Marketing
Marketing Information Management
Marketing Information Management involves the collection, analysis, and utilization of data to make informed marketing decisions. It encompasses processes for gathering market research, customer feedback, and competitive intelligence to understand consumer behavior and market trends. By effectively managing marketing information, organizations can tailor their strategies and campaigns to meet the needs and preferences of their target audience.
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Index pages curate the most relevant extracts from our library of academic textbooks. They’ve been created using an in-house natural language model (NLM), each adding context and meaning to key research topics.
- Callie Daum, Vibrant Publishers(Authors)
- 2020(Publication Date)
- Vibrant Publishers(Publisher)
Research in Marketing
In order to carry out all of the work described in the previous sections, research must be completed to gather all of the information needed. This information is referred to as market research. In the next sections we will discuss how to pull together the information and interpret it.Information Systems
Information systems exist for almost every business function. The same is true for marketing. A Marketing Information System (MIS) uses people, equipment, and procedures to pull together, organize, review, interpret, and disseminate marketing information to the appropriate decision makers. Marketing managers are the operators, in a sense, of the MIS. First, the marketing manager works with the MIS to determine the marketing question(s)that needs an answer. Next, the MIS pulls from various information sources to construct the needed information for the marketing manager. Lastly, the MIS distributes the gathered information to the manager to help answer the posed question(s), so they can plan, implement, and control operations moving forward. The marketing manager walks hand in hand with the MIS throughout the entire process.Constructing Information
Information is constructed from various resources. These resources can be classified into three different categories including internal records, marketing intelligence, and marketing research. The information system pulls this information and packages it together to ensure that the information is presented in the correct context, is appropriate, and applicable to the marketing question at hand.If we examine further, we can describe internal records asinformation that is gathered internally from the organization to help identify strengths and weakness, issues and opportunities, and overall performance. This information could include things such as financial statements, sales records, reporting on manufacturing efficiencies and capabilities, and customer service feedback and issues. Utilizing internal records is a quick function and is low cost as compared to trying to pull information from outside sources. The downside is that the information can often be incomplete or not in a context or format that is useful for marketing purposes. An even larger problem is the sheer amounts of data and information a company can generate. The effort of combing through this information for the right data can be time consuming and difficult to find or track.
eBook - ePubCompetitive Marketing (RLE Marketing)
A Strategic Approach
- John O'Shaughnessy(Author)
- 2014(Publication Date)
- Routledge(Publisher)
Part IIIMarketing intelligence
Passage contains an image
Chapter 8
Information, marketing research, and the marketing manager
Definition of information Management information system 73(MIS) and decision support systems (DSS) General purposes served by informationInformation for the marketing managerSetting objectives Problem diagnosis Research design Establishing evaluative criteria Data collectionStages in marketing researchEditing, coding, tabulating, and interpreting Mathematical/statistical techniques of analysis International aspects The reportData analysis and techniques of analysisThis chapter deals with the problem of providing marketing management with the marketing information it requires. And information is required since marketing cannot be conducted without plenty of it. Information is critical to decision-making since the quality of the decision depends vitally on the validity of the information on which it is based. This chapter describes the role of information in marketing and reviews the procedures and methods of marketing research to understand its techniques and limitations.The chapter covers:1 information for the manager . This section discusses the nature of information, management information systems (MIS), and decision support systems (DSS) as well as the various logical decision processes for which information is needed, namely, description, explanation, prediction, prescription, and evaluation.2 stages in doing a marketing research study . This section covers problem diagnosis, research design, evaluative criteria, and data collection methods. (The term “marketing” research is used here to reserve the term “market” research for research into some specific market. However, some writers use the term “marketing” research for that research that seeks to expand on fundamental knowledge about marketing.)3 techniques of analysis
eBook - ePub- Geoffrey Lancaster, Lester Massingham(Authors)
- 2017(Publication Date)
- Routledge(Publisher)
13 Marketing information systems and research Learning objectives After reading this chapter you will: • understand the importance of information in effective marketing planning; • appreciate the nature and meaning of the marketing information system and its role in providing information for decision-making; • become acquainted with the principal problems in designing a marketing information system; • recognize the contribution of contemporary marketing information system technology to information provision and processing; • be aware of key sources of information and inputs to the marketing information system, including the marketing research process, and with contemporary developments in this area; • be familiar with marketing research techniques in terms of their application and importance in the marketing information system. Introduction Marketing orientation places customers at the forefront of planning activities. It is a philosophy of total business thinking that is not merely confined to the realms of the marketing department. Organizations face changes and challenges from outside as well as inside their boundaries. The role of marketing is to anticipate and identify such changes and advise the organization on how to respond to challenges in the context of a competitive marketplace. Marketing needs information to carry out this task. Marketing research collects information and a marketing information system (MkIS) analyses and acts on such information. According to Kotler and Keller, 1 a marketing information system consists of ‘People, equipment, and procedures to gather, sort, analyze, evaluate and distribute needed, timely and accurate information to marketing decision makers.’ This definition highlights that the marketing information system is more than just marketing research. Information provided by marketing research is one input to the marketing information system, albeit a crucial one
eBook - ePubInternational Strategic Marketing
A European Perspective
- J.B. McCall, Marilyn Stone(Authors)
- 2004(Publication Date)
- Routledge(Publisher)
Figure 4.1 ). These are internal reporting, marketing intelligence and marketing research.The three data gathering sources should interact on a continuous basis, e.g. internal reporting sources covering information obtained from within the organization may be used in the preparation of marketing research studies. Similarly, marketing intelligence environmental scanning is used in conjunction with the internal reporting process which, in turn, can feed into the marketing research function. All the data gathered from the internal reporting process, from marketing intelligence and from marketing research should be analysed and assessed to determine market trends. These are used to develop databases for the organization providing market data related to actual and potential customers which, in turn, help management to monitor market activity and ascertain the organization’s performance. In this way, a list of customers might detail customer locations, their purchasing patterns and the payment methods that they use and this can help the marketing department to decide on the most appropriate marketing mix to reach the customer. Product characteristics, pricing strategies, promotional approaches, advertising and the sales effort, as well as the appropriate logistics operations, can be determined in conjunction with segmentation, positioning and targeting strategies.Figure 4.1 Marketing Information SystemWithin the organization, the data gathered for the MIS are analysed and assessed. The findings should be passed upwards from the marketing services function/department through to corporate or strategic planners to help in strategic decision-making. The strategic planners, in the same way, should feed information back into the MIS to direct, or target, market interests within the marketing services department. This information should also be communicated to, and should be received from, the other functional sections of the organization including production, research and development, finance and sales. Within the organization, individual functional departments, company subsidiaries and strategic business units (SBUs) provide marketing data related to their own particular product, or service, for the MIS. The system should take this data, assimilate it with data from outside the organization, analyse the data and feed the findings to the departments for management decision-making.
