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Assignemnt MK0013 (Set 1 & 2)

Assignemnt MK0013 (Set 1 & 2)

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Published by wasimsiddiqui03
Assignment Set- 1
Q.1 a. Explain in detail how a marketing decision support system is helpful as a MIS tool. Ans.: Marketing research is an important component of a formal network of information flow to marketing management, known as a marketing information system (MIS). In the words of Philip Kotler, “a marketing information system is a continuing and interacting structure of people, equipment and procedures designed to gather, sort, analyze, evaluate and distribute pertinent, timely and accura
Assignment Set- 1
Q.1 a. Explain in detail how a marketing decision support system is helpful as a MIS tool. Ans.: Marketing research is an important component of a formal network of information flow to marketing management, known as a marketing information system (MIS). In the words of Philip Kotler, “a marketing information system is a continuing and interacting structure of people, equipment and procedures designed to gather, sort, analyze, evaluate and distribute pertinent, timely and accura

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Assignment Set- 1
Q.1 a. Explain in detail how a marketing decision support system is helpful as a MIS tool.Ans.:
 
Marketing research is an important component of a formal network of information flow tomarketing management, known as a marketing information system (MIS). In the words of PhilipKotler, “a marketing information system is a continuing and interacting structure of people,equipment and procedures designed to gather, sort, analyze, evaluate and distribute pertinent,timely and accurate information for use by decision makers to improve their marketing planning,execution and control.”The figure on the next page shows the key components or subsystems of the marketinginformation system – 1) The internal records system 2) The marketing research system 3) Themarketing decision support system and 4) The marketing intelligence system.The marketing environment comprises target markets, marketing channels, competitors andmacro-environmental forces. Marketing managers use marketing information for planning,execution and control. Thus, the marketing information system serves as a link betweenmarketing managers and the marketing environment.
The Marketing Decision Support System (DSS)
 – This consists of two components – a)Advanced methods of statistical analysis such as regression, correlation, factor, discriminant andcluster analysis techniques and b) Computerized or mathematical models that are designed tohelp the marketing executive take decisions such as establishing the optimum advertising budget,allocation of budget among various media types, evaluating the progress of new products, or assigning sales representatives to their territories. Databases have no value if the insights theycontain cannot be retrieved. A decision support system not only allows the manager to interactdirectly with the database to retrieve what is wanted, it also provides a modeling function to helpmake sense of what has been retrieved. A common example of a DSS in action is that used bymany industrial sales people especially those selling products that require significantcustomization. The salesperson frequently will be asked whether or not the price and deliverytime of a unique product configuration will meet or exceed a competitor’s promises. Withoutleaving the customer’s office, the salesperson can plug a laptop computer into a phone jack andbegin communicating with a database stored in the company’s main computer memory. Thesalesperson types in the product configuration and desired delivery data and these requirementsare compared to the costs, inventory, and assembly time contained in the data bank. In a matter of minutes, the sales person can propose a price and delivery date – and perhaps close thesales. Each firm has to develop or adapt a model to support its own decision problems. A salesforce turnover model revealed that the most significant variable influencing the turnover rate wasthe level of the appointment fee that representatives pay for initial materials. An order model isthat which explains the components of the average order and isolates the actionable variablessuch as the size and timing of the catalogue and the gift incentives. A procurement model is thatwhich helps determine how much of a new product to buy, when to purchase it and the risksinvolved.
b. Give the meaning of internal records systems?Ans.:
 
Computer-based or manual system that transforms data into information useful in thesupport of decision-making. Internal Record System can be classified as performing twofunctions:
 
(1)To generate reports-for example, financial statements, inventory status reports, or performance reports needed for routine or non-routine purposes.(2)A computer system designed to help managers plan and direct business andorganizational operations.
Q.2a. Distinguish between market research and marketing research
.
Ans.: Marketing Research:
The American Marketing Association officially defines marketing research as follows:
Marketing research is the function that links the consumer, customer, and public to the marketer throughinformation - information used to identify and define marketing opportunities and problems;generate, refine, and evaluate marketing actions; monitor marketing performance; and improveunderstanding of marketing as a process. Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implementsthe data collection process, analyses, and communicates the findings and their implications.
This definition highlights the role of marketing research as an aid to decision making. Animportant feature is the inclusion of the specification and interpretation of needed information.Too often, marketing research is considered narrowly as gathering and analyzing of data for someone to use. Firms can achieve and sustain a competitive advantage through the creativeuse of marketing information. Hence, marketing research is defined as information input todecisions, not simply the evaluation of decisions that have been made. Marketing research alone,however, does not guarantee success; the intelligent use of marketing research is necessary for business achievement. A competitive edge is more the result of how information is used than of who does or does not have the information.Marketing research has many different applications and covers different areas such as thefollowing -
Market research
 – This refers to research to determine the structure for a given market (e.g. thetwo wheeler market), which would include gathering information on the number of players in themarket, market shares of the different players, growth rate of the market, latest trends anddevelopments in the market, market feasibility or potential for new products launched, etc.
b. Distinguish between primary and secondary data sources.Ans.:
 
