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Internal data, Sources of internal data, marketing intelligence and marketing research
 

Internal data, Sources of internal data, marketing intelligence and marketing research

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Internal data, Sources of internal data, marketing intelligence and marketing research

Internal data, Sources of internal data, marketing intelligence and marketing research

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    Internal data, Sources of internal data, marketing intelligence and marketing research Internal data, Sources of internal data, marketing intelligence and marketing research Document Transcript

    • Assignment 2 MIS SUBMITTED TO :MISS ANUM TANVEER SUBMITTED FROM: MOHAMMAD AQEEL BUTT 12002001009 3/25/2013
    • Contents Q1. ................................................................................................................................................................... 4 Internal data.................................................................................................................................................. 4 Sources ...................................................................................................................................................... 4 Customer service: ..................................................................................................................................... 5 The accounting department ..................................................................................................................... 5 Operations reports.................................................................................................................................... 5 The sales force .......................................................................................................................................... 5 Marketing intelligence .................................................................................................................................. 6 Sources ...................................................................................................................................................... 6 Company competitor ................................................................................................................................ 6 Internet ..................................................................................................................................................... 6 Marketing research ....................................................................................................................................... 7 Sources ...................................................................................................................................................... 7 Q2. .................................................................................................................................................................. 8 Step One: Is To Define the Problem and Research Objectives ................................................................. 8 Step Two: Developing the research plan. ................................................................................................. 9 Step three: Implementing the research plan. ........................................................................................... 9 Step four: Interpreting and reporting the findings................................................................................... 10
    • ASSIGNMENT 2 . Q1 Marketers can obtain needed information from internal data, marketing intelligence and marketing research. Explain some common sources for each of these. Sources of internal data, marketing intelligence and marketing research Internal data, marketing intelligence and marketing research are methods that a firm can use to acquire information to stimulate and operate its MIS (market information system). Internal data Electronic collection of consumers and market information gathered from data sources within the company network. It is used to identify marketing opportunities and problem, plan program and evaluate performance, so that a company can make better marketing decisions. Sources Furthermore, data sources are the marketing departments within the company that carry information on customer transactions, demographics, psychographics and buying behaviors. Such as, accounting department, customer service department, operations, the sales force, marketing channel partners and harnessing.
    • For example, Garment showroom keeps the customer data to inform them about promotional sale. Customer service: Records of customer satisfaction or service problem. E.g. Pizza hut has often used small cards of customer services rating to find out customer satisfaction and restaurant rating with respect to their service and meal. The accounting department prepares financial statements and keeps detailed records of sales, costs, and cash flows. Operations reports The sales force on production schedules, shipments, and inventories. reports on reseller reactions and competitor activities.  Here is an example of how one company uses its internal database to make better marketing decisions: USAA, which provides financial services to U.S. military personnel and their families, maintains a customer database built from customer purchasing histories and from information collected directly from customers. USAA uses the database to tailor marketing offers to the specific needs of individual customers. For example, if the family has college-age children, the USAA sends those children information on how to manage their credit cards. If the family has younger children, it sends booklets on things like financing a child's education. Or, for customers looking toward retirement, it sends information on estate planning. Through skillful use of its database, USAA serves each customer uniquely, resulting in high levels of customer loyalty—the roughly $65 billion company retains over 96 percent of its customers
    • Marketing intelligence Marketing intelligence is the systematic collection and analysis of publicly available information about competitors and developments in the marketing environment. Sources This information is gathered by sources such as,Company employees,Internet,Garbage,Published information, Competitor’s employees,Trade shows,Benchmarking, Channel members and key customers. Company competitor The company can get good information by observing competitors. It can buy and analyze competitors' products, monitor their sales, check for new patents, and examine various types of physical evidence. For example, one company regularly checks out competitors' parking lots—full lots might indicate plenty of work and prosperity; half-full lots might suggest hard times. Internet Internet is providing to be a vast new source of competitor-supplied information. Most companies now place volumes of information on their Web sites, providing details to attract customers, partners, suppliers, or franchisees. For example, Allied Signal's Web site provides revenue goals and reveals the company's production-defect rate along with its plans to improve it. Mail Boxes Etc., a chain of mailing services, provides data on its average franchise, including square footage, number of employees, operating hours, and more—all valuable insights for a competitor.
    • Marketing research Marketing research is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. Marketing research can help marketers assess market potential and market share; understand customer satisfaction and purchase behavior; and measure the effectiveness of pricing, product, distribution, and promotion activities. For example, Toshiba wants to know how many and what kinds of people or companies will buy its new superfast notebook computer. Sources Some large companies have their own research departments that work with marketing managers on marketing research projects. This is how Kraft, Citigroup, and many other corporate giants handle marketing research. In addition, these companies—like their smaller counterparts— frequently hire outside research specialists to consult with management on specific marketing problems and conduct marketing research studies. Sometimes firms simply purchase data collected by outside firms to aid in their decision making
    • Q2. Using the steps in the research process, describe how you would go about investigating the feasibility of café adjacent to your campus. The feasibility of café adjacent to our campus is carried out through market research process whichhas four steps: 1. 2. 3. 4. Defining the problem and research objectives. Developing the research plan. Implementing the research plan. Interpreting and reporting the findings. Step One: Is To Define the Problem and Research Objectives After the problem has been defined carefully such as unhygienic food, bad service and maintenance, the manager and researcher must set the research objectives. A marketing research project might have one of three types of objectives. The objective of exploratory research is to gather preliminary information such as, what kind of food or service is being provided? , that will help define the problem and suggest hypotheses. The objective of descriptive research is to describe things, such as the market potential for a product or the demographics and attitudes of consumers who buy the product. The objective of causal research is to test hypotheses about cause-and-effect relationships.
    • Step Two: Developing the research plan. Once the research problems and objectives have been defined, we will translate research objectives into specific information needs such as: The demographic, economic, and lifestyle characteristics of current customers (what they like). Consumer patterns for how much they eat, where, and when. Target market (what they like to enjoy in meal) Forecasts of sales of both current and latest dishes. Customer’s satisfaction. It might be collected with the help of existing data and primary data including: Research approaches -- Observation research using people or machines; discover behavior of students and staff, survey research and experimental research. Contact methods -mail, telephoning or online survey with the students about cafe. Sampling plans -the target segments of campus such as population of students, staff and visitor’s, and lifestyle, demographically and economically. Research instruments-- that researcher will use to gather new data such as questionnaires for students view. Step three:Implementing the research plan. Once the data is collected then processed and checked for accuracy and completeness and coded for analysis.Finally, the data is analyzed by a variety of statistical methods.
    • Step four: Interpreting and reporting the findings The research interprets the findings, draws conclusions and reports to management Managers and researchers must work together to interpret results for useful decision making.