Summary Chapter 4 Marketing
Explain the importance of information in gaining insights about the market place. The marketing process starts with a total overview of the market place. Without understanding the markets wants and needs you’re blind. If a company doesn’t have full understanding for the market place it’s hard to produce value and satisfaction for their customers. This information is not enough you also need information about competitors, resellers and other actors and forces in the marketplace. Marketing information can be used as more as only to make marketing decisions but also for strategy and as marketing tool.
Define the marketing information system and discuss tis different parts. The market information system MIS , consist of people and procedures in order for assessing information needs, developing the needed information and helping the decision makers to make decision that have base on customer behavior. A well designed MIS starts and ends with the user. MIS primarily serves marketing and other managers within the company. MIS also develops information from internal sources, marketing intelligence services and market research. Marketing intelligence activities supply everyday information about the development in the external market. Market research meaning collecting data towards a specific problem.
Outline the steps in the marketing research process.
The first step in the marketing research process is defining the problem and setting the research objectives. The second step is developing a research plan for collecting data from primary and secondary sources. The third step calls for implementing the market research by gathering, processing and analyzing the data. The fourth step consists of interpreting the data and reporting the findings.
Explain how companies analyze and use marketing information. In order to manage internal data many companies use CRM systems to...
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