Marketing Information System & Marketing Research Flashcards
What is a marketing Information system ?
A key element to the strategic planning
- it’s a tool that helps companies gather and analyse information about their customers, competitors and market trends.
- helps companies make informed decisions about their mix marketing strategic and products
What does the MIS includes ?
It includes :
- a collection of procedures that are designed to generate a systematic collection, analysis, interpretation, storage and dissemination of the market decisions and information
What is the MIS structure ?
Permit to filter data according to rigorous rules to generate accurate information, useful and on time
What are the 5 components of a Marketing Information System ?
1- People,
2- Business processes
3- Data
4- Hardware
5- Software
What is the MIS evolution ?
Originally : marketing research was a link >< the company and its market by information
Today : Marketing research is combined to other company’s systems : production, sales, HR, finance in order to strenghten the value chain
What is the MIS in action ?
Availbility of appropriate environmental information and use of it at the most appropriate time
What is the information system of an MIS ?
Slide 6 Class 3
What are the 3 key elements to consider ?
1- Macroenvironment
2- Kind of information to collect
3- Decision critera’s
What is marketing inforamtion system in practice ?
Elements to monitor PESTEL :
demograpic, sociocultural, economic, natural, scientific and politics factors linked to customer’s behavior, decision maker (B2B, B2C or B2I markets)
- Insights and rumors
- Strategic marketing planning
What are the 3 under system that the MIS consider ?
1- Internal accounting system
2- Marketing Intelligence System
3- Marketing research system
What is Internal accounting system ?
transactional data such as orders, sales, stocks, account receivable
What is Marketing Intelligence System ?
Accounting system data linked to external data from macroenvironment
What is Marketing research system ?
Observations and insights about the external environment
What is Marketing research (MR) ?
A strategic complement to the MIS
- helps managers and companies understand the commercial results of their mix marketing
- understanding consumer and decision maker behavior and decision process
What are the answers that Marketing research bring to these fundamental questions ?
- Why dont we get the expected results according to our mkg strategic plan, mix marketing (5P)
- Is there a potential market for this new product / service ?
- What would be the price ?
- By which distribution channel do you have to use to go to market ?
- What information do we have to communicate ?
Marketing R and scientific method ?
Creativity and subjectivity when it is time to formulate assumptions
Scientific aspects when it is time to do marketing research
What are the 7 criteria for scientific validation ?
Objectivity : true to realitu
Irrefutability : methodology and control
Rigor and precision : validating the measuremetn taken
Communicability : complete and ccurate presentation for reproduction
Analytical character : validating the measurements taken
Critical attitude : demonstrate critical thinking
Structured character : defined, measurable and linked methods
What are the 3 survey approaches ?
1- Exploratory research
2- Descriptive research
4 Causal research
What is an exploratory research survey ?
Literature search and qualitative research
What is an Descriptive research survey ?
quantitive research (exact assumption)
data research to explain the phenomenon (complete and accurate description at the exact moment)
case report and sample survey
What is an Causal research survey ?
most complex of the 3 approaches
search for cause of effects relationship >< 2 components of the mix marketing
by experimentation : market survey or laboratory test
Today companies dispose of what to collect data and information on their customers and archive them in a data base ?
internal and external marketing information system
Information on ?
sociodemographic profile
behavior information
customer relationship history
What is the company commercial memory ?
Business intelligence
Data mining
What is Business intelligence ?
technology-driven process for analyzing data and delivering actionable actions
What is Data mining ? (IA)
process of sorting through large data set to identify patterns and relationship that can help solve business problems through data analysis
What are the types of error of MR ?
systematic error (bias)
Random error (not bias)
What is the most efficient approach to eliminate errors ?
to adopt a rigorous method in mkg research
