L5-MIM

Lesson 5- Marketing Information Management

Important terms for this lesson:
 * Marketing Information Management: The gathering and using of information about customers to improve bsuiness decision making. RESEARCH
 * Discretionary purchases: Purchases that are not essential/customers wants
 * Marketing Mix: Describes how a business blend the four marketing elements--product, place, price, and promotion

Lesson Summary:
 * **Q:** Why must a business pay attention to an individual consumer’s personal needs?
 * A:** Every consumer is different and has their own special needs. Each person has different expectations from the business.
 * Q:** What is a discretionary purchase?
 * A:** This is a purchase beyond basic needs, something that is not necessary for survival
 * Q:** How do businesses compete for sales of items with little differences?
 * A:** emphasize brand name, availability, and price
 * Q:** Why does a business need marketing research when entering a new international market?
 * A:** to collect information about the country, consumers, values, and economy ||

The Focus Group Process|| || __Week One __ - **Company requests a proposal **from the research consultant.
 * **Proposal is developed and provided ** to the client. This includes a summary of the recommended methodology, the timing of the research, the costs and implementation details such as the location where the study will occur, the recruitment specifications and the general topics that would be covered in the study.




 * || __Week Two __ -
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 10pt;">Recruitment screening questionnaire is developed and provided **<span style="font-family: 'Arial','sans-serif'; font-size: 10pt;"> to the client for concurrence. This provides the information we would use to find the types of people who are desired in the research.
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 10pt;">Moderator drafts a discussion guide. **<span style="font-family: 'Arial','sans-serif'; font-size: 10pt;"> Often, this will require a meeting or phone conversation with the client. This guide outlines all topics to be covered in the research and the timing associated with each.
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 10pt;">Recruitment begins ** ||
 * || __<span style="color: blue; font-family: 'Arial Black','sans-serif'; font-size: 12pt;">Weeks Three and Four __<span style="color: blue; font-family: 'Arial Black','sans-serif'; font-size: 12pt;"> -
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 10pt;">Research is conducted. **<span style="font-family: 'Arial','sans-serif'; font-size: 10pt;"> In almost every situation there are two or three focus groups conducted in each market, with the sessions normally occurring at 6 & 8pm and lasting for one hour and forty-five minutes. In the case of triads or one-on-one's the sessions normally will last about one hour and 3 to 5 would be held each day. ||
 * __<span style="color: blue; font-family: 'Arial Black','sans-serif'; font-size: 12pt;">Within Five Working Days of the Last Group __<span style="color: blue; font-family: 'Arial Black','sans-serif'; font-size: 12pt;"> -
 * **<span style="font-family: 'Arial','sans-serif'; font-size: 10pt;">The Final Report is delivered. **<span style="font-family: 'Arial','sans-serif'; font-size: 10pt;"> This contains the summary of the key findings from the research as well as the moderator's conclusions and recommendations. ||