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Unformatted text preview: USC Marketing 307 • #12 MIS
1. 2. 3. Deﬁnition. System to monitor, collect, analyze, report and take action on marketplace information. When is it used? Throughout the Marketing Cycle. It is on 24/7. How is it different from Market Research? Market research is part of the system that is used to ﬁll in the remaining “holes” in the information matrix that cannot be collected by the automatic components of the system. Advantage of an MIS over Market research? It collects data in real time when the information in most accurate and feelings are most intense. MIS Process. 5-1. Monitor. Systems collect whatever they can automatically. What is not collected automatically can be obtained by people inside and outside your company that monitor the marketplace, the media, etc. 5-2. Collect. Forms, computer screens, scanners, and computer systems are used to collect the data. 5-3. Analyze. Information is ﬁltered and analyzed to separate the signal from the noise so data can be properly interpreted. 5-4. Report. Analyzed information is reported in a convenient form to decision makers. 5-5. Take Action. Weekly meetings and other methods are employed to take the appropriate action. 5-6. Measure Results. The results of the action taken is also analyzed and more adjustments are made as necessary.
© 2006 Ira S. Kalb. All rights reserved. You wouldn’t ride in a car blindfolded on Sunset Boulevard. You have to continuously obtain feedback to survive and prosper. Too much research requires respondents to give answers that don’t fit the way they feel or to remember past events they cannot. Google Alerts is an automatic way to monitor and collect information on the Internet, report it to you so you can take the appropriate action. A lot of mistakes are made in marketing by misinterpreting the data collected. The “price is too high” could be negotiating or they really think it is. This is an iterative process whereby refinements are made to the systems and processes to continually improve the MIS and get better answers.
1 4. 5. USC Marketing 307 • #12 MIS
6. What Information is collected? 6-1. Performance. How well is our marketing mix (of 7BB s) working? 6-2. New Product Ideas. What new products should you develop? 6-3. Complaints. Turn negatives into positives to build stronger bonds. 6-4. Compliments. Use in your marketing internal and external. 6-5. Competition information. Make sure you meet/exceed competitors. 6-6. Marketplace Information. What s happening in our deﬁned markets? 6-7. Market Targets. How are needs of our target audience changing? Where do we get it? 7-1. Accounting System. Macro performance data from Accounting (sales, costs, proﬁts) via invoices and other source documents. 7-2. Market Information Form. Since much of the we need is not on the invoice, we need to create a form to collect much of it (page 3). 7-3. Promotion Effectiveness Report. ROI on promotion. 7-4. Hot List. Dynamic sales forecast. 7-5. Media. We can ﬁnd out a lot from quality online and ofﬂine media. 7-6. Secondary Research. Research done by others on and off-line. 7-7. Primary Research. Original research you do yourself or outsource see report card (page 4). 7-8. Acquiring Knowledge. From books, school, seminars, etc. 7-9. MIS Mechanism in all communications. Codes in ads, etc. 7. Wireless technology, with your permission, can alert stores, offices, and restaurants that you prefer that you are in the “hood” and they can inform you about sales promotions on items you have told them you like. See Personal Selling Handout page 8 and 9.
Zapdata.com, ClickZ.com, Hoovers.com, MediaPost.com, CIA World Factbook, Google search and alerts. Surveys, Focus Groups, Tests, Experiments, Report Cards, Business Reply cards.
2 © 2006 Ira S. Kalb. All rights reserved. USC Marketing 307 • #12 MIS You can capture information from the marketplace that you need, but are unable to collect, using your accounting system Signed permission to use a great testimonial quote you may want to use in your marketing. © 2006 Ira S. Kalb. All rights reserved. 3 USC Marketing 307 • #12 MIS © 2006 Ira S. Kalb. All rights reserved. 4 USC Marketing 307 • #12 MIS
8. How do we use it. 8-1. Complaints. Turn negatives into positives to form a stronger relationship and protect your corporate image. 8-2. Compliments. After getting permission use it in your marketing (ads, brochures, and sales person s Sales Notebook) 8-3. New Product Ideas. Input to your New Product Development system. 8-4. Competition information. Give to sales people for their sales notebooks so they can prove your products are better and to decision makers so they can make sure you stay ahead of competitors. 8-5. Performance feedback. To improve your corporate image, positioning, product, pricing, distribution, promotion, and MIS strategies, and in general, improve the company. 8-6. Marketplace data. So you can know, in real time, how your marketplace is changing and you can predict the future better. 8-7. Continual improvement. So you can continually improve and make sure you give your customers what they want so you meet or exceed your goals. 8-8. Lifetime value of customers. You want to be able to continually calculate and monitor the lifetime value of your customers. 8-9. Code and measure everything you can. Developing a good MIS is necessary to succeed in today s and tomorrow s marketplace.
In general you want to … 1. Predict what will happen. 2. Measure what actually happens. 3. Determine why it happened. 4. Make improvements next time. To calculate Lifetime Value of a Customer (LVC) properly you need a good formula that considers all the important variables and problem need to do the calculation on a spreadsheet. See http://www.dbmarketin g.com/articles/Art129.ht m
5 © 2006 Ira S. Kalb. All rights reserved. ...
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