Understanding Markets, Market Demand and the Marketing Environment

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Chapter 3—Understanding markets, market demand and the marketing environment Marketing information system (MIS) consists of people, equipment, and procedures to gather, sort, analyze, evaluate and distribute information to people that make marketing decisions. Internal records are handled by sales representative and other staff included in the selling and shipping process. Marketing intelligence system is set of procedures and sources used by managers to obtain everyday information about developments in the marketing environment. Marketing managers get that kind of information by reading the newspaper, books and trade publications, talking to customers, suppliers, distributors and checking internet resources. The marketing research process looks as followed: define the problem and research objectives, develop the research plan, collect the information, analyze the information, present the findings, and make a decision. Marketing research approaches are observational research, focus group research, survey research, behavioural research, experimental research. The sampling plan is includes when you have to decide the sampling unit-who is to be surveyed?, the sample size-how many people should be surveyed?, sampling procedures-how should the respondents be chosen? A potential market is the set of customers who have a sufficient level of interest in a market offer. The available market is thus the set of customers, who have interest, income and access to the offer. The target market is the part of qualified available market. The penetrated market is a set of customers who are buying the company’s product. Market demand for a product is the total volume that would be bought by the define customer group in a defined geographical area. The market forecast is what the company would like to see happen. The market potential is the limit approached by the market demand as industry marketing expenditures approach infinity for a given marketing environment. Company...
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