Lecture 2_Marketing - Capturing Marketing Insights 3-2 A marketing information system consists of people equipment and procedures to gather sort

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Unformatted text preview: Capturing Marketing Insights 3-2 A marketing information system consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers. 3-3 1. Internal company records. 2. Marketing intelligence activities. 3. Marketing research . • The company’s marketing information system should be a cross between what managers think they need, what managers really need, and what is economically feasible. 3-4 • What decisions do you regularly make? • What information do you need to make these decisions? • What information do you regularly get? • What special studies do you periodically request? • What information would you want that you are not getting now? • What are the four most helpful improvements that could be made in the present marketing information system? 3-5 3-6 Order-to-Payment Cycle Databases, Warehousing, Data Mining Marketing Intelligence System Sales Information System • Marketing mangers rely on internal reports on orders, prices, costs, inventory levels, receivables, payables, and so on. By analyzing this information, they can spot important opportunities and problems. • Order-to-Payment Cycle • The heart of the internal records systems is the order-to- payment cycle. • Sales Information Systems • Marketing managers need timely and accurate reports on current sales. • Companies must carefully interpret the sales data so as not to get the wrong signals. • Technology – software and hardware helps managers to collect, process and disseminate market information rapidly. 3-7 3-8 • Today companies organize information in databases—customer databases, product databases, salesperson databases—and then combine data from the different databases. • Companies warehouse these data for easy accessibly to decision makers. • By hiring analysts skilled in sophisticated statistical methods, companies can “mine” the data and garner fresh insights into: • Neglected customer segments. • Recent customer trends. • Other useful information. • The customer information can be cross-tabbed with product and salesperson information to yield still deeper insights. 3-9 • A marketing intelligence system is a set of procedures and sources managers use to obtain everyday information about developments in the marketing environment. • Marketing managers collect marketing intelligence by: • Reading books, newspapers, and trade publications. • Talking to customers, suppliers, and distributors. • Meeting with other company managers. 3-10 Enterprising individuals and companies manage to create new solutions to unmet needs. • A fad is “unpredictable, short-lived, and without social, economic, and political significance.” • A trend is a direction or sequence of events that has some momentum and durability....
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This note was uploaded on 02/29/2012 for the course MARKETING MKT 2401 taught by Professor Yeo during the Spring '12 term at National University of Singapore.

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Lecture 2_Marketing - Capturing Marketing Insights 3-2 A marketing information system consists of people equipment and procedures to gather sort

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