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Capabilities for Continuous Learning about Markets Chaudhry Muhammad Nadeem Faisal Cell: 0305-7761061 Email: [email protected] B-Email: [email protected] Url: www.littlemichael.co.uk/faisal/index.htm Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng Business Intelligence: www.ayaantraders.com/bi/index.php Capabilities for Continuous Learning about Markets Marketing Research Information The starting point in obtaining the marketing research information is the problem to be studied, indicating the specific objective and information need to help in solving the problem. These types of information gathered form research report, internal record, external record and many other resources. Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng "Marketing research is the function that links the consumer, customer, and public to the marketer through information information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the methods for collecting information, manages and implements the data collection process, analyzes, and communicates the findings and their implications." Capabilities for Continuous Learning about Markets Marketing Research Information Collecting Existing Information The Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng internal information system help to find the existing information, the scope and nature of information and information system vary form firm to firm. May firm have extensive information system and have capabilities for these type of systems CRM. Using the Information system is essential for strategic mission and it also need to manage. These type of information not only have the information about he product but also useful for future scanning and opportunity. The product mix and the nature of the business operation influence what type of internal marketing information system is appropriate for a particular firm. Electronic information are essential in all types of organization. Because the manufacturing required the different information as supplier or retailer (whole seller) Capabilities for Continuous Learning about Markets Marketing Research Information Standardized Information Services A wide variety of marketing information is available for purchase in special publication and on a subscription basis. In some instances the information may be free for example in online statistical databases. Sources Including government, public and private research firm, universities, trade organization and consultants. A key advantages of standardize information is that the cost of collection and analysis are share by many users. The major limitation is that the information may not correspond well with the users individual needs Limitation of the research Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng Access to information Access to resources Time management Access to experts for editing, proofreading, and guidance Support from organizations and participants Capabilities for Continuous Learning about Markets Marketing Research Information Special Research studies Research studies are initiated in response to problems or special information needs, example market segmentation, new product concepts, product sue test, Brand name research. Studies may range in scope form exploratory research based primarily on analysis of published information to field survey, involving personal phone or mail interview with respondent who represents target populations. Considerable recent attention has been given to qualitative research using focus group, rather then boarder more representative survey. Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng Research studies follow a step by step processes beginning with defining the problem. Capabilities for Continuous Learning about Markets Marketing Research Information defining the problem. Care must be exercised in formulating the research problem it is essential to spell out exactly what information is needed to solve the problem, It is useful to prepare a written statement of the research problem, specify objective. The management needs to clearly define the intended and many choose the choose to involve the research suppler to solve the problems Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng Capabilities for Continuous Learning about Markets Marketing Research Information Quality of the research There are different challenges to obtain the accurate results . The current studies show that some studies are not well designed and implemented and may conation misleading results. Factor that affect the quality of studies results include the personal research experience, collection and evaluation of data, managing the careful process for data collection, the size of sample and wording of question and how to data are analyzed. Blekinge Institute of Technology Evaluating and selecting supplier SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng Typically the reach studies are not conducted by the uses. When selecting a supplier it is important to talk with two of three clients to determine their with research firms. Capabilities for Continuous Learning about Markets Marketing Research Information It is also important to identify the consultant who are experienced on conducting the particular type of research needed by the users experience and qualification are important is selecting s supplier and also spending time to evaluate the suppliers. Costs Customized research are expensive. The factor that affect the study cost sample, size the length of the questionnaire, and how the information will be obtained. The complexity of the study objective and analysis methods also increase the cost. Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng Capabilities for Continuous Learning about Markets Marketing Research Information Qualitative Research Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng Qualitative research seeks out the ‘why’, not the ‘how’ of its topic through the analysis of unstructured information – things like interview transcripts, emails, notes, feedback forms, photos and videos. It doesn’t just rely on statistics or numbers, which are the domain of quantitative researchers. Qualitative research is used to gain insight into people's attitudes, behaviors, value systems, concerns, motivations, aspirations, culture or lifestyles. It’s used to inform business decisions, policy formation, communication and research. Focus groups, indepth interviews, content analysis, ethnography, evaluation and semiotics are among the many formal approaches that are used, but qualitative research also involves the analysis of any unstructured material, including customer feedback forms, reports or media clips Capabilities for Continuous Learning about Markets Marketing Research Information The marketing research Industry The suppliers of qualitative & quantitative Reach are likely to be Marketing reach forms. In 2003 the top 50 Us research firs had revenue of $ 11.6 billion. Nearly half these where from outside of the united sates The Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng impact of availability internet on marketing information cost and Many traditional guidelines to the availability and the use of existing information, standardize services and special studies re challenged by the major impact of internet. The wed offer greatly enhanced accessed to online information. It is also very useful for speed online surveys, and questionnaire. Capabilities for Continuous Learning about Markets Information system The are many types of information system within the organization. Manual system are also useful for crucial information. Here we focus on computer based information system. Strategic system are those that change the goals, product, services and environmental relationship with an organization. These information alter how a firms does business with competitors, supplier or customers. These system also provide the information to asst decision makers with strategic planning or may actually prepare a plan or formulate decisions Here very briefly discuss these type of information system, management information system , Database system and decision support system. Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng Capabilities for Continuous Learning about Markets Information system Management Information System Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng A management information system (MIS) is a system or process that provides the information necessary to manage an organization effectively. MIS and the information it generates are generally considered essential components of prudent and reasonable business decisions. The importance of maintaining a consistent approach to the development, use, and review of MIS systems within the institution must be an ongoing concern of both bank management and OCC examiners. MIS should have a clearly defined framework of guidelines, policies or practices, standards, and procedures for the organization. These should be followed throughout the institution in the development, maintenance, and use of all MIS. Capabilities for Continuous Learning about Markets Information system Management Information System MIS is viewed and used at many levels by management. It should be supportive of the institution's longer term strategic goals and objectives. To the other extreme it is also those everyday financial accounting systems that are used to ensure basic control is maintained over financial recordkeeping activities.. Financial accounting systems and subsystems are just one type of institutional MIS. Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng An institution's MIS should be designed to achieve the following goals: Enhance communication among employees. Deliver complex material throughout the institution. Provide an objective system for recording and aggregating information. Capabilities for Continuous Learning about Markets Information system Management Information System Reduce expenses related to labor-intensive manual activities. Support the organization's strategic goals and direction. MIS is a critical component of the institution's overall risk management strategy. MIS supports management's ability to perform such reviews. MIS should be used to recognize, monitor, measure, limit, and manage risks. Risk management involves four main elements: Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng Policies or practices. Operational processes. Staff and management. Feedback devices. Capabilities for Continuous Learning about Markets Information system Database System Data base system comprise an important information resources in many companies. Like the Tesco use the database system (loyalty club data ) to indicate demographic, income and housing characterizes of the consumers. Database are form of MIS. Some data base system offers capabilities similar to decision support system. Computerized database are indispensible for companies pursuing direct marketing strategies. Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng Capabilities for Continuous Learning about Markets Information system Decision support System Decision support system (DSS) assists in the decision-making process using the information captured by MIS. A marketing decision support system Integrate data that are not easily found, assimilated, formatted or readily manipulated with software and hardware into a decision marking processes that provide a marketing decision maker with assistant when needed. A MDSS can be used for various level of decision making ranging form determining reorders points for inventory to launching new product. The components of MDSS Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng Database Display Models Analysis Capabilities for Continuous Learning about Markets Information system Decision support System Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng Database Various kind of information are included in the database Display Enable the user to communicate with database. Manager and other staff need to interact with database Models It provide the mathematical and computational representation of variable and their interrelationship. Analysis This capabilities consists on of various methods such as regression analysis, factor analysis, time series, and preference mapping. Software capabilities may be include in the system. Analysis may be on data set to study relationship, identify trends prepare forecast, and examine the impact of alternative decision rules Capabilities for Continuous Learning about Markets Market Intelligence system & Knowledge Management Market Intelligence system A Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng Market Intelligence System (MkIS) is one that systematically gathers and processes critical business information, transforming it into actionable management intelligence for marketing decisions. Alternative term for marketing information system is know as market intelligence system Market intelligence is not just about market information, but the whole gamut