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Chapter 5

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Department
Management (MGM)
Course
MGMA01H3
Professor
Tarun Dewan
Semester
Summer

Description
The marketing process begins with a complete understanding of consumer needs and so, the company needs proper information to produce superior value to customers. It also requires information on competitors, resellers and other forces. Information is also used as an strategic asset and marketing tool Marketing Information System: people and procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate customer and market insights Assessing marketing information needs A good MIS needs to consider the needs of all the users – customers, competitors, resellers; it must also balance the information users would like to have against what they really need and what is feasible to offer The cost of obtaining and delivering information is high so, the company must decide whether the value of insights gained from additional info is worth the costs of providing it Marketers can obtain information from: 1) Internal data Internal databases: electronic collections of consumer and market information obtained from data sources with the company’s network Marketers can access this info to identify marketing opportunities and problems and to evaluate performance The info on the data base is a collection of all the data collected by the various functional departments in a company Problems: this information may be incomplete or in the wrong form for marketing decisions as it wasn’t collected specifically for this research; the data ages quickly so the data in the system may be old; there might be a lot of information so they all need to be sorted out 2) Marketing Intelligence Systematic collection and analysis of publicly available information about consumers, competitors and developments in the marketing environment Goal: to improve strategic decision making by understanding the consumer environment and providing early warnings of opportunities and threats Techniques used: internet buzz, observing customers, quizzing company employees, evaluate competing products 3) Market research The systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization. The 4 steps in the process are: 1) Defining the problem and research objectives: The manager needs to identify the problem and then it must set research objectives. The main 3 objectives are: Exploratory research: gather preliminary information that will help define problems and suggest hypothesis Descriptive research: describe marketing problems, situations or markets such as the demographics or attitudes of consumers who buy the product Casual: research to test hypotheses about cause and effect relationships This guides the entire research process; the manager and researcher must agree on the purpose & expected results 2) Developing the research plan for collecting information Research plan must outline: research approaches, contact methods, sampling plans and instruments used to gather data Research plan must be presented as a written proposal The research plan requires gathering secondary and primary data (info collected for a specific purpose at hand) Gathering secondary data: Companies start with secondary data as it is already available – it can use internal database or buy reports from others Commerical online databases can be used to conduct research on information previously collected Secondary data can be obtained quicker and at a lower cost; it can provide dat
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