This document discusses barriers between marketing researchers and managerial decision makers. It identifies three types of barriers: behavioral, process, and organizational. Specific behavioral barriers discussed include confirmatory bias, the difficulty balancing creativity and data, and the newcomer syndrome. Process barriers include unsuccessful problem definition and research rigidity. Organizational barriers include misuse of information asymmetries. The document also discusses ethical issues in marketing research such as deceptive practices, invasion of privacy, and breaches of confidentiality.
Unit 1:
Role of IMC in marketing process, IMC planning model, Marketing and promotion
Process model. Communication process, steps involved in developing IMC programme, Effectiveness of marketing communications Purpose, Role, Functions, Types, Advertising Vs Marketing mix, Advertising appeal in various stages of PLC
Unit 6:
International Advertising: Global environment in advertising, Decision areas in international advertising
Internet advertising: Meaning, Components, Advantages and Limitations, Types of Internet advertising
Industrial advertising: B 2 B Communication, Special issues in Industrial selling.
Unit 4:
Direct Marketing: Features, Functions, Growth, Advantages/Disadvantages, And Direct Marketing Strategies.
Promotion: Meaning, Importance, tools used, Conventional/unconventional, drawbacks, push pull strategies, Co-operative advertising, Integration with advertising and publicity
Public relation/ Publicity:- Meaning, Objectives, tools of public relations, Public Relation strategies, Goals of publicity, Corporate Advertising – Role, Types, Limitations, PR Vs Publicity.
Unit 1:
Role of IMC in marketing process, IMC planning model, Marketing and promotion
Process model. Communication process, steps involved in developing IMC programme, Effectiveness of marketing communications Purpose, Role, Functions, Types, Advertising Vs Marketing mix, Advertising appeal in various stages of PLC
Unit 6:
International Advertising: Global environment in advertising, Decision areas in international advertising
Internet advertising: Meaning, Components, Advantages and Limitations, Types of Internet advertising
Industrial advertising: B 2 B Communication, Special issues in Industrial selling.
Unit 4:
Direct Marketing: Features, Functions, Growth, Advantages/Disadvantages, And Direct Marketing Strategies.
Promotion: Meaning, Importance, tools used, Conventional/unconventional, drawbacks, push pull strategies, Co-operative advertising, Integration with advertising and publicity
Public relation/ Publicity:- Meaning, Objectives, tools of public relations, Public Relation strategies, Goals of publicity, Corporate Advertising – Role, Types, Limitations, PR Vs Publicity.
Learn about how to maximize your channel mix when marketing membership for your association. Any questions, call Erik Schonher, VP, MGI, at 703.706.0358
Communicating about pharmacy services and products is easy. Doing it well is hard. This presentation reviews consideration in the marketing of pharmacy services.
Learn about how to maximize your channel mix when marketing membership for your association. Any questions, call Erik Schonher, VP, MGI, at 703.706.0358
Communicating about pharmacy services and products is easy. Doing it well is hard. This presentation reviews consideration in the marketing of pharmacy services.
Laboratory solution preparation by Farhang HamidFarhang Hamid
Preparation of 0.1 M Na2CO3 solution in 250 ml D.W
part per million (PPm )
Buffer solution
Preparation of 1% w/v Na2CO3 solution
Concentration units
g(sample)=M.wt(sample)*Molarity*Volume
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mass percent solution=(gram(solute))/(100 grams(soluion))%
D=mass/volume≫≫mass=Denstiy ×Volume
Analysis of Sales and Distribution of an IT Industry Using Data Mining Techni...ijdmtaiir
The goal of this work is to allow a corporation to
improve its marketing, sales, and customer support operations
through a better understanding of its customers. Keep in mind,
however, that the data mining techniques and tools described
here are equally applicable in fields ranging from law
enforcement to radio astronomy, medicine, and industrial
process control. Businesses in today’s environment
increasingly focus on gaining competitive advantages.
