100%(1)1 out of 1 people found this document helpful
This preview shows page 15 - 16 out of 53 pages.
affect the publics and forces in their marketing environment. By taking action, companies can often overcome seeminglyuncontrollable environmental events. LO12Good products and marketing programs begin with good customer information. Companies also need an abundance on competitors,resellers, and other actors and marketplace forces. But more than just gathering information, marketers must use the information togain powerful customer and market insights. With technology now a days, companies can generate marketing information in greatquantities. Through all the apps consumers are now volunteering a tidal wave of bottom-up information and to each other. The realvalue of marketing research and marketing information lies in how it is used- in the customer insights it provides (fresh understandingof customers and the marketplace derived from marketing information that becomes the basis for creating customer value andrelationships). LO22A marketing information system (MIS) consists of people and procedures dedicated to assessing information needs, developing theneeded information and helping decisions makers use the information to generate and validate actionable customer market insights.The MIS primarily serves the company’s marketing and other managers however, it also provides information to external partners. Agood MIS balances the information users would like to have against what they really need and what is feasible to offer.Marketers obtain the needed information from internal data, marketing intelligence and marketing research. Internal databases areelectronic collections of consumer and market information obtained from data sources within the company network. Information canbe obtained from many sources- marketing department, customer service, accounting, operations and sales force. Competitivemarketing intelligence involves the systematic collection and analysis of publicly available information about consumers, competitors,and developments in the marketing environment. The goal is the improve strategic decision making by understanding the consumerenvironment, assessing and tracking competitors’ actions, and providing early warnings of opportunities and threats. Techniquesinclude quizzing the company’s employees, benchmarking competitors’ products, researching in the internet and monitoring socialmedia buzz. LO32Marketing research is the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facingan organization. It gives marketers insights into customer motivations, purchase behaviour and satisfaction. It can help them assesmarket potential and market share or measure the effectiveness of pricing, product, distribution and promotion activities. Themarketing research process has 5 steps:Defining the problem and research objectives: After the problem has been defined, the management/researcher set the objectiveswhich can be any of the three: (1) explanatory research- marketing research to gather preliminary information that will help defineproblems and suggest hypotheses. (2) descriptive research is the describe things such as the market potential for a product or the