Source Principles of Marketing Kotler et al Copyright

Source: Principles of Marketing. Kotler et al. © Copyright MBA Global AML 2017

The Marketing Information System And Marketing Research Source: Principles of Marketing. Kotler et al. © Copyright MBA Global AML 2017

Remember the definition of Marketing? It started with… “the science and art of exploring, creating and delivering value, to satisfy the needs of a target market at a profit”. The key here is value. This is what drives any transaction or exchange If commercial business depends on the transaction or exchange of value, then having as much information as possible about how to create it, improve it, deliver it or augment it…will benefit any company greatly and help it to prosper. This in turn adds to economic wealth creation as well as increasing the stability of the company and job security for employees Source: Principles of Marketing. Kotler et al. © Copyright MBA Global AML 2017

What is an Information System Before we look specifically at the marketing information system, let’s have a quick look at ‘Information Systems’. It is important to understand what they are and how they can affect our lives. Here’s a short video: https: //www. youtube. com/watch? v=Qujsd 4 vkq. FI Source: Principles of Marketing. Kotler et al. © Copyright MBA Global AML 2017

The Marketing Information System “The marketing information system (MIS) consists of people, equipment and procedures to gather, sort, analyse, evaluate and distribute needed, timely and accurate information to marketing decision makers”. Source: Principles of Marketing. Kotler et al. © Copyright MBA Global AML 2017

The Marketing Information System Okay, that looks complex. There seems to be a lot to it. Let’s break that down and see if it can be more easily ‘digested’. Source: Principles of Marketing. Kotler et al. © Copyright MBA Global AML 2017

The Marketing Information System The marketing information system (MIS) consists of: people, equipment and procedures to gather, sort, analyse, evaluate and distribute needed, timely and accurate information to marketing decision makers Source: Principles of Marketing. Kotler et al. © Copyright MBA Global AML 2017

The Marketing Information System The MIS begins and ends with marketing managers. First, it interacts with these managers to assess their information needs. Next, it develops the needed information from • internal company records • marketing intelligence activities and • the marketing research process. Source: Principles of Marketing. Kotler et al. © Copyright MBA Global AML 2017

Marketing Information and Research Internal records information Information gathered from sources within the company to evaluate marketing performance and to detect marketing problems and opportunities. Marketing Intelligence Everyday information about developments in the marketing environment that helps managers prepare and adjust marketing plans. Competitor intelligence Information gathered that informs on what the competition is doing or is about to do Source: Principles of Marketing. Kotler et al. © Copyright MBA Global AML 2017

The Marketing Information System The next slide gives an over view of the Marketing Information System. In it you will see how information flows and can be gathered for use by analysts. Analysts interpret the results and pass on meaningful information to marketing managers who can then make informed decisions about how to proceed. Source: Principles of Marketing. Kotler et al. © Copyright MBA Global AML 2017

Marketing Information System Marketing managers Analysis environment Assessing Information Needs Internal Records Distributing Information Analysis Marketing Intelligence Target Markets Marketing Channels Planning Implementation Marketing Research Competitors Publics Organisation Macroenvironment Control Source: Principles of Marketing. Kotler et al. Marketing decisions and communications Forces © Copyright MBA Global AML 2017

The Marketing Information System Additional or specific information requirements – The Marketing Information System often relies on bringing together information that is not readily available either internally or externally. In this case research may be required in order to gather the information that is needed – hence this is formally known as Marketing Research. Source: Principles of Marketing. Kotler et al. © Copyright MBA Global AML 2017

Marketing Information and Research Marketing research — The function that links the consumer, customer and public to the marketer through information that is used to identify and define marketing opportunities and problems, to generate, refine and evaluate marketing actions, to monitor marketing performance, and to improve understanding of the marketing process. Source: Principles of Marketing. Kotler et al. © Copyright MBA Global AML 2017

Marketing Research Once again, there’s a lot here – let’s break that down… The function that links the consumer, customer and public to the marketer through information that is used to • • identify and define marketing opportunities and problems to generate, refine and evaluate marketing actions to monitor marketing performance and to improve understanding of the marketing process Source: Principles of Marketing. Kotler et al. © Copyright MBA Global AML 2017

Marketing Research includes Exploratory research Marketing research to gather preliminary information that will help to better define problems and suggest potential solutions. Descriptive research Marketing research to better describe marketing problems, situations or markets, such as the market potential for a product or the demographics and attitudes of consumers. Causal research Marketing research to test a theory about cause-and-effect relationships. Source: Principles of Marketing. Kotler et al. © Copyright MBA Global AML 2017

Marketing Research includes Pulling together all of this information is done in a systematic way and becomes a process, which then contributes to the marketing information system (MIS). Here are the steps in that process… Source: Principles of Marketing. Kotler et al. © Copyright MBA Global AML 2017

The Marketing Research Process Defining the problem and research objectives Source: Principles of Marketing. Kotler et al. Developing the research plan for collecting information Implementing the research plan – collecting and analysing the data Interpreting and reporting the findings © Copyright MBA Global AML 2017

Remember last week? The Hottest Brands…Right Now! Source: Principles of Marketing. Kotler et al. © Copyright MBA Global AML 2017

The Hottest Brands…Right Now! www. whatsapp. com www. snapchat. com www. path. com www. periscope. tv www. twitter. com www. facebook. com Source: Principles of Marketing. Kotler et al. © Copyright MBA Global AML 2017

Hottest Brands…Right Now! www. katvond. com www. ryanair. com www. apple. com https: //www. stradivarius. com/ie/ www. tesla. com www. monarch. co. uk Source: Principles of Marketing. Kotler et al. www. groupme. com © Copyright MBA Global AML 2017

Marketing Task What to look for & How to use… Choose a product / service or brand, either from the list or one that you prefer List the various sources of information that you could hope to find internally; that is within the operations of the company and which can be used in the marketing information system by marketing managers What sources of information can you identify that are external to the company Give examples of specific marketing research that could be useful. Source: Principles of Marketing. Kotler et al. © Copyright MBA Global AML 2017

Marketing Task Market Research – consider the following Why is marketing research relevant for marketing decision making. How does marketing research fit into the marketing planning process. Provide examples of marketing research activities. Source: Principles of Marketing. Kotler et al. © Copyright MBA Global AML 2017

Marketing Task Optional Resources: Text Principles of Marketing Philip Kotler. , Gary Armstrong. , John Saunders. , Veronica Wong. Marketing Concepts and Strategies Sally Dibb. , Lyndon Simkin. , William M. Pride. , O. C. Ferrell. Source: Principles of Marketing. Kotler et al. © Copyright MBA Global AML 2017

Source: Principles of Marketing. Kotler et al. © Copyright MBA Global AML 2017