Organizations have recognized that the effective use of data is
the key element in the next generation is to predict the sales
value and emerging trend of technology market. Data is
becoming an important resource for the companies to analyze
existing sales value with current technology trends and this
will be more useful for the companies to identify future sales
value. There a variety of data analysis and modeling techniques
to discover patterns and relationships in data that are used to
understand what your customers want and predict what they
will do. The main focus of this is to help companies to select
the right prospects on whom to focus, offer the right additional
products to company’s existing customers and identify good
customers who may be about to leave. This results in improved
revenue because of a greatly improved ability to respond to
each individual contact in the best way and reduced costs due
to properly allocated resources. Keywords: sales, customer,
technology, profit.
Does market information, marketing and consumer research have a role in busin...Drthomasbrand Limited
In this presentation, I review the status of information and research within companies, and discuss issues and constraints pertaining to the more effective use of information in business and marketing decision making. These touch upon the way in which research is managed in companies, as well as how it is viewed by the executive. To do it well, requires a mind-set change, even a cultural change in many executive teams and companies. Even the talk of "big data", is meaningless unless the company is receptive to the information and its eco-system is prepared for it.
Needless to say, social media represents one of the most important platforms for marketing
communications in today’s world. In line with other opportunities, it is an important resource for business -
information. Therefore, it should be considered as a valuable asset by companies.
Article Summary: Marketing Research Trends in 2014, Craig Kolb; BizCommunity.com; January 17, 2014
Article: “Marketing Research Trends in 2014,” by Craig Kolb, published by BizCommunity.com on January 14, 2014, suggests that marketing research as we know it could become extinct. Mr. Kolb presents five trends in 2014, which look at traditional methodologies and how those disciplines could make practical usage of the “big data” that are available. It is indeed a challenge for both marketing research purists and IT professionals worldwide. Are the data sets too large and complex to interpret via standard research methodologies? Have we reached a breaking point, or is this the paradigm that will ultimately redefine all that we know about customer experiences? Is more always better than less?
Moving Forward with Big Data: The Future of Retail AnalyticsBill Bishop
Out new report Moving Forward with Big Data: The Future of Retail Analytics goes deeper into new territory that's relevant to changes taking place across retailing.
It calls out significant progress in the past 9 months.
• The definition of big data has grown beyond technical, i.e. “what it is,” to include “what it does.”
• A lot more companies are executing big data projects (an increase from < 20% to now 65% of sample respondents).
• Most of the focus is on driving top line growth.
Chapter 4 -Managing Marketing Information to Gain Customer InsWilheminaRossi174
Chapter 4 -Managing Marketing Information to Gain Customer Insights
Strategic Marketing, MASY1-GC 1230
Marketing Research at P&G: Creating Innovative Brands that provide “Irresistibly Superior Experiences”
To gain deep consumer insights, P&G employs a wide range of marketing research.
Art and science of consumer immersion research—“Living It”—in which small teams of P&G staffers live, work, and shop with consumers to gain deep insights into what they think, feel, need, and do
Traditional surveys and focus groups
Digital research platforms: online panels, web tracking, mobile surveys to big data collection and analytics
P&G uses innovative marketing research—lots and lots of it—to dig out deep and fresh consumer insights and then uses the insights to create transformational brands and marketing that deliver irresistibly superior experiences for consumers.
To gain deep consumer insights, P&G employs a wide range of marketing research approaches—from traditional large-scale surveys and small-scale focus groups to real-time social media listening, mobile surveys, and big data analytics.
3
Marketing Information
Customer needs and motives for buying are difficult to determine.
Required by companies to obtain customer and market insights
Provides competitive advantage
Generated in great quantities with the help of information technology and online sources
Most marketing managers are overloaded with data and often overwhelmed by it. Marketers don’t need more information; they need better information. And they need to make better use of the information they already have.
The real value of marketing research and marketing information lies in how it is used—in the customer insights that it provides.
4
Today’s “Big Data”
Big data refers to the huge and complex data sets generated by today’s sophisticated information generation, collection, storage, and analysis technologies.
