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Developing Information.docx

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MKT 2210
Subbu Sivaramakrishnan

Developing Information Internal Data - Internal database: Information gathered from sources within the company that can be evaluate marketing performance and to detect marketing problems and opportunities. - Information in the database can come from many sources. The accounting department prepares financial statements and keeps detailed records of sales, costs, and cash flow. Manufacturing reports on production schedules, shipments, and inventories. The sales force reports on reseller reactions and competitor activities. The marketing department maintains a database of customer demographics, psychographics, and buying behaviour. The customer service department provides information on customer satisfaction or service problems. Marketing Intelligence - Marketing Intelligence: The systematic collection and analysis of publicity available information about competitors and development in the marketing department. - Marketing Intelligence can be gathered from many source; can be collected from the company’s own personnel- executives, engineer and scientists, purchasing agents, and the sales force. - For a fee companies can subscribe to online database or information search services. Marketing Research - Marketing Research: The systematic design, collection, analysis, and reporting of data and finding relevant to a specific marketing situation facing an organization. Information Analysis - Information gathered by the company’s marketing intelligence and marketing research systems often require more analysis, and sometimes managers may need help applying the information to their marketing problems and decisions. This may include advanced statistical analysis to learn more about both the relationships within a set of data and their statistical reliability. Distribution Information - The information gathered through marketing intelligence and marketing research must be distributed to the right marketing managers at the right time. - With recent advances in computers, software, and telecommunication, most companies are decentralizing their marketing information systems. In many companies, marketing managers have direct access to the information network through personal computers and other means. - Such systems offer exciting prospects. They allow the managers to get the information they need directly and quickly and to tailor it to their unique needs. The Marketing Research Process *Defining the problems and research objectives à Developing the research plan and collecting information à Implementing the research plan-collecting and analysing the data à Interpretation and reporting the findings - Marketing managers and researcher must work closely to define the problem carefully and they must agree on the research objectives. - Managers must know enough about marketing research to help in planning and interpreting research results. If they know little about marketing research they may obtain wrong information. - Experience marketing researchers who understand the manager’s problem also should be involved at this stage. The researcher must be able to help the manager define the problem and suggest ways that research can help the manager make better decisions. - Defining the problem and research objectives is often the hardest step in the research process. - After the problem has been defined carefully, the manager and researcher must set research objectives. Can 1-3 types of objectives. Exploratory research, descriptive research and casual research. - Exploratory Research: Marketing research to gather preliminary information that will help to better define problems and suggest hypotheses. - Descriptive Research: Marketing research to better describe marketing p
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