Marketing Intelligence System

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Marketing Information System:

Marketing Information System Chapter - 7

Marketing Intelligence System. (MIS) :

Marketing Intelligence System. (MIS) Consists of people, equipment, and procedures to gather, sort, analyze, evaluate and distribute timely and accurate information to decision makers.

Components of Intelligence System:

Components of Intelligence System Customer Intelligence: This provides useful information on a customer’s business, preferences or loyalties, personal demographic details. Competition Intelligence: This gives information on strengths and weaknesses of each competitor in the territory, the strategy and the tactics being used by them.

Purposes of Marketing Intelligence:

Purposes of Marketing Intelligence Customer satisfaction Creative and effective marketing strategy Realities of the company and its competitors Strengths and weaknesses Realities of the marketplace Opportunities and threats Competitive advantage Anticipate the competitive move and develop competitive strategies

Scope of Marketing Intelligence:

Scope of Marketing Intelligence External environment BPEST Analysis Business (industry) Political and legal environment Economic and demographic environment Social and cultural environment Technology and natural environment

Sources of Marketing Intelligence:

Sources of Marketing Intelligence Company’s own personnel Executives Consultants and specialists Purchasing agents Salespersons Other employees Issue: Always busy people Fail to pass on important information

Sources of Marketing Intelligence:

Sources of Marketing Intelligence Company’s supply chain Suppliers Resellers Business partners Business allies Other marketing intermediaries

Sources of Marketing Intelligence:

Sources of Marketing Intelligence Competitors Annual reports Speeches and press releases Products and labels Advertisements and other marketing communications Web sites

Sources of Marketing Intelligence:

Sources of Marketing Intelligence Government sources Census of population Census of industries Other government agencies and publications Academic sources Theses and research reports Academic journals Academic forum

Sources of Marketing Intelligence:

Sources of Marketing Intelligence Publications and mass media Television/radio news Newspapers Magazines and trade journals Syndicated services Panel data Retail audit Customized reports (on demand)

Analyzing Marketing Intelligence Data:

Analyzing Marketing Intelligence Data Competitor analysis -- knowing about competitors 1. Who are our competitors? 2. What are their strategies? 3. What are their objectives? 4. What are their strengths and weaknesses? 5. What are their reaction patterns?

Analyzing Marketing Intelligence Data:

Analyzing Marketing Intelligence Data Competitor analysis -- levels of competition Brand Competition Industry Competition Other companies offering a similar product and services to the same customer at similar prices All companies making the same product or class of products Form Competition Generic Competition All companies manufacturing products that supply the same service All companies competing for the same consumer dollars

Need For Business Reporting.:

Need For Business Reporting. A marketing intelligence system relies on internal company records, marketing intelligence activities and marketing research.

Contents of a Marketing Plan.:

Contents of a Marketing Plan. 1) Executive Summary: This presents an overview of the proposed plan for quick management skimming. It helps higher management to quickly grasp the major thrust of the plan.

Contents of a Marketing Plan.:

Contents of a Marketing Plan. 2) Current Marketing Situation: This presents relevant data related to industry, market, product, competition, distribution and environment. Many issues can surface up during the discussions of market situation.

Contents of a Marketing Plan.:

Contents of a Marketing Plan. 3) Opportunity and Issue analysis: This summarizes the main opportunities/threats, strengths/weaknesses and issues facing the product that the plan must deal with. (SWOT Analysis)

Contents of a Marketing Plan.:

Contents of a Marketing Plan. 4) Objectives: This defines the goals the plan wants to reach in the areas of sales volumes, market share, profits and customer satisfaction. 5) Marketing Strategy: This presents the broad marketing approach that will be used to meet the plan’s objectives.

Contents of a Marketing Plan.:

Contents of a Marketing Plan. 6) Action Programs/Plans: This answers what will be done?, who will do it?, when will it be done? And how much will it cost? 7) Projected Profit & loss statement: This summarizes the expected financial payoff from the plan. 8) Controls: This tells how will the plan be monitored?

Data Mining and Warehousing:

Data Mining and Warehousing Data Mining: Database marketing, customization and CRM require effective information management. The first organization to use data warehousing and mining is Wal-Mart. Eg. Small retail shop

Data Mining and Warehousing:

Data Mining and Warehousing Data Warehousing: Data Warehousing is an IT architecture, aimed at storing and organizing information in a meaningful manner. Eg. To the Salesman, a data warehousing should be able to provide information on the customer’s background, the last sales call, the status of any customer complain received.

Research Process:

Research Process Problem Definition Defining research objectives Working out a research design Deciding on the sources of data Planning and deciding on data collection techniques and tools Analyzing data Making a report and presenting it to the decision makers

Research Design:

Research Design Exploratory Research-: It is conducted when the researcher does not know how and why a certain phenomenon occurs. In doing so, they used focus groups. Since the prime goal is to know the unknown, this research is unstructured.

Research Design:

Research Design Descriptive Research-: Descriptive research is carried out to describe a phenomenon or market characteristics. For Eg. A study to understand buyer behavior to describe the characteristics of the target market.

Research Design:

Research Design Causative Research-: It is done to establish a cause and effect relationship. For Eg. The influence of income and lifestyle on purchase decisions.

Types of Questionnaires:

Types of Questionnaires Open Ended Questions Close Ended Questions Ordinal Scales Interval Scales Semantic Differential Scale

Examples of Different Types of Questionnaires:

Examples of Different Types of Questionnaires Open Ended Questions Where the person who is filling the questionnaire is been given a choice.

Examples of Different Types of Questionnaires:

Examples of Different Types of Questionnaires Close Ended Questions Where the person who is filling the questionnaire is not been given a choice.

Nominal Scales:

Nominal Scales The Open Ended and the Close Ended Questions are also known as Nominal Scale Questions

Ordinal Scales:

Ordinal Scales Ordinal Scales are those where you need to rank according to your choice with the options available.

Interval Scales:

Interval Scales Interval Scales are those scales where in you need to rank according to your choice. The difference here is it would be measured in Strongly agree, agree, neither agree nor disagree, disagree, strongly disagree

Semantic Differential Scale:

Semantic Differential Scale Another type of scaling questionnaire. Positive and negative adjective can be used. Each serves as positive and negative end of a continuum that characterizes the stimulus.

The END:

The END