Course: Principles of Marketing
Due Date: September 24, 2013
An international company, Frito Lay, is looking to penetrate the Jamaican market and has hired a team to acquire key insights into the needs and wants of its target consumers A) Explain the data sources that the consultants may use to develop the information which is needed B) Describe the market research process and its value to the company’s marketing efforts
•NOTE: please answer in not form and not in the form of an essay.
The costs of obtaining, analyzing, storing, and delivering information can be extremely exorbitant. The company must decide whether the value of insights gained from additional information is worth the costs of providing it, and both value and cost are often hard to assess.
A marketing information system (MIS) entails people and procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actions taken towards customer and market insights. To succeed in today’s marketplace, companies must know how to turn mountains of marketing information into fresh customer insights that will help them deliver greater value to customers.
Marketing Information System (MIS) also provides information to suppliers so they can access to information such as stock level, buying patterns. A good MIS provides information on what you have vs. what you really need and what is feasible to offer. Sometimes companies have challenges getting information that they need because the information may not available or limitations of MIS.
The marketing information systems and its subsystems
Marketers can obtain the required information from internal data, market research and market intelligence.
Many companies build extensive internal databases, electronic collections of consumer and market information obtained from data sources...