Big data presents marketers with both big opportunities and big challenges. Companies that effectively tap this glut of big data can gain rich, timely customer insights.
Far from lacking information, most marketing managers are overloaded with data. Accessing and sifting through so much data is a daunting task. For example, when a large consumer brand such as Coca-Cola or Apple monitors online discussions about its brand in Tweets, blogs, social media posts, and other sources, it might take in a stunning 6 million public conversations a day, more than 2 billion a year.
5
Customer Insights
Fresh marketing information-based understandings of customers and the marketplace
Become the basis for creating customer value, engagement, and relationships
Customer insights teams collect customer and market information from a wide variety of sources.
Many companies are now restructuring their marketing research and information functions. They are creating customer insights teams which collect customer and market information from a wide variety of sources, ranging from traditio ...
Rai University provides high quality education for MSc, Law, Mechanical Engineering, BBA, MSc, Computer Science, Microbiology, Hospital Management, Health Management and IT Engineering.
SEO as the Backbone of Digital MarketingFelipe Bazon
In this talk Felipe Bazon will share how him and his team at Hedgehog Digital share our journey of making C-Levels alike, specially CMOS realize that SEO is the backbone of digital marketing by showing how SEO can contribute to brand awareness, reputation and authority and above all how to use SEO to create more robust global marketing strategies.
In this presentation, Danny Leibrandt explains the impact of AI on SEO and what Google has been doing about it. Learn how to take your SEO game to the next level and win over Google with his new strategy anyone can use. Get actionable steps to rank your name, your business, and your clients on Google - the right way.
Key Takeaways:
1. Real content is king
2. Find ways to show EEAT
3. Repurpose across all platforms
Financial curveballs sent many American families reeling in 2023. Household budgets were squeezed by rising interest rates, surging prices on everyday goods, and a stagnating housing market. Consumers were feeling strapped. That sentiment, however, appears to be waning. The question is, to what extent?
To take the pulse of consumers’ feelings about their financial well-being ahead of a highly anticipated election, ThinkNow conducted a nationally representative quantitative survey. The survey highlights consumers’ hopes and anxieties as we move into 2024. Let's unpack the key findings to gain insights about where we stand.
Unleash the power of UK SEO with Brand Highlighters! Our guide delves into the unique search landscape of Britain, equipping you with targeted strategies to dominate UK search engine results. Discover local SEO tactics, keyword magic for UK audiences, and mobile optimization secrets. Get your website seen by the right people and propel your brand to the top of UK searches.
To learn more: https://brandhighlighters.co.uk/blog/top-seo-agencies-uk/
Most small businesses struggle to see marketing results. In this session, we will eliminate any confusion about what to do next, solving your marketing problems so your business can thrive. You’ll learn how to create a foundational marketing OS (operating system) based on neuroscience and backed by real-world results. You’ll be taught how to develop deep customer connections, and how to have your CRM dynamically segment and sell at any stage in the customer’s journey. By the end of the session, you’ll remove confusion and chaos and replace it with clarity and confidence for long-term marketing success.
Key Takeaways:
• Uncover the power of a foundational marketing system that dynamically communicates with prospects and customers on autopilot.
• Harness neuroscience and Tribal Alignment to transform your communication strategies, turning potential clients into fans and those fans into loyal customers.
• Discover the art of automated segmentation, pinpointing your most lucrative customers and identifying the optimal moments for successful conversions.
• Streamline your business with a content production plan that eliminates guesswork, wasted time, and money.
When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.\
Key Takeaways:
- New framework for examining and safeguarding an online reputation
- Tools and techniques to keep you a step ahead
- Practical examples that demonstrate when to act, how to act and how to recover
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
Core Web Vitals SEO Workshop - improve your performance [pdf]Peter Mead
Core Web Vitals to improve your website performance for better SEO results with CWV.
