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Standardized Information Sources Ch 7 2 What is Standardized Information? • Standardized information is a type of secondary data in which the data collected and/or the process of collecting the data are standardized for all users. • Two broad classes: – Syndicated data – Standardized services Ch 7 3 Types of Standardized Information • Syndicated data are data that are collected in a standard format and made available to all subscribers. – Example: The Nielsen TV Ratings Ch 7 4 Types of Standardized Information • Standardized services refers to a standardized marketing research process that is used to generate information for a particular user. – ESRI’s Community Tapestry Ch 7 5 Advantages of Syndicated Data • Advantages: – Shared costs – Quality of the data collected is typically very high. – Data are normally disseminated very quickly. Ch 7 6 Disadvantages of Syndicated Data • Disadvantages: – Buyers have little control over what information is collected. – Firms often must commit to long- term contracts. – No strategic information advantage in purchasing syndicated data. Ch 7 7 Advantages of Standardized Services • Advantages: – Taking advantage of the experience of the research firm offering the service. – Reduced cost. – Speed of the research service. Ch 7 8 Disadvantages of Standardized Services • Disadvantages: – The ability to customize some projects is lost. – The company providing the standardized service may not know a particular industry well. Ch 7 9 Application Areas of Standardized Information • Measuring Consumer Attitudes and Opinion Polls – Yankelovich Monitor – Harris Poll – Gallup Poll • Defining Market Segments – Dun’s Market Identifiers (DMI) for b2b – Vals Ch 7 10 Examples Gallup.com • Public opinion polling • Wide variety of topics: Iraq, military & defense, stem cell research, important factors in buying a car, smoking population percents over time, guns, etc. • Some issues may be tracked over several years; Gallup started in 1935. • http://poll.gallup.com/ [...]... Coffee Example at beginning of chapter, p 177 ff Ch 7 14 Application Areas of Standardized Information (cont.) • Conducting Marketing Tracking: RETAIL, HOME – Market tracking studies monitor, or track, a variable over time • ACNielsen’s Scantrack® Services 4,800 food, drug and mass merch.-weekly! Ch 7 15 Application Areas of Standardized Information (cont.) Ch 7 – Market tracking studies monitor, or track,... (next slide) Ch 7 17 ACNielsen’s Category Business Planner • Allows manufacturers to see how their products are performing within each retailer’s own proprietary planning process Ch 7 18 Application Areas of Standardized Information (cont.) • Monitoring Media Usage and Promotion Effectiveness – Tracking downloaded music – ACNielsen’s SoundScan – Television – Nielsen Television Index (NTI) Ch 7 19 Application... Study Ch 7 20 Age Income TV ad? Purcha se? Old Low No No Young High Yes Yes Young Modera te Yes Yes Single Source Data • Single-source data: data that contain information on several variables such as promotional message exposure, demographics, and buyer behavior Ch 7 – Recorded continuously from a panel of respondents to measure their exposure to promotional materials (usually TV as well as in-store... wholesaling all kinds of goods • 51990603 DMI code: wholesalers of gift baskets 45 in U.S Complete 12 Ch 7 info on each! Geodemographics • Geodemographics is the term used to describe the classification of arbitrary, usually small, geographic areas in terms of the characteristics of their inhabitants Ch 7 13 Geodemographics • Claritas has a market profiling system called PRIZM – Defines every neighborhood... data base updated monthly • Whereas SIC uses 4 digits and NAICS uses 5 or 6, DMI’s uses 8 digits to classify firms into very specific types of businesses Ch 7 11 Examples Dun’s Market Identifiers • Manufacturer of wooden gift baskets • Small without marketing resources • Needed wholesalers…of gift baskets Where are they? Who are they? • SIC: 51 Code for wholesalers/nondurables • 5199, wholesalers, nondurables,... Application Areas of Standardized Information (cont.) Ch 7 – Market tracking studies monitor, or track, a variable over time • ACNielsen also has Convenience Track® for tracking products sold through c-stores • Infoscan’s Custom Store Tracking 32,000 supermarkets, drugstores, and mass merch –weekly HOUSEHOLD DATA are collected16 through panels • A problem with today’s IT environment is information overload . segments – Donofrio’s Coffee Example at beginning of chapter, p. 177 ff. Ch 7 15 Application Areas of Standardized Information (cont.) • Conducting Marketing Tracking: RETAIL, HOME – Market tracking studies. products sold through c-stores • Infoscan’s Custom Store Tracking 32,000 supermarkets, drugstores, and mass merch. –weekly HOUSEHOLD DATA are collected through panels Ch 7 17 • A problem with. very quickly. Ch 7 6 Disadvantages of Syndicated Data • Disadvantages: – Buyers have little control over what information is collected. – Firms often must commit to long- term contracts. – No