Week 5 - Market information

Question 1

Define a MIS (marketing information system)

Answer 1

Collects, analyses, distributes marketing info, serve end users.
Produces insights to build competitive advantage
Basis for marketing mix.

Question 2

Where does the MIS get it’s info?

Answer 2

Internal data
Marketing intelligence
Market research

Question 3

Discuss internal data sources

Answer 3

Electronic consumer/market info from data sources within company

Cheap, unique / ages quick, requires dapping, bulky, disorganised

Question 4

Discuss Marketing Intelligence

Answer 4

Systemic collection, analysis of public info about customers, competitors & marketing environment.

Methods:
Sentiment tracking (monitor tribal discussion)
Published info - free / paid
Observers, trade shows
Market intelligence services

Question 5

Define market research

Answer 5

Systematic design, analysis, collection, reporting of data for specific marketing situation.

Question 6

List the steps in market research process

Answer 6

Define the problem (exploratory, descriptive, causal research).
Research plan
Data collection - primary & secondary sources
Interpret and report.

Question 7

define primary data collection - must be R.A.C.I

Answer 7

Data collected for a specific purpose at hand.  
Must be:
Relevant to project
Accurate
Current
Impartial

Question 8

List primary data collection methods

Answer 8

Quantative; Surveys, samples
Mail
Phone
Interview
Online - click stream

Qualatative - insights
Interviews - 1on1
Focus groups
Blogs / social networks

Question 9

Define qualatative v quantatavie research

Answer 9

Qualatative - research examining the character or nature of a question. Background, context

Quantative - conclusive research based on statistical analysis. Measurement of phenomena

Question 10

Discuss CRM (Customer relationship management) system?

Answer 10

Captures and uses customer date to manage customer interaction and build relationships.

Sophisticated software & analytica tools to integrate, analyse and apply customer data.

View as 1 part of the strategy only.

Question 11

Issues international marketers face

Answer 11

Diverse markets, diverse countries
Secondary sources may be scarce
Comms infrastructure limits primary data
Culture