This information, when supplemented by data on costs and industry and product classification, as well as from sales calls, provides the basis for a comprehensive analysis of sales by product, customer, industry, geographic area, sales territory, and sales representative, as well as the profitability of each sales category.
Unfortunately, most firms' accounting systems are designed primarily for tax reasons rather than for decision support. Sales Force Reports Sales force reports represent a rich and largely untapped potential source of marketing information. The word potential is used because evidence indicates that sales personnel do generally not report valuable marketing information. To obtain the valuable data available from most sales forces, several elements are necessary: Miscellaneous Reports Miscellaneous reports represent the third internal data source.
Previous marketing research studies, special audits, and reports purchased from outside for prior problems may have relevance for current problems. As a firm becomes more diversified, the more likely it is to conduct studies that may have relevance to problems in other areas of the firm.
An analysis of the media habits conducted for one product could be very useful for a different product that appeals to the same target market. Again, this requires an efficient marketing information system to ensure that those who need them can find the relevant reports.
Internal Experts One of' the most overlooked sources of internal secondary data is internal experts. An internal expert is anyone employed by the firm who has special knowledge. The following statement by a senior research manager at a major consumer goods firm describes why his organization developed a research reports library and how they ensure its use.
On the average, each brand is assigned a new brand manager every two years. These brand managers are young, aspiring, talented MBA-types and they believe in the value of marketing research. They also know that their own upward mobility is pegged to the mark they leave on the brand.
So, the first thing they require is marketing research: Hell, for most brands you don't need new segmentation or positioning studies every two years! Go to the file and find the last one done, learn from it before you decide a new study is required. The same is true for copy concept issues. If the concept is worth a damn, it has been researched before.
Reuse data, stretch it out to the max and reserve your budget for truly new, necessary primary studies. That's why we developed our "research library. And, it is organized for easy access. Now it is company policy that any research request has to include proof that the library has already been searched and found lacking-before any new can be conducted!
While this knowledge is stored in individuals' minds rather than on paper or computer disk, it can be as valid and valuable as more formal sources. Had the marketing manager quickly asked the most obvious internal experts-members of the sales force-to explain the sales decline, work on a competitive new product could have begun almost a year earlier. In addition to the sales force, companies have discovered that marketing research personnel, technical representatives, advertising agency personnel, product managers, and public relations personnel often have expert knowledge of relevance to marketing problems.
Email us your resume on careers managementparadise. To view links or images in signatures your post count must be 0 or greater. You currently have 0 posts. Internal Sources of Secondary Data. Internal sources of data entry is very much important and easy to get. If you internal data precisely then it won't be difficult for you to generate hypothesis and carry on the further process. The main important function of having internal data is that it saves your time and resources.
External sources are of immense importance and utility in case where research needs detailed and thorough investigation. External sources data can be divided with two categories a Primary data b Secondary data. This refers to the information collected by the researcher from original sources. It is not a published data; it has to be gathered by the researcher himself by tapping various resources.
Primary data is usually collected for specific purposes. The main sources from where primary data can be obtained are a Salesmen b Dealers; c Consumers etc. It is a very slow process of collecting data and involves huge costs.
But results obtained from this data are original and tend to be more accurate and reliable. Salesmen are the most important source of providing first hand information.
They are appointed by the owners for the sale and promotion of its products. They have a direct link with the consumers understand tastes, preferences and buying habits of the consumers. The marketing manager may direct the salesmen to prepare periodical reports containing the information collected by them. The information collected in this manner is original and more meaningful.
This will further enhance the morale of salesmen as they feel that they are contributing towards the formulation of marketing policies of the organisation. But sometimes information provided by salesmen is not accurate and upto the mark. The salesmen are not properly trained and do not know the methodology to collect the information properly.
This is another source of collecting primary data. Valuable information can be collected with regard to demand of the product from retailers. Information about the marketing policies of competitors can also be gathered from the dealers. It has been observed that sometimes this method does not prove to be fruitful as dealers do not keep proper records and they do not want to waste their time in supplying information.
This source of collecting primary data is of great importance. Representative samples of consumers may be selected for conducting thorough investigation with regard to price, quality and use of the product. This method of collection data is very reliable as it establishes direct link between producer and the consumer.
Secondary data is information that has been collected for a purpose other than your current research project but has some relevance and utility for your research. Sources of Secondary Data. You can break the sources of secondary data into internal sources and external sources.
Secondary marketing research uses data that already exists and has been collected by someone else for another purpose. Sources of secondary data can come from within the firm itself – this is known as internal secondary data.
ADVERTISEMENTS: There are two sources of information from where data for marketing research can be obtained. (A) Internal Sources: These refer to the sources of information within the organisation. In certain cases internal sources are indispensable without which the researcher cannot obtain desired results. Also, the research firm would use statistical models to come up with a sample group that is representative of your target audiences, making it very relevant to your business .
Secondary research is research already published, and is the cheapest form of research because the data already exists for your acquisition. Secondary research can be split into internal and external research. Jun 06, · Internal Sources of Secondary Data Internal sources can be classified into four broad categories: • accounting records • sales force reports • miscellaneous records • internal experts Accounting Records. The basis for accounting records concerned with sales is the sales invoice.