Marketing Research and Markeing Information System(Mis)

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Market Research
Many definitions of Marketing Research:
* Marketing research is the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company. By Philip Kotler 
* “The systematic gathering, recording and analyzing of all data about problems relating to the marketing of goods and services.” [The American Marketing Association] Basic Purpose of Marketing Research

* Marketing research reduces uncertainty or error in decision-making. The information collected by conducting marketing research is used for  problem solving and decision making in various areas of marketing Marketing research Can help the marketing manager to:

* Identify and define marketing problems and opportunities accurately; * (2) Understand markets and customers and offer reliable prediction about them; * (3) Develop marketing strategies and actions to provide a competitive edge; and refine and evaluate them; * (4) Facilitate efficient expenditure of funds

Its also important because of 
* Rapid changing marketing environment;
* Need for up-to-date information for strategically important areas; * Importance of research as an integral part of better operation

MIS: Marketing Information System
1) A Marketing Information System is basically a way of regularly gathering and giving helpful marketing information to the right people at the right time. 2) The key element is knowing what kind of information is needed by whom and when. Information needs, information sources and information costs change over time and so a review, or information audit, is worth doing every few years. 3) An information audit specifies who needs what and when. The audit can also list where the information can be found - the gold mine of information sources. 4) There are many different types of information which a marketing manager uses, and many ways of building a marketing information system. Here is one way of thinking about it. 5) Consider these components: Internal Information; External Information; Position Information; Decision Information and Forecast Information. 6) Examples of internal information are sales reports, sales analyses, cost per sale and cost per enquiry. Most of the raw data is already available within the organisation. It just needs to be processed or analysed so that it becomes helpful information. This is relatively easy to do if there is an information system. Customer database systems for example, automatically convert customer data into marketing opportunities like identifying which customers are ready to buy this month, next month or next year. 7) External information covers the market out there - its size, structure, trends, opportunities, threats, competitors and customers both new and old - the constantly changing market place. All kinds of employees, customers and distributors can contribute to this pool of marketing intelligence. 8) Position information puts internal and external information together, like the organisation's sales and the overall sales in the market to calculate market share. 9) Similarly, internal strengths & weaknesses can be compared to competitors to find competitive advantage, USP's (Unique Selling Points), and most importantly whether any competitive advantage is sustainable. 10) Decision Information comes from mathematical models which carry out various analyses such as regression, correlation, factor, and cluster analyses. You can see Coca Cola talking about decision models in the browser later. 11) Forecast information obviously looks into the future and includes sales forecasts - the backbone of the marketing plan. 12) Some of this information is free, some is expensive, some takes time to gather and analyse, some is just not worth the effort in the first place. 13) There is, therefore, a trade-off between the importance, or value, of information and its cost...
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