Presentation on theme: "4.06 Acquire foundational knowledge of marketing-information management to understand its nature and scope."— Presentation transcript:
14.06 Acquire foundational knowledge of marketing-information management to understand its nature and scope.
2MIM VocabularyDefine the following terms: marketing information, marketing-information management system, and marketing research.Marketing InformationInformation gleaned from talking with the customerMarketing-Information Management SystemMethod for collecting and analyzing/interpreting dataMarketing ResearchMethodology for discovering the customer’s wants and needs – links consumer, customer and public to marketer
3Who uses marketing research? Marketing research may be formal or informalDepending on the size of the business it may be done in house (internal department) or outsourced (hire an expert)Government, opinion polls, associations and businesses use marketing research
4Marketing Information Management (MIM) Describe the need of marketing information.To meet a customer’s needs/wants, a company must know what s/he needsTo better adapt to changing marketsClassify types of marketing information as primary or secondary.Primary is information the company collects directly from its own surveys – first time collected; expensiveSecondary is information the company collects from other sources (libraries, online, Federal publications, etc.) – desk research – already exists
5Marketing Information Management (MIM) Types of MIMAttitude Research – opinion research = feelingsMarket Research – info related to marketing a good/serviceSales Forecasting = project future salesEconomic Forecasting = predict economic futureMedia Research – media selection & frequency (media mix)Researching print advertisements, broadcast media, onlineProduct Research – product design, packaging, usageNew product acceptanceExisting product research
6MIM Describe the types of information marketers should obtain. Customer preferences and opinionsCompetitors actions and effects on potential customersBuying habits (how often a customer repurchases)Is the correct message getting to the customers?
7MIM Categorize internal sources of marketing information. Customer surveysSales people feedbackDatabase of customers and their purchasesSales reportsCompany recordsDiscuss external sources of marketing information.Federal/State/Local governmentPublished reports from other sources (competitors, industry research, news sources)Trade reports
8MIM Explain why marketers should collect information. To stay ahead of the competitionTo better serve current customersTo successfully expand into new marketsTo better understand the economy’s effect on its customersAnswers: what should be produced, where it should be sold, how best to promote product, and at what price to sell the product
9MIM Describe the characteristics of useful marketing information. Can be interpreted correctlyAccurateRelevant (current and useful)Describe reasons that marketers need to gather accurate information.All business decisions are based on the information collected and how that info is interpreted/analyzed
10MIMExplain the functions of a marketing-information management system.Collect accurate and useful dataAnalyze and interprets the data into usable informationShows trends and clearly explains why the market is the way it isHelps the managers make good business decisions (expand/delete a product line, enter new markets, set pricing and service policies, etc.
11MIM SystemContrast marketing research with a marketing-information system.Research is the collecting of dataAn MIM system can include research but also is responsible for assisting with making decisionsDescribe the use of a marketing-information system.Improve the level of satisfaction consumers feel with the company’s productsBuild sales and profitability
12MIM SystemExplain the benefits of a marketing-information management systemHappier customersLess threat from competitorsHigher profits (in the long-run)
13MIM SystemDiscuss the requirements of a marketing-information management system.Collection of accurate dataEffective analysisRelevantExplain the role of marketing-information management in marketing.Helps the company better understand its current and potential customers
14MIM SystemDescribe limitations of marketing-information management systemsBenefits of the information must be greater than the expenses of the MIM system – small businesses can’t afford the expenseSignificant investment of time and moneyThe information being managed is only as good as what is collected and how it is analyzed (Garbage In, Garbage Out - GIGO)