bus343 ch14

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Department
Business Administration
Course
BUS 343
Professor
Don'tremember
Semester
Winter

Description
CHAPTER 14MISMarketing info system procedure made to continuously gathersortanalyzestore distribute relevant and timely info to managers3 components 1 data can come from internal environment company can be bought etc2 computer hardwaresoftware to analyze data create reports3 MIS expertsmanage the process to generatedistribute the needed info1 Internal Data system info from within company internal records to produce reports ex wht items are in stock which are backordered etc available to salespeoplesales managers serve customers better immediate info access EX Wal martintranetinternal org internet network to link org departmentsemployeesdatabases secure only authorized employees can access2 Marketing Intelligence method by which marketers get info about everyday happenings in the marketing environment ongoing process most of the info needed about their environment is found in everyday sourcesnewspaperobservationstrade publications WWW has become major source in recent years lots of info on company webpages mystery shoppersfuturists type of MI to forecast future predict future consumer needswantstrends etc BrainReservefurist companyScenarios possible future situations futurists use to assess the likely impact of alternative marketing strategies3 Marketing Researchcollectinganalyzinginterpreting data about customerscompetitorsbus environment to make marketingdecision needed when unique info is need for specific decisions all companies rely on some form used to identify opportunities for new products promote existing one counter competitors claim2ndary Research research collected for a purpose other than the decision at hand 1 type is published material Financial Post Stats Cangovernment sources trade association conduct research on behalf of their members and produce industry reportsSyndicated Research research by firms that collect data on regular basis and sell reports to multiple firmsgives good insights about general trends info is broadshallow EXNielsen Media ResearchPrimary Research research conducted by or for a single firm to provide info for a specific marketing decision EXconsumers perceptions of a new advertising campaign EX SurveySite customized research that provides this type of specific into4 Acquired Databases from many sources ex some companies sell their customer databases to noncompeting firms Canada Privacy legislation restricts this practiceMarketing Decision Support Systems MDSS the dataanalysis softwareinteractive software allowing managers to conducts analysis and find the infothey need sometimes reports are inadequate problem is too vagueunusual to be easily answered by MIS process includes both complex stat software and modeling tools examine complex relation among factor in the marketplace asks what if questionsData Mining complex analysis technique to sift thru massive amounts of data terabytes find patternsrelations programs data warehouse so complex they have to build this to store data and process it4 Applications of Data Mining for marketersi Customer Acquisition many firms work hard to include demographic and other info about customersii Customer Retentionidentify bigspenderstarget them for special offers other customers wont receiveiiiCustomer Abandonment firms want to get rid of customer that cost the firm too much to service themivMarket Basket Analysis make focused promotions based on records of what products customers have boughtMARKETING RESEARCH PROCESS STEPS ongoing process goal is the samehelp managers make informed marketing decisions
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