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Lecture 2_Marketing Insights - Capturing Marketing Insights...

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Capturing Marketing Insights
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3-2
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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
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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
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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
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3-6 Order-to-Payment Cycle Databases, Warehousing, Data Mining Marketing Intelligence System Sales Information System
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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
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3-8
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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
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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
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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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