CWV Topics include:
- Understanding the latest Core Web Vitals including the significance of LCP, INP and CLS + their impact on SEO
- Optimisation techniques from our experts on how to improve your CWV on platforms like WordPress and WP Engine
- The impact of user experience and SEO
Monthly Social Media News Update May 2024Andy Lambert
TL;DR. These are the three themes that stood out to us over the course of last month.
1️⃣ Social media is becoming increasingly significant for brand discovery. Marketers are now understanding the impact of social and budgets are shifting accordingly.
2️⃣ Instagram’s new algorithm and latest guidance will help us maintain organic growth. Instagram continues to evolve, but Reels remains the most crucial tool for growth.
3️⃣ Collaboration will help us unlock growth. Who we work with will define how fast we grow. Meta continues to evolve their Creator Marketplace and now TikTok are beginning to push ‘collabs’ more too.
Search Engine Marketing - Competitor and Keyword researchETMARK ACADEMY
Over 2 Trillion searches are made per day in Google search, which means there are more than 2 Trillion visits happening across the websites of the world wide web.
People search various questions, phrases or words. But some words and phrases are searched
more often than others.
For example, the words, ‘running shoes’ are searched more often than ‘best road running
shoes for men’
These words or phrases which people use to search on Google are called Keywords.
Some keywords are searched more often than others. Number of times a keyword is searched
for in a month is called keyword volume.
Some keywords have more relevant results than others. For the phrase “running shoes” we
get more than 80M relevant results, whereas for “best road running shoes for men” we get
only 8.
The former keyword ‘running shoes’ has way more competition from popular websites to
new and small blogs, whereas the latter keyword doesn’t have that much competition. This
search competition for a keyword is called search difficulty of a keyword or keyword
difficulty.
In other words, if the keyword difficulty is ‘low’ or ‘easy’, there won’t be any competition
and if you target such keywords on your site, you can easily rank on the front page of Google.
Some keywords are searched for, just to know or to learn some information about something,
that’s their search intention. For example, “What shoe size should I choose?” or “How to pick
the right shoe size?”
These keywords which are searched just to know about stuff are called informational
keywords. Typically people who are searching this type of keywords are top of a Conversion
funnel.
Conversion funnel is the journey that search visitors go through on their way to an email
subscription or a premium subscription to the services you offer or a purchase of products
you sell or recommend using your referral link.
For some buyers, research is the most important part when they have to buy a product.
Depending on that, their journey either widens or narrows down. These types of buyers are
Researchers and they spend more time with informational keywords.
Conversion is the action you want from your search visitors. Number of conversions that you
get for every 100 search visitors is called Conversion rate.
People who are at different stages of a conversion funnel use different types of keywords.
Most small businesses struggle to see marketing results. In this session, we will eliminate any confusion about what to do next, solving your marketing problems so your business can thrive. You’ll learn how to create a foundational marketing OS (operating system) based on neuroscience and backed by real-world results. You’ll be taught how to develop deep customer connections, and how to have your CRM dynamically segment and sell at any stage in the customer’s journey. By the end of the session, you’ll remove confusion and chaos and replace it with clarity and confidence for long-term marketing success.
Key Takeaways:
• Uncover the power of a foundational marketing system that dynamically communicates with prospects and customers on autopilot.
• Harness neuroscience and Tribal Alignment to transform your communication strategies, turning potential clients into fans and those fans into loyal customers.
• Discover the art of automated segmentation, pinpointing your most lucrative customers and identifying the optimal moments for successful conversions.
• Streamline your business with a content production plan that eliminates guesswork, wasted time, and money.
It's another new era of digital and marketers are faced with making big bets on their digital strategy. If you are looking at modernizing your tech stack to support your digital evolution, there are a few can't miss (often overlooked) areas that should be part of every conversation. We'll cover setting your vision, avoiding siloes, adding a democratized approach to data strategy, localization, creating critical governance requirements and more. Attendees will walk away with actions they can take into initiatives they are running today and consider for the future.
