Marketing Information System

Question 1

Where are marketing insights used?

Answer 1

Marketing Information System

Question 2

What does the Marketing Information System Permit

Answer 2

Turning Marketing insights into solutions to specific problems

Question 3

Name and explain the 3 stages of the Marketing Information System

Answer 3

1. Assessing Information Needs
   - Cost vs Potential benefit, what information is actually needed
2. Developing Marketing Information
   - 3 step process, used in conjunction for best picture. Where marketing insights are created and gathered.
3. Analysing and using information
   - Turning marketing insights into solutions to specific problems. E.G Analytical model for marketing team.

Question 4

Name, define and critique the 3 methods of Developing Marketing Information

Answer 4

1. Internal Databases
   - Marketing information obtained from internal sources.
   + Cheap, easy to access
   - Gathered for another purpose, difficult to interpret
2. Marketing Intelligence
   - Systematic monitoring, collection and analysis of publicly available information related to a firms marketing environment.
   +Improves strategic decision making
   -Ethical Considerations (use of moles), hard to check validity of data.
3. Market Research
   - Systematic design, collection and analysis of marketing insights related to a specific situation facing your firm.
   +highly specific towards certain problem.
   - expensive, as it is internal it is hard to spot errors.

Question 5

Name the 4 types of Marketing Research

Answer 5

Ad-Hoc
Continuous
Custom
Syndicated

Question 6

Name the 4-Step Market Research Process

Answer 6

1. Define Problem & Objectives
2. Develop Research Plan
3. Implement Research Plan
4. Interpret and Report Findings

Question 7

What are the 3 key actions for effective Interpretation and reporting of findings?

Answer 7

1. Don’t overwhelm with facts and figures
2. Interpret findings together (Interpretation bias)
3. Give actionable recommendations (Theory of reasoned action)

Question 8

Name and explain the 3 types of Market Research Objective

Answer 8

1. Exploratory - Gather preliminary data to define a problem.
2. Descriptive - Describe elements of marketing environment.
3. Casual - Test cause-effect hypothesis

Question 9

Define Primary & Secondary data, and give the 3 step process of collecting primary data.

Answer 9

Primary - Information gathered for a specific purpose.
Sampling process- Survey method - Questionnaire design.
Secondary - Information that already exists, that was gathered for a different purpose.