Managing marketing information systems MIS.ppt
- 1. Diploma in Entrepreneurial Business Management 2015 Department of Marketing Management Faculty of Management Studies & Commerce University of Sri Jayewardenepura
- 2. “Capturing Market Insights” Managing Marketing Information to Gain Customer Insights
- 3. Session Outline Marketing Information and Customer Insights Assessing Marketing Information Needs Developing Marketing Information Analyzing Distributing and Using Marketing Information
- 4. Target Customers Product Promotion Price Place Marketing Control System M a r k e t i n g O r g a n i z a t i o n & I m p l e m e n t a t i o n S y s t e m Marketing Planning System Marketing System Intermediaries Demographic & Economic Environment Technological & Natural Environment Political & Legal Environment Social & Cultural Environment Competitors Suppliers Publics M a r k e t i n g I n f o r m a t i o n S y s t e m
- 5. Marketing Information and Customer Insights Marketing information by itself has little value. The value is in the customer insights gained from the information and how these insights are used to make better marketing decisions. Good Marketing Information Customer and Market Insights
- 6. Customer Insights To gain good customer insights, marketers must effectively manage marketing information from a wide range of sources. Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships.
- 7. Marketing Information System (MIS) People and procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.
- 8. The Marketing Information System Marketing managers and other information users Obtaining customer and market insights from marketing information Analyzing and using information Marketing Information System Developing needed information Internal databases Marketing intelligence Marketing research Assessing information needs Target markets Marketing channels Competitors Publics Macro forces Marketing Environment
- 9. Assessing Marketing Information Needs The Marketing Information System begins and ends with users. MIS primarily serves the information needs of company’s marketing and other managers. It may also provide information to external partners (suppliers, resellers, customers).
- 10. Information would like to have What really need What is feasible to offer BENEFITS COST Assessing (Cont.)
- 11. Developing Marketing Information How do managers/ marketers obtain the needed information? 1. Internal Data 2. Marketing Intelligence 3. Marketing Research
- 12. Developing (Cont.) Real Challenge Find the right information Turn it into customer insights
- 13. Internal Data Collections of consumer and market information obtained from data sources within the company network. Can identify marketing opportunities, problems, plan programmes and evaluate performance (What has happened?).
- 14. Internal Data Sources Customer transactions, demographics, psychographics and buying behavior Customer satisfaction/ service problems Financial statements Operations reports Sales force reports Marketing channel partners
- 15. Marketing Intelligence The systematic collection and analysis of publicly available information about consumers, competitors and developments in the marketing environment.
- 16. Intelligence (Cont.) The goal of marketing intelligence is to improve strategic decision making by understanding the consumer environment, assessing and tracking competitors’ actions and providing early warnings of opportunities and threats (What’s going on and what will happen ??).
- 17. Marketing Intelligence Sources • Company personnel • News, publications • Monitor consumer online chatter • Key customers • Suppliers and resellers • Government agencies • Competitive analysis • Trade associations • Internet search engines • Information companies • Sales force as “eyes and ears” • Ghost shopping • Searching competitors’ garbage
- 18. Marketing Research The systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing an organization. Eg. - Customer motivation Purchase behavior Satisfaction and etc.
- 19. The Marketing Research Process
- 20. I. Defining the Problem and Research Objectives Marketing Research Problem Management Decision problem (Action oriented) Research problem (Information oriented) “ “A well defined problem is half sold”
- 21. Problem Definition (Cont.) Iceberg Principle Marketing managers and researchers cannot discover actual problems because they lack sufficiently detailed information. The “Iceberg Principal" serves as a useful analogy . The idea is that the dangerous part of many marketing problem is neither visible to nor understood by marketing managers.
- 22. Research Objectives To gathers preliminary information that will help define the problem and suggest hypotheses. Exploratory Research To better describes marketing problems, situations or markets, such as the market potential for a product or the demographics and attitudes of consumers. Descriptive Research To test hypotheses about cause-and-effect relationships. Causal Research
- 23. II. Developing the Research Plan Once the research problems and objectives have been defined, –Determine the exact information needed –Develop a plan for gathering it efficiently –Present the plan to management
- 24. Meeting Information Needs Information that already exists somewhere, having been collected for other purpose. •Obtained More Quickly •Lower Cost •Might Not be usable Data Information collected for the specific purpose at hand. Both Must Be Relevant Accurate Current Impartial Secondary Data Primary Data
- 25. III. Implementing the Research Plan The marketing research plan needs to be put into action. This involves, Data collection Data processing Data analyzing
- 26. IV. Interpreting and Reporting the Findings The market researcher must interpret the findings, draw conclusions and report them to management. The researcher should present important findings and insights that are useful in the major decisions faced by management. Managers and researchers must work together closely when interpreting research results and both must share responsibility for the research process and resulting decisions.
- 27. Interpretation (Cont.) Terrible market. No one wear shoes. Wonderful market !! No one wear shoes. Both had access to exactly the same data but formed very different conclusions Two shoe salespersons went to Africa to conduct a ma rket assessment
- 28. Analyzing, Distributing and Using Marketing Information Analyzing Marketing Information Information analysis might also involve the application of analytical models that will help marketers make better decisions. – Descriptive statistics – Advanced analysis – Computer models
- 29. Distributing/ Sharing Information Once the information has been processed and analyzed, it must be made available to the, Right decision makers At the right time In right format Ways to Share Information Intranet Extranet Internet Published sources
- 30. Using Marketing Information Marketing information has no value until it is used to gain customer insights and make better marketing decisions. Marketing Information Managers Other Decision Makers