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Cosla chapter 3. collecting information and forecasting demand (gathering information and scanning the environment)
- 1. www.linkedin.com/in/sheilasobredodemecillo 1 COLLECTING INFORMATION and FORECASTING DEMAND (Gathering Information and Scanning the Environment) CAPTURING MARKETING INSIGHTS Fight the C Unleash the Beauty Chapter 3: Dr. Sheila Sobredo-Demecillo Ateneo Graduate School of Business CLDH, Tarlac City
- 2. www.linkedin.com/in/sheilasobredodemecillo Questions and Objectives: Collecting Information and Scanning the Environment www.linkedin.com/in/sheilasobredodemecillo 2. What are useful internal records and what makes up a marketing intelligence system? 3. What are the macroenvironment developments needed to be monitored by the marketers? 1. What are the components of a modern marketing information system?
- 3. www.linkedin.com/in/sheilasobredodemecillo a) What is MIS? Marketing Information System -gather, sort, analyze, evaluate, distribute -needed, timely, and accurate information to marketing decision makers. Collecting Information and Forecasting Demand 1. What are the components of a modern marketing information system? PEOPLE EQUIPMENTS PROCEDURES
- 4. www.linkedin.com/in/sheilasobredodemecillo Dupont’s Pillow Study Collecting Information and Forecasting Demand 1. What are the components of a modern marketing information system? PILLOW SEGMENTS STACKERS PLUMPERS ROLLERS CUDDLERS SMASHERS 23% 20% 16% 16% 10%
- 5. www.linkedin.com/in/sheilasobredodemecillo Collecting Information and Forecasting Demand 1. What are the components of a modern marketing information system? b) What is the Role of MIS? Assess manager’s information needs Develop information Distribute in a timely manner
- 6. www.linkedin.com/in/sheilasobredodemecillo The information helped MEDC attract: (2004–2008) 3.8 million new trips to Michigan $805 million in new visitor spending $56 million in incremental state tax revenue Collecting Information and Forecasting Demand 1) What is marketing information system? Let’s catch up, Not on the phone, online or over lunch, Let’s catch up when we’ve got nothing but time and just the clear, fresh waters of Michigan in front of us. Of a clock, On the boat On just offshore, we can catch more than fish. Catch up on the kids, old friends the ones that got away. and ones waiting for us in Pure Michigan
- 7. www.linkedin.com/in/sheilasobredodemecillo Collecting Information and Forecasting Demand 2. What are useful internal records and what makes up a marketing intelligence system? Internal Record System Marketing Intelligenc e System Marketing Research Marketing Information System
- 8. www.linkedin.com/in/sheilasobredodemecillo Table 3.2 Information Needs Probes Collecting Information and Forecasting Demand 2. What are useful internal records and what makes up a marketing intelligence system? What decisions do you regularly make? What information do you need to make these decisions? What information do you regularly get? What data analysis and reporting programs would you want?
- 9. www.linkedin.com/in/sheilasobredodemecillo Internal Records Collecting Information and Forecasting Demand 2. What are useful internal records and what makes up a marketing intelligence system? Order-to- payment cycle Sales information system Databases, warehousing, data mining
- 10. www.linkedin.com/in/sheilasobredodemecillo • Database management Collecting Information and Forecasting Demand 2. What are useful internal records and what makes up a marketing intelligence system? 15+ terabyte database 7 years data 75M households
- 11. www.linkedin.com/in/sheilasobredodemecillo Collecting Information and Forecasting Demand 2. What are useful internal records and what makes up a marketing intelligence system? - set of procedures & sources - used by managers - obtain everyday information - developments in marketing Marketing Intelligence
- 12. www.linkedin.com/in/sheilasobredodemecillo Collecting Information and Forecasting Demand 2. What are useful internal records and what makes up a marketing intelligence system? Actions to improve quantity and quality of Marketing Intelligence Train sales force Motivate members Hire external experts Utilize customer advisory Utilize government sources Purchase information
- 13. www.linkedin.com/in/sheilasobredodemecillo Collecting marketing Intelligence on the Internet Collecting Information and Forecasting Demand 2. What are useful internal records and what makes up a marketing intelligence system? Customer goods/service review forums Distributor/agent feedback sites Combination sites- reviews opinions Customer complaint sites Public blogs
- 14. www.linkedin.com/in/sheilasobredodemecillo Collecting Information and Forecasting Demand 3. What are the macroenvironment developments needed to be monitored by the marketers? Analyzing the Macroenvironment Needs and Trends FAD TREND MEGA TREND
- 15. www.linkedin.com/in/sheilasobredodemecillo Collecting Information and Forecasting Demand 3. What are the macroenvironment developments needed to be monitored by the marketers? ECONOMIC SOCIO- CULTURAL DEMOGRAPHIC NATURAL TECHNOLO GICAL POLITICAL -LEGAL 6 Major Forces
- 16. www.linkedin.com/in/sheilasobredodemecillo Demographics and Population • Population growth • Population age mix • Ethnic markets • Educational groups • Household patterns Collecting Information and Forecasting Demand 3. What are the macroenvironment developments needed to be monitored by the marketers?
