1. 3. Outline the marketing research process, including defining the problem and research objectives, developing the research plan, implementing the research plan, and interpreting and reporting the findings.
1.1. Market Research
1.1.1. Identifies and defines marketing opportunities and problem
1.1.2. Monitors and evaluates marketing actions and performance
1.1.3. Communicates the findings and implications to management
1.2. Market Research Process
1.2.1. 1. Defining the Problem and Research Objectives
1.2.2. 2. Developing the Research Plan
1.2.3. 3. Implementing the Research Plan
1.2.4. 4. Interpreting and Reporting the Findings
1.3. Research Approach
1.3.1. Observational Research
1.3.2. Survey Research
1.3.3. Experimental Research
1.4. Research Problem area
1.4.1. Making assumptions
1.4.2. Lack of qualitative information
1.4.3. Failing to look at segments within a sample
1.4.4. Improper use of sophisticated statistical analysis
1.4.5. Failure to have the sample representative of the population
2. 4. Explain how companies analyze and use marketing information.
2.1. Analyze the data via statistical analysis to learn about the relationships within a set of data. It allows managers to go beyond means and standard deviations in the data and answer the following:
2.1.1. What are the major variables affecting sales, and how important is each?
2.1.2. If the price is raised 10 percent and advertising in increased 20 percent, what will happen to sales?
2.1.3. What are the best predictors of who are likely to come to my hotel versus my competitor’s hotel?
2.1.4. What are the best variables for segmenting my market, and how many segments exist?
2.1.5. Marketing information has no value until managers use it to make better decisions.
2.1.6. Managers need these routine reports for making regular planning, implementation, and control decisions.
2.1.7. Managers also need non-routine information for special situations and on-the-spot decisions.
3. 1. Explain the importance of information in gaining insights about the marketplace and customers.
3.1. To create value for customers
3.2. To build meaningful relationships with customers.
3.3. Understanding customers’ needs and wants.
3.4. To develop competitive advantage.
4. 2. Explain the concept of the marketing information system.
4.1. Assessing Information Needs
4.2. Developing Marketing Information
4.3. Marketing Intelligence
4.4. Sources of Marketing Info
4.4.1. Internal Data
4.4.1.1. Internal Sources can be gathered by a company's executives, front-desk staff, service staff, purchasing agents, and sales force
4.4.2. Guest History Info
4.4.3. Guest Info Trend
4.4.4. Guest Comment Card
4.4.5. Listening and Speaking to Guest
4.4.6. Automated System
4.4.7. Mystery Shopper
4.4.8. Company Record
4.4.9. POS Info