data
Time and Cost savings
Disadvantage of Secondary Data
either not available, or is only
available in insufficient quantities/questionable;accuracy and reliability
NAICS (North American Industry Classification
System)
Replacing the old Standard Industry Classification (SIC)
system. This new system will update the classifications to include many
categories that did not exist in the past. It also allows one system to cover goods
as they move through NAFTA.
Deep or Invisible Web
Refers to content that is stored in databases
accessible on the Web but usually not available via search
engines/It is estimated that the hidden Web is 2 to 50 times larger than the visible Web
What are examples of Internal Secondary Data
Customer order files/invoices sent to customers/Return merchandise forms/warranty cards/cash register receipts/trade show inquiries/telephone bills/outsied sales call reports/accounts receivable histories/literature requests/company personnel
what are some problems with secondary data
definitions/measurement error/source bias/reliability/time scale
Limitations of secondary data
Lack of availability/Lack of relevance/inaccurate data/Insufficient data
Advantages of secondary data
Inexpensive/saves time/may provide needed info
Do primary sources have to be written works
No (peice of pottery)
Can one source be considered as primary and secondary depending on the purpose
Yes (John smith writes about Martha stone,* you use it on your paper about martha-this is;secondary, * you use it to write about John’s writing style;Primary
Secondary data is classified in terms of what
Its Source external or internal
what are the two major advantages of using secondary data in market research
time and cost savings
How long can the secondary research process take
2 weeks
what is a general rule of doing research
secondary research should be done thoroughly before doing primary
what are the three main sources of internal data
Sales and Marketing reports/Accounting and financial records/miscellanous reports :transport :storage
What are the main sources of external secondary sources
savernment/trade associations/commercial services/national and international institutions
To ease decision making marketing info must be what
Timely/organized/useful/simple form/easily manipulated
Is marketing info the same as marketing research
No marketing research is a subset of the Marketing Information System
What is the MIS
Marketing Information System; Structure with the organization designed to gather, process and sotre data from organizations environment and disseminate into a form of info for the decision makers
what activities are performed by MIS
Info discovery/collection/interpretation/analysis/company dissemination
Types of Competition
Monopoly/Oligopoly/Monopolistic Competition/Pure Competition
Monopoly
Only one firm selling a particular product (complete dominance a market)
oligopoly
A few large firms comprise most of the industry’s sales
Monopolistic competition
Several firms trying to take advantage through a mix of marketing variables
Pure competition
Many firms all selling identical products
Guidelines for determining accuracy
who gathered the data/purpose of study/what info was collected/when was info collected/how was info obtained
Four levels of market competition
product form: same product features
product category:similar product features
Generic competition: same customer need
Budget Competition: same consumer dollar
Technologies environment
need to know if any technologies are emerging that can affect or replace curren industry technology
Economic environment
financial and monetary systems that influence the firm and its markets
political environment
In foreign markets there are different political systems which can impose different things
Social/cultural environment
includes cultural and demographic characteristics and trends of the market
Libraries rule in intelligence gathering
books/magazines/newspapers/directories
Types of libraries
public/college/corporate/Internet
Methods for Determining competitors
NAICS/SIC/Technical Feasibility of Substitution:Here an engineering assessment suggests what other products could serve the same function as the one in question.
Does not explicitly consider customer perceptions and consequently would overlook competition between, say, ice cream and soda.
Assessing Competitor’s Strategies
Industrial Products - Three Sources of Information:
Company Sales Literature
Brochures usually go into detail concerning point of difference between the firm’s product and those of competitors
Advantages of Online Resources
Access to information/Efficiency (speed and timeliness)/Amount of information/searchable databases/multimedia capabilities
Boolean logic
Allows you to specify the relationships among search
terms by using any of three logical operators: AND, OR,
Boolean Search
using words such as AND, OR, and NOT in order to create a more meaningful relationships between your keywords
Since serach egines can retrive web pages out of context, users must
return to the home page to determine the sources of info
Since search web pages are sometimes unstable, users must
document the source to the fullest of there ablility
Truncation
__________allows to retrieve documents containing variations on a search term
NEAR
Boolean operator supported by the major search engines usually gives you the FEWEST results
Metasearch engines
severval search egines into one
field searching
keyword phrase appear in specfice field of document
Evaluating sources
currency = date
coverage = missing data, hard to determine, misleading, confusing
accuracy = reliable
which search engine have the rights to myspace
google
My Space Ads up for grabs (WSJ)
google agreed to pay 900mil for rights to ads/2006 google beat out yahoo and microsft/News corp’s purchase of Myspace was 650mil/Myspce attracted 109mil unique world-wide visitors in May down 13% from last May/Facebook had more than 548mil global users in May and is up 73.5%/Myspace wants to increase each month the amount of users from 50% to 75% age group 13yrs-34yrs/Myspace has cut 30% of its work force and News corp took a $450mil charge last year to write down the value of Myspace and toer digital business
Curves closes Clubs as Stamina Runs out (WSJ)
More than 1000 stores closed 2009/shrinking the chain by about a third; to 5,208 at the end of last year from 7,748 at the start of 2007/Most popular fitness centers in 2008 nearly 4mil members compared to Golds gym 3.5mil/For the year end Curves earned $16.4 mil on revenue of $84.1mil compared to last years 17.2mil of $128.7mil/Franchisees pay the company 5% of their monthly gross + 3% for advertising/monthly dues range ($29-$49)/the total investment to open a curves is between $31,825 and $39,100/founded in 1992 by Gary Heavin/at its zenith it was opening one club every 3 hours
Sony Cuts Price of e-Readers (WSJ)
Shaved off $50 from e-readers price/from $349 to $299 and entry level device $169 to $149/both kindle and nook cut prices below $200/Sony’s top model cost $100 more than the basic kindle
Silly Bandz seek extended fame (WSJ)
24 bracelets for $5 to $7/hired 350 employees since october/more than 100mil in annual sales
Razor Burn (WSJ)
Gillette brings in more than $4bill in annual sales/shick does 1bill/Gillette comands 70% and shick 10% of the razors and blades category
Movie Budget Lesson (WSJ)
3-D “Despicable Me” Modest budget of $69mil/cost less than half to makethan “Toy Story 3” or “How to Train Your Dragon”/already taken in $72mil/took 3yrs instead of the normal 5yrs/partnered with Best Buy and iHop and recieved $75mil of licensee support
Iphone defense Prompts New Debate (WSJ)
Two days after Steve Jobs press conference negative comments fell 30%/they also gave away cases and bumpers for free to prevent antenna issue, which is a short term solution