Standardized Information Sources What is Standardized Information Standardized
- Slides: 21
Standardized Information Sources
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 2
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 3
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 4
Advantages of Syndicated Data • Advantages: – Shared costs – Quality of the data collected is typically very high. – Data are normally disseminated very quickly. Ch 7 5
Disadvantages of Syndicated Data • Disadvantages: – Buyers have little control over what information is collected. – Firms often must commit to longterm contracts. – No strategic information advantage in purchasing syndicated data. Ch 7 6
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 7
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 8
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 b 2 b Ch 7 – Vals 9
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/ Ch 7 10
Examples Dun’s Market Identifiers • Dun & Bradstreet credit bureau collects vast amount of information on business firms, private and public. • 4 million firms in 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, miscellaneous goods! Thousands of firms wholesaling all kinds of goods. • 51990603 DMI code: wholesalers of gift baskets. 45 in U. S. Complete info 12 Ch 7 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 in the U. S. in terms of 66 different clusters. – ESRI’s Community Tapestry; 65 segments – Donofrio’s 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, 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 collected 16 through panels
• A problem with today’s IT environment is information overload. There is a need to help managers trying to digest thousands of pages of scanning data. How do you turn tracking data into intelligence? • Research firms designed standardized services to help… – IRI’s Builder – AC Nielsen’s category Business Planner (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 Sound. Scan – Television – Nielsen Television Index (NTI) Ch 7 19
Application Areas of Standardized Information (cont. ) • Monitoring Media Usage and Promotion Effectiveness – Radio – Arbitron – Print – NOPWorld’s Starch Readership Service – Multimedia – Simmons National Consumer Study Ch 7 20
Age Income TV ad? Purcha se? Old Low No No Young High Yes Young Modera te 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 promotions) and subsequent buying behavior – Can help managers determine causal relationships between types of promotions and sales. 21 • Example: Behavior. Scan
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