- 17. www.linkedin.com/in/sheilasobredodemecillo Economic Collecting Information and Forecasting Demand 3. What are the macroenvironment developments needed to be monitored by the marketers? -Consumer psychology Income distribution -Income, savings, debt and credit
- 18. www.linkedin.com/in/sheilasobredodemecillo Economic Collecting Information and Forecasting Demand 3. What are the macroenvironment developments needed to be monitored by the marketers? Subsistence economies Raw- material- exporting economies Industrializi ng economies Industrial economies Income distribution
- 19. www.linkedin.com/in/sheilasobredodemecillo Social/Cultural Influences Collecting Information and Forecasting Demand 3. What are the macroenvironment developments needed to be monitored by the marketers?
- 20. www.linkedin.com/in/sheilasobredodemecillo Collecting Information and Forecasting Demand 3. What are the macroenvironment developments needed to be monitored by the marketers? Social/Cultural Environment - themselves - Others - Organizations - Society - Nature -Universe
- 21. www.linkedin.com/in/sheilasobredodemecillo Collecting Information and Forecasting Demand 3. What are the macroenvironment developments needed to be monitored by the marketers? Natural Shortage of raw materials Increased energy costs Government al protections Anti- pollution pressures
- 22. www.linkedin.com/in/sheilasobredodemecillo Technological Collecting Information and Forecasting Demand 3. What are the macroenvironment developments needed to be monitored by the marketers? Pace of change Opportunities for innovation Varying R&D budgets Increased regulation of change
- 23. www.linkedin.com/in/sheilasobredodemecillo Collecting Information and Forecasting Demand 3. What are the macroenvironment developments needed to be monitored by the marketers? Political Legal Business legislation Growth of Special interest group
- 24. www.linkedin.com/in/sheilasobredodemecillo 1. What are the components of a modern marketing information system? 2. What are useful internal records and what makes up a marketing intelligence system? 3. What are the macroenvironment developments needed to be monitored by the marketers? Questions and Objectives: Collecting Information and Scanning the Environment www.linkedin.com/in/sheilasobredodemecillo
- 25. www.linkedin.com/in/sheilasobredodemecillo AS DOC SHEILA CLINIC DOCTOR CHART INFORMATION SYSTEM COMPUTER TECHNOLOGY CHEMO PROTOCOL Collecting Information and Forecasting Demand
- 26. www.linkedin.com/in/sheilasobredodemecillo Health Information System (H.I.S.) GATHER/ COMPILE ANALYSIS TREAT Decrease EXPENSES Collecting Information and Forecasting Demand
- 27. www.linkedin.com/in/sheilasobredodemecillo COMPONENTS OF H.I.S. HARDWARE SOFTWARE TELECOMMU NICATIONS DATABASE HUMAN PROCEDURE Collecting Information and Forecasting Demand INPUTS OUTPUTSPROCESS HEALTH INFORMATION DATA SOURCES & MANAGEMENT DISTRIBUTE AND USE
- 28. www.linkedin.com/in/sheilasobredodemecillo PATIENT PORTAL SOFTWARE CLINICAL SUPPORT SYSTEM REMOTE PATIENT CONSULTATION EMR EHR Collecting Information and Forecasting Demand HARDWARE
- 29. www.linkedin.com/in/sheilasobredodemecillo CLINICAL SUPPORT SYSTEM DIAGNOSE & TREAT ACCURATELY FOLLOW UP Collecting Information and Forecasting Demand
- 30. www.linkedin.com/in/sheilasobredodemecillo Need to be digitally present… Collecting Information and Forecasting Demand
- 31. www.linkedin.com/in/sheilasobredodemecillo 31 COLLECTING INFORMATION and FORECASTING DEMAND CAPTURING MARKETING INSIGHTS Fight the C, Unleash the Beauty Chapter 3:
Editor's Notes
- Part 2 of the book on Marketing Management By Kotler and Keller deals about Capturing Marketing Insights My task is to present some questions or learning objectives on Chapter 3- about collecting Information and Forecasting
- Firms are adjusting the way they do business. We consider how firms can develop processes to identify, track important information, store, analyze & distribute it as well as the macroenvironment trends and to assess sales forecasts. BUT only 3 questions will be addressed in my presentation.