AI-Powered Personalization: Principles, Use Cases, and Its Impact on CROVWO
In today’s era of AI, personalization is more than just a trend—it’s a fundamental strategy that unlocks numerous opportunities.
When done effectively, personalization builds trust, loyalty, and satisfaction among your users—key factors for business success. However, relying solely on AI capabilities isn’t enough. You need to anchor your approach in solid principles, understand your users’ context, and master the art of persuasion.
Join us as Sarjak Patel and Naitry Saggu from 3rd Eye Consulting unveil a transformative framework. This approach seamlessly integrates your unique context, consumer insights, and conversion goals, paving the way for unparalleled success in personalization.
Come learn how YOU can Animate and Illuminate the World with Generative AI's Explosive Power. Come sit in the driver's seat and learn to harness this great technology.
2. We consider three types of barriers to information
Intelligence.(Figure 1)
A. Behavioral barriers: these are barriers mainly due to
behavioral characteristics of managers, decision
makers, and researchers.
B. Process barriers: these are barriers mainly due to the
process characteristics of an information analysis
project.
C. Organizational barriers: these are barriers due to the
organizational structure of the groups involved in an
information analysis project.
3.
4. Confirmatory Bias
This is mainly a behavioral barrier. As discussed above one of the fundamental
behavioral biases of decision makers in market research is to only look for
information that simply confirms existing beliefs and often disregard all other
information. Unfortunately there is a saying that ‘‘if you torture the data enough
they will reveal anything to you’’. In other words, having a purely confirmatory
mind frame will sooner or later lead to evidence that, almost definitely wrongly
so, indeed ‘‘confirms’’ the initial beliefs. But then there is effectively no use of
the information whatsoever. We found from our interviews, in agreement with
the past work on market research outlined above, that the confirmatory bias is,
among other behavioral biases (Kahneman et al.,1982), central to the success of
market research initiatives. Moreover, even though managers are aware of this
trap, they typically do not control for it.
5. Difficulty to Balance Creativity and Hard Data:
This is also mainly a behavioral barrier. It is a very delicate
balance that needs to be achieved between intuition and prior
beliefs, and what the data reveal. Lean too much towards hard
data, hence ‘‘successfully’’ analyzing the information available,
and creativity may be lost.
6. Unsuccessful Problem Definition
This is due to a very basic characteristic of intelligence projects
very often ignored: if you get the wrong questions upfront, you
will get the right answer for the wrong problem. As an example,
the CEO of a big group asked the CEO of a marketing research
supplier to work on a strategic question forthe group. But the
person who subsequently briefed the project team of the
supplier with the objectives was somebody who was not
specialized in marketing or research. After receiving the
objectives and carrying out some initial research, the group
CEO was given
a verbal debrief. Although he was quite happy, he also asked for
more strategic answers, whereas the brief had been defined only
as a tactical problem. The fundamental problem was that the
contact person did not correctly lay out the objectives of the
project.
7. Research Rigidity
This is another fundamental characteristic of intelligence
projects: even when they lead to the correct answers for the
correct questions, these answers may quickly become outdated.
Reality changes fast and one must recognize that information
intelligence search is a dynamic, iterative process, not done in
one rigid shot. Information intelligence projects are iterative,
sometimes to such an extent that they are not really projects
but ongoing processes. As some business intelligence
managers said, business intelligence is not a project with a
beginning and an end, but a process continuing indefinitely.
8. Misuse of Information Asymmetries
This is mainly an organizational barrier. It is probably the hardest
barrier to overcome and has been extensively considered for
example for knowledge management initiatives. Information
asymmetries arise when one or more parties have relevant
information that is not shared with another party or parties
involved.
9. Newcomer Syndrome
It’s always good to have new people with fresh ideas joining an
information intelligence project, but sometimes newcomers may
be dangerous simply because they are expected to come up with
new findings.
