Lesson 3 Flashcards
A solid strategy for a company to survive, grow and be successful requires regular evaluation for its effectiveness and appropriateness on changes in the external and internal
environment. A market tool needed for this REGULAR EVALUATION OF THE BUSINESS situation is called
environmental scanning.
compels an organization to DIG DEEPER into the external environment and discover important lessons, trends, opportunities or threats that can unfavorably influence the company and its industry. Once spotted, these external market factors are made used to create new strategies.
Environmental Scanning
In order to assess the business situation, data are needed and
this is where sound ______ is required
Information System
is a management information system designed to support marketing decision
making. It brings together many different kinds of data, people,
equipment, and procedures to help an organization make better
decisions
marketing information system (MIS)
Components of Marketing
Information System
- Internal Records
- Marketing Intelligence system
- Marketing Decision Support system
- Marketing Research
Parts of Internal records
Customer Database, Product database, Salesperson data base
A database wherein the complete
INFORMATION ABOUT THE CUSTOMER’S name, address, phone number, frequency of purchase, financial position, and others is saved
Customer Database
A database wherein the complete
INFOMRATION ABOUT THE PRODUCT’s price, features, variants, is stored.
.Product database
A database wherein the complete
INFORMATION ABOUT THE SALESPERSON, his name, address, phone number, sales target, and others is saved
SAlesperson database
The companies store their data in the data warehouse from where
the data can be retrieved anytime the need arises.
Once the data is stored, the statistical experts mine it by applying
several computer software and techniques to convert it into
meaningful information that gives facts and figures.
Internal database
It is used by marketing managers to SIFT INFORMATION from the
external environment to use in the decision making
Marketing Intelligence
is EVERDAY DATA that is relevant to the
marketing efforts of an organization. Once collected, this data can be
analyzed and used to make informed decisions regarding
competitor behaviors, products, consumer trends, and market
opportunities
Marketing intelligence
Sources of Marketing Intelligence
_ Focus groups
* Polls
* Field Trials
* Questionnaires
* Forms
* Mail Surveys
Types of Marketing Intelligence
Competitive