- A marketing information system (MIS) consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers.
- Some firms have marketing information systems that provide rich detail about buyer wants, preferences, and behavior.
- The major responsibility for identifying significant marketplace changes falls to the company’s marketers. Every firm must organize and distribute a continuous flow of information to its marketing managers. The role of MIS are the ff: assess the managers information needs; develop the needed information and distribute the information in a timely manner
- Companies with superior information can choose their markets better, develop better offerings, and execute better marketing planning. The Michigan Economic Development Corporation (MEDC) studied the demographic information of its visitors and those of competing cities to create a new marketing message and tourism campaign. The information helped MEDC attract 3.8 million new trips to Michigan, $805 million in new visitor spending, and $56 million in incremental state tax revenue over the period 2004–2008. A well researched and well executed marketing campaign for the state of Michigan increased tourism and state tax revenue.
- MIS is relies on internal company records, marketing intelligence activities and marketing research The first 2 will be discussed in this chapter and the research aspect will be discussed in the next chapter
- The company’s marketing information system should be a mixture of what managers think they need, what they really need, and what is economically feasible. An internal MIS committee can interview a cross-section of marketing managers to discover their information needs. Table 3.2 lists some questions to ask.
- The heart of internal records system is order-to-payment cycle. Sales reps, dealers, & customers send orders to the firm. The sales department prepares invoices, transmits copies to departments In Sales information system - Marketing managers need timely and accurate reports on current sales. with Data base, Companies organize their information and combine their data. The customer database will contain every customer’s name, address, including demographics & make these data easily accessible to their decision makers. Analysts can “mine” the data& garner fresh insights into neglected customer segments, recent customer trends &other useful information.
- Best Buy has assembled a 15-plus terabyte database with seven years of data on 75 million households. It captures information about every interaction— from phone calls and mouse clicks to delivery and rebate check. The firm also applies a customer lifetime value model that measures transaction-level profitability and factors in customer behaviors that increase or decrease the value of the relationship. Knowing so much about consumers allows Best Buy to employ precision marketing and customer-triggered incentive programs with positive response rates.
- A marketing intelligence system is a set of procedures and sources that managers use to obtain everyday information about developments in the marketing environment. The internal records system supplies results data, but the marketing intelligence system supplies happenings data. Marketing managers collect marketing intelligence in a variety of different ways, such as by reading books, newspapers, and trade publications; talking to customers, suppliers, and distributors; monitoring social media on the Internet; and meeting with other company managers.
- A company can take actions (listed in the slide) to improve the quantity and quality of its marketing intelligence. The company must “sell” its sales force on their importance as intelligence gatherers. Marketing intermediaries are often closer to the customer and competition and can offer helpful insights. Many companies hire specialists to gather marketing intelligence. The firm can purchase competitors’ products, attend open houses and trade shows, read competitors’ published reports, attend stockholders’ meetings, talk to employees, collect competitors’ ads, consult with suppliers, and look up news stories about competitors.
- Thanks to the explosion of outlets available on the Internet, online customer review boards, discussion forums, chat rooms, and blogs can distribute one customer’s experiences or evaluation to other potential buyers and, of course, to marketers seeking information about the consumers and the competition. There are five main ways identified in the slide which marketers can use to research competitors’ product strengths and weaknesses online
- Succesful companies recognize and respond profitably to unmet needs and trends. Enterprising individuals and companies manage to create solutions to unmet needs Just what dockers created for baby boomers. (The pants). A fad is “unpredictable, short-lived, and without social, economic, and political significance.” A company can cash in on a fad such as Crocs & Elmo, but getting it right requires luck and good timing. Trends reveal the shape of the future and can provide strategic direction. A megatrend is a “large social, economic, political, & technological change- slow to form, and once in place, influences us for some time—between seven and ten years, or longer.
- The end of the first decade brought new challenges: the decline in the stock market, affecting savings, investments, etc. and increasing unemployment, global warming, terrorism and deterioration of natural environment .These events have largely influenced the global landscape. Firms must monitor six major forces in the broad environment: demographic, economic, sociocultural, natural, technological, and political-legal. We’ll describe them separately, but remember that their interactions will lead to new opportunities and threats. Example, population explosion leads to resource depletion and pollution leading to creation of more laws, stimulating new technological solution and products and if affordable may change the attitudes and behavior of the people. It will be like a domino effect or one affecting the others.