eBook - ePub- Bert Brijs(Author)
- 2016(Publication Date)
- Auerbach Publications(Publisher)
10BI and Marketing Management
INTRODUCTION
Today’s marketing management is more and more supported by IT. It started with mail-order companies that were the first to use IT to manage customers and their profiles and it has gradually expanded to all sorts of industries. Yet it is only in the last few years that we can speak of successful marketing automation, or customer relationship management (CRM) systems, as IT vendors have come to understand that marketing and sales are about creativity and the freedom to improvise in the field, which needs quite different IT support than a production system.Yet, the promise of “CRM/BI in a box” is not fulfilled, despite the CRM analytics claims from tool vendors. Why? Because no tool vendor can anticipate the flexibility needed by a marketing department where there are continuously changing promotions, competitive moves, new product introductions, communication, and so on. Business Intelligence (BI) for marketing is 90% tailormade, based on thorough analysis of the present situation and the (potential) future directions. In this chapter, I try to evoke the major issues to address and questions to ask of your marketing client. But first, let’s have a look at the principal sources for marketing analysis.CRM is an umbrella term for all sorts of process support and process management software in the field of sales, marketing, and customer service, among others. Characteristic modules/sources are:WHAT DO WE MEAN BY “CRM”?
eBook - ePub- Alexander Murdock, Carol N. Scutt(Authors)
- 2007(Publication Date)
- Routledge(Publisher)
Actively encourages the free exchange of information. & Makes best use of existing sources of information.Seeks information from multiple sources.Challenges the validity and reliability of sources of information.Pushes for concrete information in ambiguous situations.The objectives of this chapter are to:INTRODUCTION AND OBJECTIVES
Identify forms of information required inside and outside the organization.Define the information needs for customers.Introduce the ‘marketing mix’.Establish what would be the ‘right’ messages.Identify customer needs and introduce simple market research techniques.Discuss the value and use of advertising and public relations.In the process of managing information, we can approach the issues from a marketing perspective. When we are marketing to our customers and potential customers, we are providing information about our organization and its products or services. When we are providing information to other parts our organization, we are marketing who we are, what we can provide and the skills and knowledge we possess to our internal customers. In other words, we are defining and establishing the role we have in the overall success of the organization.COMMUNICATING OUTSIDE THE ORGANIZATION
Communication is a strategic activity. Not only is it a part of the process of developing goals and objectives, but it is also an integral part of incorporating those goals and objectives in terms of profile and branding. It is therefore essential that the information we provide when communicating outside the organization is appropriate, valid, ethically and politically correct and carries the right messages.
- Nigel F. Piercy(Author)
- 2018(Publication Date)
- Routledge(Publisher)
By definition, NIT increases the amount of information available. Therefore, as well as changing the inherent strategy adopted by the organisation, a management information system (MIS) is required to handle the extra information created. Hand-in-hand with this MIS development is that of a marketing information system (MKIS), which deals specifically with marketing strategy and operations.In real terms, the MKIS is the MIS, or indeed the decision support system (DSS), which relates to marketing activities and marketing information. A more formal definition is supplied by Buzzell et al (1969) as,A set of procedures and methods for the regular, planned analysis and presentation of information for use in making marketing decisions. Various writers have analysed this phenomenon (Uhl, 1974; Graf, 1979) and in summary they have shown how the MKIS can be used for:– data storage and retrieval, simplifying the accessibility of information;– monitoring systems, checking progress and variations in, for example, sales or market share data.– analytical information systems – a facility for options as to the results of various competitive actions e.g. price cuts, merchandising policies, etc.All this provides an in-depth crisis information system along with current-awareness and incidental-information systems.Formal recognition of MKIS is needed because of the increasing information derived from NIT adoption. The basic research information collected in this way can be used to develop cause and effect models of responses to marketing actions. It follows that, as NIT increases and suggests new marketing approaches, an efficient MKIS is essential for efficient information management.However, this is the ideal. In reality, Piercy (1981) has shown how such attention to system creation is sadly lacking in many companies.MKIS development tends to be hampered by the ability of managers to process the information produced by computer systems and to cope with NIT itself. Indeed, the question is raised whether such management is able to choose the actual information sources so as to compile the MKIS in the first place.
