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Marketing Research & Marketing Information System ((The systematic…
Marketing Research & Marketing Information System
The systematic gathering, recording and analysis of data about problems relating to the marketing of goods and services
Advantages
Helps in monitoring customer behavior
Helps to identify and adopt environmental changes
Helps in establishing market positioning
Helps in evaluating the progress of the company
Helps in establishing trends
Can determine the most persuasive "promise"
Helps in planning
Helps in minimizing risks
Uncovers and identifies the potential problems
Guides in making right decisions
Measure the reputation of the organization
Unwraps the opportunities in the market
Strengthens and guids the communication with customers
Why Marketing researches are done?
Generate, refine and evaluate marketing actions
Monitor marketing performance
Identify and define marketing opportunities and problems
Improve understanding of marketing as a process
Types of Marketing Research
By Methodology
Qualitative
Interpretative
Quantitative
Statistical
By Objectives
Discriptive
Exploratory
Experimental
By Source
Primary
Secondary
Marketing Research Process
Collection of data
Data Analysis and Interpretation
Design the research plan
Presentation of Research Findings
Define the problem and set objectives
Potential Value of a Marketing research effort > Estimated costs
Frequent Technical Pitfalls
Sample size is small
Poor definition of problem
Data collection inadequate
Designing the questionnaire
When to conduct Market research
Is it possible to gather data?
Does the decision has strategic or tactical importance?
Is sufficient time available?
Does the information value exceed the research cost?
If all the above facts are completed its a good condition to conduct a ,marketing research
When not to conduct a marketing research
Late timing re-process
Poor timing re-marketplace
Closed mind-set
Vague objectives
Cost outweighs benefit
When there is not enough resourses
Research results not actionable
Marketing Information Systems
A set of procedures and methods designed to generate, analyse, disseminate, and store anticipated marketing decision information on a regular or continuous basis
.
Main steps
Developing information
Distributing and using information
Assessing information needs
MIS consists of
Marketing Intelligence
Marketing Resource
Internal Records
Advantages of MIS
An avoidance of crisis
Coordinated marketing plans
Storage of important data
Speed in obtaining sufficient information to make decisions
A broad perspective
Data amassed and kept over several time periods
Organized data collection
Ability to do a cost-benefit analysis