10. Ethical issues in MR
Marketing research has experienced a resurgence with the
widespread use of the Internet and the popularity of social
networking. It is easier than ever before for companies to connect
directly with customers and collect individual information that
goes into a computer database to be matched with other pieces of
data collected during unrelated transactions. The way a company
conducts its market research these days can have serious ethical
repercussions, impacting the lives of consumers in ways that have
yet to be fully understood. Further, companies can be faced with a
public backlash if their market research practices are perceived as
unethical.
11. Deceptive Practices
The ease with which a company can access and gather data about
its customers can lead to deceptive practices and dishonesty in the
company's research methods. This type of ethical problem can run
the gamut — from not telling customers that information is being
collected when they visit a website to misrepresenting research
results by changing database numbers. Any action that uses lies
and deception to find out or establish information about
consumers falls under this category.
12. Invasion of Privacy
One of the most serious ethical considerations involved in market
research is invasion of privacy. Companies have an
unprecedented ability to collect, store and match information
relating to customers that can infringe on a person's right to
privacy. In many instances, the customer does not know or
understand the extent of the company's infiltration into his life.
The company uses this information to reach the customer with
targeted advertising, but the process of targeting can have a
chilling affect on personal freedom.
13. Breaches of Confidentiality
Another significant ethical consideration involved in market
research involves breaches of confidentiality. Companies
regularly share information about customers with partners and
affiliates, requiring the customer to opt-out of the sharing if he
doesn't want to be involved. Some companies sell information
they have gathered on customers to outside companies. Ethically,
any unauthorized disclosure of customer information is
problematic
14. Objectivity
Marketing and advertising have a significant impact on public
perceptions. Market researchers have an ethical obligation to
conduct research objectively, so that available data allows for the
development of a balanced or reality-based picture. Researchers
who allow their own prejudices to skew their work tend to
contribute to the perpetuation of stereotypes in advertising, the
development of destructive social constructs and the enabling of
unjust profiting from poverty. For example, a market researcher
with a one-dimensional view of minorities could do a fair amount
of harm if allowed to shape an advertising campaign based on
skewed data collection.
15. A marketing information system (MkIS) is a management information
system (MIS) designed to support marketing decision making. Jobber
(2007) defines it as a "system in which marketing data is formally
gathered, stored, analyzed and distributed to managers in accordance
with their informational needs on a regular basis."
Marketing Information System
16. Components of Marketing
Information System
The four main components of Marketing Information System
(MIS) are:
Internal Records,
Marketing Intelligence,
Marketing Research (MR),
and
Marketing Decision Support System.
17.
18. :
The first component of MIS is ‘Internal Record’. Marketing managers get
lots of information from the internal-records of the company. These
records provide current information about sales, costs, inventories, cash
flows and account receivable and payable. Many companies maintain
their computerized internal records. Inside records help marketing
managers to gain faster access to reliable information.
Internal records
19. Marketing intelligence :The second component of MIS is ‘Marketing
Intelligence’. It collects information from external sources. It provides
information about current marketing-environment and changing
conditions in the market. This information can be easily gathered from
external sources like; magazines, trade journals, commercial press, so on.
This information cannot be collected from the Annual Reports of the
Trade Association and Chambers of Commerce, Annual Report of
Companies, etc. The salesmen’s report also contains information about
market trends.
The information which is collected from the external sources cannot be
used directly. It must be first evaluated and arranged in a proper order. It
can be then used by the marketing manager for taking decisions and
making policies about marketing.