of external environment information needed to support key strategic decisions about products, prices, investment priorities, entering joint ventures etc. The system is not purely a computer-based system. It is a total system that incorporates human processes for interpreting and processing information into intelligence. The processes must be systematic, since only regular monitoring of key external parameters and integration of disparate snippets of information will give a viable long-term intelligence base. Capabilities for Continuous Learning about Markets Market Intelligence system & Knowledge Management Market Intelligence system Market and customer orientation - implementing an MkIS will encourage people throughout the organization to focus externally. Identification of new opportunities One company in a component industry identified a new trend before the 'expert' industry analysts. Early warning of competitor moves - through good intelligence, One chemical company thwarted the sitting of a competitor's manufacturing plant in one of their most profitable sales territories. Minimizing investment risk - ongoing intelligence and analysis is more likely to temper unbridled enthusiasm to follow the bandwagon into those "mustn't miss the window of opportunity" markets Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng Capabilities for Continuous Learning about Markets Market Intelligence system & Knowledge Management Market Intelligence system Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng Better customer interaction - An insurance company downloads into their salespeople's portables up to date profiles, order history and relevant 'news bites', for the clients they are about to visit. Better market selection & positioning - good understanding of customer needs and competitor positioning will help a company better carve out its own unique niche Quicker, more efficient and cost-effective information establishment of a system will make information more quickly and easily accessible. One company avoided the need for an expensive piece of market research by tapping into its existing MkIS. Capabilities for Continuous Learning about Markets Market Intelligence system & Knowledge Management Knowledge Management Knowledge management is the management of the organization towards the continuous renewal of the organizational knowledge base - this means e.g. creation of supportive organizational structures, facilitation of organizational members, putting ITinstruments with emphasis on teamwork and diffusion of knowledge (as e.g. groupware) into place Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng KM comprises a range of strategies and practices used in an organization to identify, create, represent, distribute, and enable adoption of insights and experiences. Such insights and experiences comprise knowledge, either embodied in individuals or embedded in organizational processes or practice. Many large companies and nonprofit organizations have resources dedicated to internal KM efforts, often as a part of their 'business strategy', 'information technology', or 'human resource management' departments Capabilities for Continuous Learning about Markets Market Intelligence system & Knowledge Management Designing and installing techniques and processes to create, protect, and use known knowledge. Designing and creating environments and activities to discover and release knowledge that is not known, or tacit knowledge. Articulating the purpose and nature of managing knowledge as a resource and embodying it in other initiatives and programs Knowledge Officer responsibility The primary task of a first-generation CKO is to articulate a knowledge management program. This task is twofold: making employees aware of the nature and value potential of knowledge; and selling the concept of knowledge management to both corporate and line local management. Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng Capabilities for Continuous Learning about Markets Market Intelligence system & Knowledge Management Knowledge Officer responsibility CKOs spend a lot of time walking around the organization looking for their knowledge champions: Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng Must have knowledge partners Must have ideas and projects Must get people to commit to any major behavior change or to a knowledge management project Capabilities for Continuous Learning about Markets Ethical Issue in collecting and using the Information Lastly the important privacy and ethical issues concerning the role of information in the organization need to assessed by managers and professionals Invasion of customers Privacy The dramatic increase in use of databases has generated about the invasion if the privacy of individuals. Companies have responded to the issues by asking customers to indicate their preference concerning main list and other used of the information. Information and Ethics Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng Related to the issues of invasion and privacy is the issues of how the companies and research supplier should respond to the ethical issues. For example should a prospective client share a suppliers detailed project proposal with other competing suppliers Capabilities for Continuous Learning about Markets Ethical Issue in collecting and using the Information A central issues concerns which organization pays for the cost of preparing the proposal if the proposal is prepared at the expense of the suppliers the proposal is the property of suppliers. Sharing the proposal with its completion would be an issued of questionable ethics. Other issues relate to the ways in which information is collect and from whom it is collected. There are major professional restriction in collecting the information form children's. Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng References Blekinge Institute of Technology SE-371 79 Karlskrona +46 455 38 50 00 www.bth.se/eng 1. Victoria L. Crittenden, “ Strategic Marketing management ” , McGraw-Hill, NY,2002. 2. Philip R. Cateora, International Marketing, 9th edition 2000, alpha Sky Printer. 3. http://www.briantracy.com/blog/sales-success/analyzing-your-competition/ 4. http://www.associatedcontent.com/article/259290/developing_a_strategic_vision.html 5. D Cravens, N Piercy, Strategic Marketing, 8th edition, McGraw Hill, 2005 6. V Rao, J steckel, Analysis for strategic Marketing, Addison Wesley Longmsn, Inc, 1998. 7. Fred R. David, Strategic Management, 6th edition, Prentice-hall, Inc, 1997.