Textbook Notes (368,566)
Canada (161,966)
BUS 343 (122)
Jason Ho (70)
Chapter 4

Marketing: Real People, Real Decision (3rd Edition): Chapter 4

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Business Administration
BUS 343
Jason Ho

Chapter 4: Marketing Research Knowledge is Power Marketers must have information that is accurate, up to date, and relevant to make good decisions The Marketing Information System Marketing Information System (MIS) procedure developed by a firm to continuously gather, sort, analyze, store, and distribute relevant and timely marketing information to its managers Includes three important components o Four types of data o Computer hardware and software to analyze the data and create reports o MIS experts who actually manage the process to generate and distribute the needed information Date comes from four major sources o Internal company data o Marketing intelligence data on competition and other elements in the firms business environment o Information gathered through marketing research o Acquired database Can use data to measure new product awareness, consumption behaviour, and loyalty for each brand, converting this to brand and benefit segmentation Internal Data System Uses a variety of information from within the company to produce reports on the results of sales and marketing activities Can also provide access to various information to better serve the customer Marketing Intelligence Marketing Intelligence - a method by which marketers get information about everyday happenings in the marketing environment One of the most effective marketing intelligence tools is the companys own salespeople o Another one is the web Futurists takes information and tries to create scenarios that will predict future consumer trends o Possible future situations that futurists use to assess the likely impact of alternative marketing strategies www.notesolution.com
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