By taking action companies can often overcome seemingly uncontrollable

By taking action companies can often overcome

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 seemingly uncontrollable environmental events. LO12 Good 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 to gain powerful customer and market insights. With technology now a days, companies can generate marketing information in great quantities. Through all the apps consumers are now volunteering a tidal wave of bottom-up information and to each other. The real value of marketing research and marketing information lies in how it is used- in the customer insights it provides (fresh understanding of customers and the marketplace derived from marketing information that becomes the basis for creating customer value and relationships). LO22 A marketing information system (MIS) consists of people and procedures dedicated to assessing information needs, developing the needed 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. A good 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 are electronic collections of consumer and market information obtained from data sources within the company network. Information can be obtained from many sources- marketing department, customer service, accounting, operations and sales force. Competitive marketing 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 consumer environment, assessing and tracking competitors’ actions, and providing early warnings of opportunities and threats. Techniques include quizzing the company’s employees, benchmarking competitors’ products, researching in the internet and monitoring social media buzz. LO32 Marketing research is the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization. It gives marketers insights into customer motivations, purchase behaviour and satisfaction. It can help them asses market potential and market share or measure the effectiveness of pricing, product, distribution and promotion activities. The marketing research process has 5 steps: Defining the problem and research objectives: After the problem has been defined, the management/researcher set the objectives which can be any of the three: (1) explanatory research- marketing research to gather preliminary information that will help define problems and suggest hypotheses. (2) descriptive research is the describe things such as the market potential for a product or the
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