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 within the company’s network. Marketing managers can readily access and work with information in the database to identify marketing opportunities and problems, plan programs, and evaluate performance. Internal data can provide strong competitive advantage. Information in the data base can come from many sources. The marketing department, customer service department, accounts department and the operations report can all provide helpful information that can become vital.
Internal databases usually can be accessed more quickly and cheaply than other information sources, but they also present some problems. Because internal information is often collected for other purposes, it may be incomplete or in the wrong form for making marketing decisions. Data also ages quickly; keeping the database current requires a major effort.
Competitive Marketing Intelligence
Competitive marketing intelligence is a systematically collecting and analyzing of publicly available information about consumers, competitors, and developments in the marketplace. The goal of this intelligence is for strategic decision making, understanding and tracking customer’s behavior and fully appreciate and understand the understanding the competitive environment that you operate in.
The value of information captured and the methods used to capture this information have grown considerable. Good marketing intelligence can help marketers gain insights into how consumers talk about and connect with their brands. Many companies invest heavily in conducting marketing surveys via mystery shopping or asking customers to fill out questionnaires. Some companies even go as far as monitoring online chats, tweets and everything that is said online about their products and competing brands
Marketing Research is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. In addition to marketing...