Standardized Information Sources

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Standardized Information Sources
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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

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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

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Types of Standardized Information

• Standardized services refers to a standardized
  marketing research process that is used to
  generate information for a particular user.
• ESRIs Community
  Tapestry

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Advantages of Syndicated Data

• Advantages
• Shared costs
• Quality of the data collected is typically very
  high.
• Data are normally disseminated very quickly.

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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.

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Advantages of Standardized Services

• Advantages
• Taking advantage of the experience of the
  research firm offering the service.
• Reduced cost.
• Speed of the research service.

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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.

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Application Areas of Standardized Information

• Measuring Consumer Attitudes and Opinion Polls
• Yankelovich Monitor
• Harris Poll
• Gallup Poll
• Defining Market Segments
• Duns Market Identifiers (DMI) for b2b
• Vals

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ExamplesGallup.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/

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ExamplesDuns 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,
  DMIs uses 8 digits to classify firms into very
  specific types of businesses.

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ExamplesDuns Market Identifiers

• Manufacturer of wooden gift baskets
• Small without marketing resources
• Needed wholesalersof 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 on each!

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Geodemographics

• Geodemographics is the term used to describe the
  classification of arbitrary, usually small,
  geographic areas in terms of the characteristics
  of their inhabitants.

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Geodemographics

• Claritas has a market profiling system called
  PRIZM.
• Defines every neighborhood in the U.S. in terms
  of 66 different clusters.
• ESRIs Community Tapestry 65 segments
• Donofrios Coffee Example at beginning of
  chapter, p. 177 ff.

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Application Areas of Standardized Information
(cont.)

• Conducting Marketing Tracking RETAIL, HOME
• Market tracking studies monitor, or track, a
  variable over time.
• ACNielsens Scantrack Services
• 4,800 food, drug and mass merch.-weekly!

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Application Areas of Standardized Information
(cont.)

• Market tracking studies monitor, or track, a
  variable over time.
• ACNielsen also has Convenience Track for
  tracking products sold through c-stores
• Infoscans Custom Store Tracking
• 32,000 supermarkets, drugstores, and mass merch.
  weekly
• HOUSEHOLD DATA are collected through panels

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• A problem with todays 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
• IRIs Builder
• AC Nielsens category Business Planner (next
  slide)

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ACNielsens Category Business Planner

• Allows manufacturers to see how their products
  are performing within each retailers own
  proprietary planning process

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Application Areas of Standardized Information
(cont.)

• Monitoring Media Usage and Promotion
  Effectiveness
• Tracking downloaded music ACNielsens SoundScan
• Television Nielsen Television Index (NTI)

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Application Areas of Standardized Information
(cont.)

• Monitoring Media Usage and Promotion
  Effectiveness
• Radio Arbitron
• Print NOPWorlds Starch
  Readership Service
• Multimedia Simmons National
  Consumer Study

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Single Source Data

• Single-source data data that contain information
  on several variables such as promotional message
  exposure, demographics, and buyer behavior.
• 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.
• Example BehaviorScan