mktg chp4

mktg chp4 - Marketing: An Introduction Chapter 4: Managing...

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Unformatted text preview: Marketing: An Introduction Chapter 4: Managing Marketing Information Road Map: Previewing the Concepts Good products and marketing programs begin with solid info on consumer needs and wants, companies also need tons of info on competitors, resellers, and other forces in the marketplace Marketing information system (MIS)- people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers o First interacts with info users to assess info needs o Then develops needed info from internal company databases, marketing intelligence activities and marketing research o Then helps users to analyze info and put it in right form for making marketing decisions o Finally it distributes the marketing info and helps managers use it in their decision making Assessing Marketing Information Needs A good marketing information system balances the info users would like to have against what they really need and whats feasible to offer Company must decide whether benefits of having additional info are worth costs of providing it Developing Marketing Information Internal Data Internal databases- electronic collections of consumer and market information obtained from data sources within the company network Internal databases usually accessed more quickly and cheaply then other info sources o Info may be incomplete/in the wrong form for making marketing decisions (since it was collected for other reasons) Marketing Intelligence Marketing intelligence- the systematic collection and analysis of publicly available information about competitors and developments in the marketing environment o Goal of marketing intelligence: improve strategic decision making, assess and track competitors actions and provide early warning of opportunities and threats o Good intelligence can come from: people inside the company, suppliers, resellers, key customers, and observing competitors and monitoring their published info o Many companies now taking steps to protect own info Marketing Research Marketing research- the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization Marketing research can help marketers understand customer satisfaction and purchase behavior...
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mktg chp4 - Marketing: An Introduction Chapter 4: Managing...

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