- Demographic developments often move at a fairly predictable pace. The main one marketers monitor is population, including the size and growth rate of population in cities, regions, and nations; age distribution and ethnic mix; educational levels; household patterns; and regional characteristics and movements.
- The economic factor depends on consumer psychology, income distribution and income, savings debt and credit.
- As the recent economic downturn vividly demonstrated, trends affecting purchasing power can have a strong impact on business, especially for companies whose products are geared to high-income and price-sensitive consumers.
- Most people in the United States still believe in working, getting married, giving to charity, and being honest. Core beliefs and values are passed from parents to children and reinforced by social institutions—schools, churches, businesses, and governments. Secondary beliefs and values are more open to change. Believing in the institution of marriage is a core belief; believing people should marry early is a secondary belief. Marketers have some chance of changing secondary values, but little chance of changing core values. Although core values are fairly persistent, cultural swings do take place. Each society contains subcultures, groups with shared values, beliefs, preferences, and behaviors emerging from their special life experiences or circumstances.
- From our sociocultural environment we absorb, almost unconsciously, a world view that defines our relationships to ourselves, others, organizations, society, nature, and the Universe
- Corporate environmentalism recognizes the need to integrate environmental issues into the firm’s strategic plans. Trends in the natural environment for marketers to be aware of include the shortage of raw materials, especially water; the increased cost of energy; increased pollution levels; and the changing role of governments.
- Marketers must monitor technology trends including the accelerating pace of change, opportunities for innovation, R&D budgets, and increased regulation of technological change. More ideas than ever are in the works, and the time between idea and implementation is shrinking. Some of the most exciting work today is taking place in biotechnology, computers, microelectronics, telecommunications, robotics, and designer materials.
- The political and legal environment consists of laws, government agencies, and pressure groups that influence various organizations and individuals. Sometimes these laws create new business opportunities. Mandatory recycling laws have boosted the recycling industry and launched dozens of new companies making new products from recycled materials. Two major trends are the increase in business legislation and the growth of special-interest groups.
- Once again, these questions have been presented. Health tourism, showing development in the last 20 years in the world has emerged as an alternative tourism. It is an important profit tool since it is increasing the number of business enterprises serving in this field. The main objective of health service is to determine accurately the demands of the target customer and meeting their needs and demands at the highest level to satisfy patients/customers.
- As a doctor, an information system is a big help in order to have the patient treated accurately. In the out patient clinic setting, we could start by taking the personal data of the patient and jot it down to her chart (with the use of paper of computer system) down to his medical history, Physical examination findings, assessment, diagnosis then the plan of treatment. These data are gathered, filed and collected and placed in cabinets for use not only at that moment but for possible use in the future for patient and his ffup. Computer technology is also a big help to facilitate inputs and data base gathering. The procedures follow the guidelines particularly in my practice as an oncologist on what chemo protocol should be followed for a specific cancer.
- HIS help gather, compile and analyze health data. The healthcare data analysis can improve patient care, lessen cost, increase timeliness and accuracy and even decrease inventory level.
- HIS- refers to a system designed to manage healthcare data. Includes system that collect, store, manage & transmits patient EMR data) includes the physical technology that works with the information (hardware- computer/smartphone) Software- the hardware needs to know what to do for specific tasks such as Microsoft, etc) telecommunications- connects the hardware together to form a network. (internet) Database/warehouse- place where the data is collected & from which can be retrieved by querying its use on or more specific criteria. Warehouse- contains all data in whatever form that the organization needs. Data collected and analyzed HR and procedure – the most important element (human/people) needed to run the system and procedures they follow so knowledge can be turned into leanings and interpret what happened in the past for a guide in the future.
- With the patient data at the Patient Portal through ( Electronic medical record) or Electronic Health record), there will be ease of data collection with the use of computers Benefits of Informations system are as follows Convenient access to medical records at all points of care Beneficial at ambulatory points and Enhancing continuity of care Internet-based access improves the ability to remotely access data
- The data is of big value in the clinical support system of the patient, because diagnosis and treatment will not be so difficult. To diagnose and treat patients effectively, individual care providers and care teams must have access to at least 3 major clinical information; 1) patient health record, 2) rapidly changing medical evidence and 3)providers orders guiding the process of patient care. Ease of ffup with the CSS
- As a doctor, marketing your healthcare provides an open line communication to your audience and your patients by building trust and piquing interest. It also allows increase patient connection and nurture those relationships to form long term loyal patients. You have also have to let some of your guards down, and let your status, specialty and learnings/achievement be known. You can also improve digitally as it is evolving fast. and Social media plays an important role in marketing not only of products but also your services as a doctor.