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MKTG 4820 Exam 2 Study Guide

MKTG 4820 Exam 2 Study Guide - International Marketing Exam...

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International Marketing – Exam # 2 Chapter 6 Deciding whether research should be undertaken Information Technology o Refers to an organization’s processes for creating, storing, exchanging, using, and managing information Management Information Systems o Provide managers and other decision makers with a continuous flow of information about company operations Intranet (tool of MIS) o A private network that allows authorized company personnel (or outsiders) to share information electronically Electronic Data Interchange (tool of MIS) o Allows business units to: Submit orders, Issue invoices and Conduct business electronically o Allows computers from different companies to speak the same language which means that transaction formats are universal Efficient Consumer Response (ECR) (tool of MIS) o A joint initiative by members of a supply chain to work toward improving and optimizing aspects of the supply chain to benefit customers Customer Relationship Management o CRM tools allow companies to determine which customers are most valuable and to react in a timely manner with customized product and service offerings that closely match customer needs. If implemented correctly, CRM can make employees more productive and enhance corporate profitability; it also benefits customers by providing value-added products and services. Organizational IT Necessities o An efficient, effective system that will scan and digest published sources and technical journals o Daily scanning, translating, digesting, abstracting, and electronic input of information into a market intelligence system o Expanding information coverage to other regions of the world Sources of Market Information o Personal sources Company executives based abroad who have contact with distributors, consumers, suppliers, and government officials. Friends, acquaintances, professional colleagues, consultants, and prospective employees o Direct sensory perception Using the senses to find out firsthand what is going on in a particular country Market research o Market research, by contrast, is the project-specific, systematic gathering of data in the search scanning mode. The activity that links the consumer, customer, and public to the marketer through information. Global market research
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o Global Marketing Research is the project-specific, systematic gathering of data in the search scanning mode on a global basis o Challenge is to recognize and respond to national differences that influence the way information is obtained Intelligence a s a function of decision type Steps in research process 1. Identify the information requirement What information do I need? Existing or Potential Markets? Why do I need this information?
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MKTG 4820 Exam 2 Study Guide - International Marketing Exam...

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