4.2 Assessing Information Needs and Developing Data Flashcards
Other than a companys marketing branch, who else can MIS provide information to?
The marketing information system primarily serves the company’s marketing and other managers.
However, it may also provide information to external partners, such as suppliers, resellers, or marketing services agencies.
What does a good MIS balence properly?
A good marketing information system balances the information users would like to have against what they really need and what is feasible to offer.
In terms of cost, what must a company decide on when it comes to using Big Data.
Finally, the costs of obtaining, analyzing, storing, and delivering information can mount quickly. The company must decide whether the value of insights gained from additional information is worth the costs of providing it, and both value and cost are often hard to assess.
What are the 3 different places Marketers can obtain their information from?
Marketers can obtain the needed information from:
- Internal data
- Marketing intelligence
- Marketing research
Definition of an Internal Database
Internal databases:
Collections of consumer and market information obtained from data sources within the company network.
What kind of indormation does a marketing department furnish in their internal database?
The marketing department furnishes information on customer characteristics, in-store and online sales transactions, and web and social media site visits.
Pros of an Internal Database
Internal databases usually can be accessed more quickly and cheaply than other information sources
Cons of using an internal database
Because internal information is often collected for other purposes, it may be incomplete or in the wrong form for making marketing decisions.
Data also age quickly; keeping the database current requires a major effort.
Finally, managing and mining the mountains of information that a large company produces require highly sophisticated equipment and techniques.
Definition of Competitive marketing intelligence
Competitive marketing intelligence:
The systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.
What is the goal of competitive marketing intelligence?
The goal of competitive marketing intelligence is to
- Improve strategic decision making by understanding the consumer environment
- Assessing and tracking competitors’ actions
- Providing early warnings of opportunities and threats.
What are some Marketing intellifence techniques used to be Competitive?
Marketing intelligence techniques range from observing consumers firsthand to quizzing the company’s own employees, benchmarking competitors’ products, online research, and real-time monitoring of social and mobile media.
What do companies need to activly monitor to maintain a competitive advantage?
Companies also need to actively monitor competitors’ activities. They can monitor competitors’ web and social media sites.
What do firms use competitive marketing intelligence for?
Firms use competitive marketing intelligence to gain early insights into competitor moves and strategies and to prepare quick responses.
How can companies protect themselves from information leaks that may compramise their competitive advantage?
Companies should try conducting marketing intelligence investigations of themselves, looking for potentially damaging information leaks.
They should start by “vacuuming up” everything they can find in the public record, including job postings, court records, company advertisements and blogs, web pages, press releases, online business reports, social media site postings by customers and employees, and other information available to inquisitive competitors.
