Nature and Scope of the Marketing-Information Management Function
This function centers around different companies trying to get information about their products from their target market. Bushiness know that if they understand what their customers want then it opens the door to expand ideas, make more thoughtful ideas and even understand what their competitors are doing well and not well. Customers don't go buying products wellie nillie unless they are super rich. They need to have some sort of reason customers should come.
Information Monitored for Marketing Decision Making
Different information is monitored for different marketing decisions. It is split into three main categories of consumers, maketing mix, and the business environment. Consumer information that is monitored is information about age, gender, income, education, and family size. Marketing mix information that is monitored is information about basic products, product features, services, product packaging, and guarantees. Business environment information that is monitored is information about type of competition, competitors' strengths and strategies, economic conditions, and government regulations. There are many more types of infomation needed for effective marketing decisions for each category.
Common Sources of Internal and External Marketing Information
There is a five step process to determine the information needed. The purpose is to determine what sources are needed(evaluate each). Accuracy, time, detail, and cost are all factors looked at to see how good the source fits the needs of the company.
Internal information-events that occur within the company.
Productions and operations reports make the company more cost and time efficient. Tests based on performance
are judged based off of customer satisfaction or sales.
External information- provides factors outside of the organization.
Government reports make different reports using a collection of data over time.
Commercial data and information services that help make the best decision for how to market a product.
Internal information-events that occur within the company.
Productions and operations reports make the company more cost and time efficient. Tests based on performance
are judged based off of customer satisfaction or sales.
External information- provides factors outside of the organization.
Government reports make different reports using a collection of data over time.
Commercial data and information services that help make the best decision for how to market a product.
Critical Elements of an Effective Marketing Information System
A marketing information system (MkIS) is an organized method of collecting, storing, analyzing, and retrieving information to improve the effectiveness and efficiency of marketing decisions. Small and large businesses manage information with computers and sometimes a staff, but the information has to be complete, accurate, easy to use, timely, afforable, and cost-effective. The five elements below are how to design the marketing information system.
- Input is the information that goes into the system that is needed for decision making. This information comes from customers, competitors, and business operations to find information that marketers will then use to make decisons for the business.
- Storage involves the resources used to maintain information, including equipment and procedures, so that it can be used when needed. The information needs to be stores and organized for future use. The information must be located correctly.
- Analysis is the process of summarizing, combining, or comparing information so that decisions can be made. This is where the decisions are made for planning for the future as well as things like promotional budgets being constructed.
- - Output is the result of analysis given to decision makers. This is the most important element as most people will never see the previous three. This is ususally portrayed through written information or graphics to present the data collected.
- Decision Making- These decisions should be made quickly if the MkIS is well-designed. Some decisons are routine while others are not. More people will make decisions on complicated topics.
Steps Needed to Gather and Study/Primary Data
Another way to gather information is through secondary information. Secondary data is data that has been already collected and used by someone else. This information becomes secondary when you can also use this information. Secondary sources can go with primary sources. For instance you can find secondary data that may fill in 70 percent of the data needed. Then primary sources can be carried out to find the last 30 percent. Secondary data can be anything from company records, government reports, colleges and universities studies conducted, and other information reported by other official business, The other option of collecting primary data which is information collected for the first time to solve the problem being studied. Primary data can be collected through surveys, think tank, making observations, and experiments. All of the data collected needs to be able to fill in the steps that include define the problem, analyze the situation, develop a data-collection procedure, gather and study information, and propose a solution. Surveys can be conducted in two different manners Close ended questions are usually yes no questions. An example is "do you like the Bucks?" The other is open ended questions which leave the questions direction to the person getting surveyed. An example is "what do you like about the Milwaukee Bucks." Observation is recording information about someone with out contact them, but instead just watching. Experiments are where every part stays the same except for a single variable. The experiment is to find what changes in the variable. A simulator can be made which is where the company determines all of the factors except the variable.
Role of Situation Analysis in the Marketing-Planning Process
Analyzing the situation allows the researcher to identify what is already known about the problem, the information currently available, and even the possible solutions that have already been attempted. Someone must understand the problem well enough to determine how to solve it as this is a part of scientific problem solving. The researcher reviews available information and gathers information from people who might have ideas of additional information. Past studies can help dedice how to approach the problem. A careful situational analysis by itself may result in identification of a solution, and the study will come to an end.
Interpret and Report Out Descriptive Stats for Marketing Decision Making
This information system focuses on trying to improve the decisions that are made. There are many different decisions that need to be made. These decisions include who's involved, when are they made, what procedures need to be addressed, and what info. is still needed. An example would be is if I run a Mexican hat store and our vending machine is out of Pringles. I would have to find the closest and most cost affordable Pringle wholesaler in the area. An example using statistics would be that an office supply store shows low inventory levels of paper, and a computer analysis program determines that two hundred cases of paper are needed. It will search the vendors to find the lowest possible price. Other decisions that aren't as routine would involve more people in the process. Refer to the section above for any extra decision-making related information. More depth info on this topic are scattered throughout this page.
SWOT Analysis
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