Download SEM II 4.01 notes

Name______________________________________Date___________________Period_______
SEM II 4.01 Marketing Information Management
Did you know that…MARKETING is the second oldest profession in the world?!
Marketing Information Management System
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A system that analyzes and assesses marketing information, gathered continuously
from sources inside and outside an organization. Timely marketing information provides basis
for decisions such as product development or improvement,
pricing, packaging, distribution, media selection, and promotion.
Can be as simple as a notebook or as complex as having a computer database
Marketing Information Systems
These systems streamline the process of providing information  enhancing and promoting the brand
value of the company.
1. Helps owners of the company _______________marketing activities.
2. Helps owners _________________ and ________________________their marketing activities.
3. Enables owners to __________________ on the strategy and control the dissemination of the
strategic direction.
In order to be successful, a business _______________________know its market!
Some information is just trash…you spend a lot of time gathering information that does not amount to anything.
Your goal is to find out what catches customer’s attention
Marketers sometimes lack enough of the ________________________ info
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Market research is an orderly, efficient way to learn about people  those who DO and those who MIGHT buy from you.
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Ask questions like…
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_______________ are my customers/potential customers?
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_______________kind of people are they?
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________________ do they live?
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Can/Will ____________ buy?
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Are _________________promotional programs working?
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________________________ do customers think of my business?
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You can’t ignore _____________________________ that produce similar products  these
people ultimately have the capability to ___________________ with you!
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Ask questions about…
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Financial capabilities
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Indications of ______________________ strategy
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Positioning
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How they see themselves/how do _____________________ view them
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Strengths/weaknesses
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Business outlook
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What are they doing now?
Where are the companies heading?
Think about “what will I do with the information and analysis?”
WHY do we ___________________MIM?
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It is ________________________to sell people what they don’t want
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Both big and small businesses need to complete market research to figure out what their
customers want.
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Market research focuses and organizes marketing information & helps you
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Reduce ________________
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____________________problems
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Identify _________________________ opportunities
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Get _____________________facts about your market
Marketing Information Systems
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We know that no marketing activity is carried out in _________________(remember we’ve
learned about the seven functions and how they operate together, not as a single function)
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Therefore, _________________ does not need to be an infrequent event but rather a
continuous process gathering data from a variety of sources.
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Answer questions like…
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_______________
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Do consumers buy?
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Is the decision made to buy? Do buyers seek product info?
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Products compete with ours? Benefits does the consumer seek?
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Consumes our product? Decides to purchase?
Do consumers buy our product?
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Do customers use our product? Much do customers buy?
MIS Risks (if done infrequently)
1. Missed _____________________________
2. ______________of awareness
3. Makes data __________________ difficult
4. Plans/decisions may not be properly reviewed
5. Studies may not be ___________________ in an easy to use format
6. Time lags ________________ result
7. Actions may be ____________________________rather than anticipatory
MIS Network
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This network can satisfy the ____________________information needs of a marketing department
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This network may or may _______________be computerized (depends on the firm’s resources & complexity of its needs)
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Three components:
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_______________________________ monitoring
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Research is done to obtain info on particular marketing ___________________________
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Data warehousing  retention of all types of _________________________ company records
Advantages of MIS
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Organized __________________ collection
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Broad perspective
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Storage of _________________ data
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Avoidance of crises
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Coordinated _______________________ plans
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Speed in obtaining sufficient information to make decisions
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Data amassed and kept over _____________________ time periods
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Ability to do a cost-benefit _____________________________
Disadvantages of MIS
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High ______________________ time
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Labor _________________________
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Complexity of _______________________ up an information system
Three Main Info Sources
1. Internal Company Information
Sales, orders, customer profiles, _________________, customer service reports, etc.
2. Marketing Intelligence
Suppliers, customers, distributors (catchall term to include ______________the
everyday information about ______________________________in the market)
3. Market Research
Businesses undertake specific studies to support their marketing
________________________  cannot always wait for info to ________________itself
Market Research Data
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____________________________vs. External
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Primary vs. __________________________