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The document discusses the components and processes of a marketing information system (MKIS). An MKIS consists of people, equipment, and procedures to gather, analyze, and distribute market information to aid in decision making. It includes internal records systems to track sales and operations data, marketing intelligence on market trends, a decision support system to integrate data sources, and formal marketing research functions. The key elements that feed into strategic decisions are internal company data, external market monitoring, analytical tools, and primary data collection.
The document discusses the components and processes of a marketing information system (MKIS). An MKIS consists of people, equipment, and procedures to gather, analyze, and distribute market information to aid in decision making. It includes internal records systems to track sales and operations data, marketing intelligence on market trends, a decision support system to integrate data sources, and formal marketing research functions. The key elements that feed into strategic decisions are internal company data, external market monitoring, analytical tools, and primary data collection.
The document discusses the components and processes of a marketing information system (MKIS). An MKIS consists of people, equipment, and procedures to gather, analyze, and distribute market information to aid in decision making. It includes internal records systems to track sales and operations data, marketing intelligence on market trends, a decision support system to integrate data sources, and formal marketing research functions. The key elements that feed into strategic decisions are internal company data, external market monitoring, analytical tools, and primary data collection.
Tribhuvan University Marketing Information System A marketing information system (MKIS) consists of people, equipment and procedures to gather, sort, analysis, evaluate, and distribute needed, timely and accurate information to marketing decision makers Kotler & Armstrong
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Marketing Information System A marketing information system is a set of procedures and methods for the regular, planned collection, analysis and presentation of information for use in marketing decisions. American Marketing Association
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08/10/17 Copy right reserved 4 Components of MKIS Internal record system Marketing intelligence Decision support system Marketing research
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Components of MKIS
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Internal Record System Internal databases are electronic collections of information obtained from data sources within the company. Kotler & Armstrong
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Internal Record System Marketing managers rely on data from internal reports about orders, sales, prices, costs, inventory levels, receivables, payables and so on. The heart of the internal record system is the order-to-payment cycle. Sales representatives, dealers, and customers dispatch orders to the firm. The sales department prepares invoices and transmits copies to various departments, Out-of- stock items are back ordered. 08/10/17 Copy right reserved 8 Internal Record System Shipped items are accompanied by shipping and billing documents that are sent to various departments Companies need to perform these steps quickly and accurately, because customers favor firms that can promise timely delivery. Today many companies organize information in databases- customer databases, product databases, salesperson databases and so forth- and then combine data from the different databases. 08/10/17 Copy right reserved 9 Internal Record System The customer database will contain every customer’s name, address, past transactions, and even demographics and psychographics (activities, interests and opinions) in some instances.
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Marketing Intelligence System A marketing intelligence system is a set of procedures and sources managers use to obtain everyday information about developments in the marketing environment. Kotler & Armstrong
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Sources of Marketing Intelligence Marketing Managers Sales Forces Middlemen Specialists Outsourcing Marketing information section
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Marketing Decision Support System Marketing decision support system (MDSS) is a coordinated collection of data, systems, tools, and techniques with supporting software and hardware by which and organization gathers and interprets information from business and the environment and turns it into a basis for marketing action.
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Marketing Decision Support System A decision support system is a procedure that allows a manager to interact with data and methods of analysis to gather, analyze, and interpret information.” --- Stanton
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Components of MDSS Data Bank Methods Bank Model Bank
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Marketing Research Marketing research as the systematic design, collection, analysis and reporting of data and findings that are relevant to a specific marketing situation facing the company. Most large companies have their own marketing research departments. Some small companies can hire the services of a marketing research firm or conduct research in creative and affordable ways.
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Features of Marketing Research Systematic Problem oriented Objective Decision making
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Areas of Marketing Research Product research Advertising research Consumer research Sales research Corporate research Competitor research
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Marketing Research Process Define the problem and research objectives Develop the research plan Collect the information Analyze the information Present the findings