Standardized Information Sources What is Standardized Information Standardized

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Standardized Information Sources

Standardized Information Sources

What is Standardized Information? • Standardized information is a type of secondary data in

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

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

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

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

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

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

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

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

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

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

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

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

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 –

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,

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

• 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

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

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

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

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