Marketing 101 - varied - Lecture Notes Making marketing...

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Lecture Notes Making marketing decisions in a fast-changing world is both an art and a science. To provide context, insight, and inspiration for marketing decision making, companies must possess comprehensive, up-to-date information about macro trends, as well as about micro effects particular to their business. Holistic marketers recognize that the marketing environment is constantly presenting new opportunities and threats, and they understand the importance of continuously monitoring, forecasting, and adapting to that environment. The major responsibility for identifying significant marketplace changes falls to the company’s marketers. Marketers have two advantages for the task: disciplined methods for collecting information, and time spent interacting with customers and observing competitors and other outside groups. Some firms have marketing information systems that provide rich detail about buyer wants, preferences, and behavior. Marketers also have extensive information about how consumption patterns vary across and within countries. Companies with superior information can choose their markets better, develop better offerings, and execute better marketing planning. Marketing Information Systems To carry out their analysis, planning, implementation, and control responsibilities, marketing managers need a marketing information system (MIS). The role of the MIS is to assess the managers’ information needs, develop the needed information, and distribute that information in a timely manner. An MIS has three components, as follows. An internal records system, which includes information on the order-to-payment cycle and sales information systems A marketing intelligence system—a set of procedures and sources used by managers to obtain everyday information about pertinent developments in the marketing environment A marketing research system that allows for the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation To spot important opportunities and potential problems, marketing managers rely on internal reports of orders, sales, prices, costs, inventory levels, receivables, and payables. The heart of the internal records systems is the order-to-payment cycle. Marketing managers also need timely and accurate reports on current sales. Sales information systems help companies carefully interpret the sales data so as not to draw the wrong conclusions. Finally, databases, data warehouses, and data mining are used to organize information into customer, product, and salesperson databases—and then combine their data. Companies warehouse these data for easy accessibility to decision makers. A marketing intelligence system is a set of procedures and sources that managers use to obtain everyday information about developments in the marketing environment. The internal records system supplies results data, but the marketing intelligence system supplies happenings data. Marketing managers collect marketing intelligence in a
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