Sources of Data
The sources of data may be classified into (a) primary sources and (b) secondary sources.
1 Primary Source of Data
Primary sources are original sources from which the researcher directly collects data that has notbeen previously collected, e.g., collection of data directly by the researcher on brand awareness,brand preference, and brand loyalty and other aspects of consumer behavior, from a sample of consumers by interviewing them. Primary data is first hand information collected through variousmethods such as surveys, experiments and observation, for the purposes of the projectimmediately at hand.The advantages of primary data are –11.It is unique to a particular research study22.It is recent information, unlike published information that is already availableThe disadvantages are –11.It is expensive to collect, compared to gathering information from available sources22.Data collection is a time consuming process
 
33.It requires trained interviewers and investigators
2 Secondary Sources of Data
These are sources containing data, which has been collected and compiled for another purpose.Secondary sources may be internal sources, such as annual reports, financial statements, salesreports, inventory records, minutes of meetings and other information that is available within thefirm, in the form of a marketing information system. They may also be external sources, such asgovernment agencies (e.g. census reports, reports of government departments), publishedsources (annual reports of currency and finance published by the Reserve Bank of India,publications of international organizations such as the UN, World Bank and InternationalMonetary Fund, trade and financial journals, etc.), trade associations (e.g. Chambers of Commerce) and commercial services (outside suppliers of information).
Q.3 What is a research design? Identify the steps involved in it. How many types of research designs are there in marketing research?Ans.: Research Design:
A research design is a logical and systematic plan prepared for directing a research study. It specifies the objectives of the study, the methodology andtechniques to be adopted for achieving the objectives. It constitutes the blue print for thecollection, measurement and analysis of data. It is the plan, structure and strategy of investigation, conceived so as to obtain answers to research questions. The plan is the overallscheme or program of research. A research design is the program that guides the investigator inthe process of collecting, analyzing and interpreting observations. It provides a systematic plan of procedure for the researcher to follow. According to Selltiz, Jahoda and Destsch and Cook, “Aresearch design is the arrangement of conditions for collection and analysis of data in a manner that aims to combine relevance to the research purpose with economy in procedure.”
Steps in Marketing Research Design ProcessStep 1 – Research Purpose
It is in the best interest of both the researcher and managers payingfor the research to be sure that the research purpose is fully understood. One of the hallmarks of a competent researcher is the ability to get to the heart of the management problem. Theresearch purpose comprises a shared understanding between the manager and the researcher of: 1. Problems or opportunities to be studied which problems or opportunities are anticipated?What is the scope of the problems and the possible reasons?2. Decision alternatives to be evaluatedWhat are the alternatives being studied?What are the criteria for choosing among the alternatives?What is the timing or importance of the decision?3. Users of the research resultsWho are the decision makers?Are there any covert purposes?
Problem or Opportunity Analysis:
In analyzing problems or opportunities to be studied,constant contact with customers to monitor trends is very important. Research is often motivatedby problem or opportunity. The fact that people are consuming fewer sweets might be a problemor a potential opportunity for a candy company. Increased leisure time might be viewed as anopportunity by a recreation oriented organization. In such cases, the research purpose shouldspecify the problem or opportunity to be explored. The manager should make sure that the realproblem is being addressed.
Decision Alternatives:
For research to be effective, it must be associated with a decision.Marketing research is committed to the principle of utility. In general, if the research is not goingto have an effect on decisions, it is an exercise in futility. The researcher should be alwayssensitive to the possibility that either there are no decision alternatives – and therefore nodecision – or that the research findings will not affect the decision, usually because of resource or 

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