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Marketing Research & Marketing Information System (15020071)…
Marketing Research & Marketing Information System (15020071)
The Systematic gathering, recording and analysis of data about problems relating to the marketing of goods and services
Advantages
Helps to establish trends
Helps to establish the market positioning
Helps to plan ahead
Can determine the most persuasive "promise"
Uncovers & identifies potential problems
Helps to minimize risks
Measures the organization reputaion
Help to make right decisions
Helps to identify opportunities in the marketplace
Help to monitor changing values & behavior of customers
Guides your communication with current & potential customers
Can evaluate the progress of the company
Help to identify the environmental changes & adapt to it
Types
Methodology
Qualitative
Quantitaative
Objective
Exploratory
Descriptive
Casual
By Source
Primary
Secondary
Marketing Research Progress
Collect data
Data Analysis & Interpretation
Design the research plan
Present findings of research
Define problem & set objectives
Technical Pitfalls
Designing the questionnaire
Sample size is small
Poor definition of problem
Data collection inadequate
When not to conduct market research
Closed mind-set
Late timing re-process
Research results not actionable
Poor timing re-marketplace
Lack of resources
Vague objectives
Cost outweighs benefit
Marketing Information System
A set of procedures & methods designed to generate, analyze, disseminate & store anticipated marketing decision information on regular or continuous basis
Main Steps
Assessing information needs
Developing information
Distributing & using information
MIS = Internal Records + Marketing Intelligence + Marketing Research
Advantages
Avoidance of crises
Coordinated marketing plans
Storage of important data
Speed in obtaining sufficient information to make decisions
A broad perspective
Data amassed & kept over several time periods
Organizes data collection
Ability to do a cost-benefit analysis