So, marketing intelligence is an important component of MIS
20. Marketing research : The third important component of MIS is
‘Marketing Research’. MR is conducted to solve specific marketing
problems of the company. It collects data about the problem. This data is
tabulated, analyzed and conclusions are drawn. Then the
recommendations are given for solving the problem. Marketing research
also provides information to the marketing managers. However, this
information is specific information. It can be used only for a particular
purpose. MIS and MR are not substitutes of each other. The scope of MIS
is very wide. It includes ‘MR’. However, the scope of MR is very narrow
21. Marketing decision support system : The fourth component
of MIS is ‘Marketing Decision Support System’. These are the
tools which help the marketing managers to analyze data
and to take better marketing decisions. They include
hardware, i.e. computer and software programs. Computer
helps the marketing manager to analyze the marketing
information. It also helps them to take better decisions. In
fact, today marketing managers cannot work without
computers. There are many software programs, which help
the marketing manager to do market segmentation, price
fixing, advertising budgets, etc
22. Market potential is the entire size of the market for a
product at a specific time. It represents the upper limits of
the market for a product. Market potential is usually
measured either by sales value or sales volume. For example,
the market potential for ten speed bicycles may be worth
$5,000,000 in sales each year. On the other hand, the market
potential for motorcycles may be 500,000 units each year,
which is a measure of sales volume rather than sales value.
Keep in mind that market potential is just a snapshot in time.
It's a fluid number that changes with the economic
environment. For example, rising and falling interest rates
will affect the demand for products that are typically
financed, like cars and houses
23. What is Company Demand?
Company demand is demand for a specific company’s goods compared to
other company offerings. The demand is determined by sales numbers of a
particular brand put against total market sales. For example, if the number of
shirts sold within a particular season is 50,000 units (combining all brands and
sellers), and if a specific company’s shirts amount to 4,000 units, the company
demand for the firm is (4000x100/50000) 8 percent.
Company demand is a brief picture of how consumers perceive and exhibit
preference for particular company products and services when compared to
the competition. Like other kinds of market demand, company demand is
variable and is bound to change periodically. To increase or sustain company
demand, a firm must constantly sell quality products and services, backed by
effective marketing strategies.
24. What are sales forecasts?
Sales forecasts are estimates of your sales for the forecast period.
The sales forecast establishes the level of activity used in all the other
forecasts and budgets for the business. If your sales forecast varies wildly
from your actual results, your cash flow and profitability forecasts will
similarly be inaccurate. Regularly updating forecasts ensures current market
intelligence, buying signals from clients and the efforts behind the marketing
strategy can be taken into account for the next forecast.
To get started, ask yourself how much can you realistically sell next year,
and how much will you charge for your goods or services?
If you are already in business, use sales data and internal accounting records
from previous years in addition to external current market and economic
indicators to develop a realistic forecast.
If you are starting a new business and don't have a trading history, base your
sales estimates on market research, industry information, business strategies
and objectives
25. Sales Quota is the sales goal set for a product line, company
division or sales representative. It helps the managers to define
and stimulate sales effort. Sales quota is the minimum sales goal
for a set time span.
Generally sales quotas are set slightly higher than the estimated
sales so as to stretch the sales force effort.
Sales quotas are developed through the study of annual territory
marketing plan. In this the plan for developing new accounts and
expanding existing accounts is given by the representatives
26. Budgeting is important for any business. Without a budget
companies can't track process or improve performance. The
first step in creating a master company while budget is to
create a sales budget.
A sales budget estimates the sales in units as well as the
estimated earnings from these sales. Management carefully
analyzes economic conditions, market competition,
production capacity, and selling expenses when developing
the sales budget. All of these factors play an important role
in the company's future performance. Basically, the sales
budget is what management expects to sell and the
revenues collected from these sales.
Sales Budget
27. What Is Demand Forecasting &
Estimation?
• Demand forecasting and estimation gives businesses valuable
information about the markets in which they operate and the
markets they plan to pursue. Forecasting and estimation are
interchangeable terms that basically mean predicting what
will happen in the future. If businesses do not use demand
forecasting and estimation, they risk entering markets that
have no need for the business's product
28. • Purpose
The purpose of demand forecasting and estimation is to find
a business's potential demand so managers can make
accurate decisions about pricing, business growth and
market potential. Managers base pricing on demand
trends in the market. For example, if the market demand
for pizza is high in a city but there are few competitors,
managers know they can price pizzas higher than if the
demand was lower. Established businesses use demand
forecasting and estimation if they consider entering a new
market. If the demand for their product is currently low,
but will increase in the future, they will wait to enter the
market.