Capturing Marketing Insights

_ They spend more time interacting with customers and observing competition. and behavior. ‡ They must be the trend trackers and opportunity seekers. ± Some firms have developed marketing information systems that provide management with rich detail about buyer wants. ‡ . preferences.COMPONENTS OF A MODERN MARKETING INFORMATION SYSTEM ‡ The major responsibility for identifying significant marketplace changes falls to the company¶s marketers. ± Marketers also have extensive information about how consumption patterns vary across countries. ‡ Every manager in an organization needs to observe the outside environment. marketers have the following advantages: ± They have disciplined methods for collecting information.

± A marketing information system is developed from: ‡ ‡ ‡ Internal company records. Marketing intelligence activities.. Evaluate and distribute needed.Sort. ± A marketing information system (MIS) consists of: ‡ ‡ ‡ People. Marketing research. and what is economically feasible. Procedures to: Gather . timely. Analyze. ± The company¶s marketing information system should be: what managers think they need. and accurate information to marketing decision makers. Equipment.Cont. . what managers really need.

Internal Records and Marketing Intelligence ‡ Marketing mangers rely on internal reports on orders. costs. prices. they can spot important opportunities and problems. and so on. By analyzing this information. inventory levels. .

. The sales department prepares invoices and transmits copies to various departments.Order-to-Payment Cycle ‡ ‡ ‡ ‡ ‡ The heart of the internal records systems is the order-to-payment cycle. Today companies need to perform these steps quickly and accurately. and customers send orders to the firm. dealers. Shipped items are accompanied by shipping and billing documents that are sent to the various departments. Sales representatives.

Cont. ‡ An increasing number of companies are using the Internet and extranets to improve the speed.. and efficiency of the order-to-payment cycle. . accuracy.

‡ Companies must carefully interpret the sales data so as not to get the wrong signals.Sales Information Systems ‡ Marketing managers need timely and accurate reports on current sales. ‡ Technological gadgets are revolutionizing sales information systems and allowing representatives to have up-to-the second information. .

± Recent customer trends. Data Warehouses.. salesperson databases²and then combine data from the different databases. ‡ By hiring analysts skilled in sophisticated statistical methods. ‡ Databases. companies can ³mine´ the data and garner fresh insights into: ± Neglected customer segments. ± Other useful information.Cont. . product databases. and Data-Mining ‡ Today companies organize information in databases²customer databases. ‡ Companies warehouse these data for easy accessibly to decision makers.

Talking to customers. ‡ ‡ ‡ ‡ . suppliers. but the marketing intelligence system supplies happenings data. and trade publications. newspapers. Marketing managers collect marketing intelligence by: Reading books. and distributors. A marketing intelligence system is a set of procedures and sources managers use to obtain everyday information about developments in the marketing environment.Marketing Intelligence System ‡ The internal records systems supplies results data.

and other intermediaries to pass along important intelligence.. ‡ A company can purchase information from outside suppliers. retailers. ‡ A company can motivate distributors. . ‡ A company can take several steps to improve the quality of its marketing intelligence: ‡ A company can train and motivate the sales force to sport and report new developments. ‡ A company can network externally. ‡ A company can take advantage of government data resources. ‡ Meeting with other company managers.Cont. ‡ A company can use online customer feedback systems to collect competitive intelligence.

. and political significance. short-lived. economic. Needs and Trends Enterprising individuals and companies manage to create new solutions to unmet needs. A fad is ³unpredictable. Trends are more predictable and durable than fads.´ A trend is a direction or sequence of events that has some momentum and durability.ANALYZING THE MACROENVIRONMENT ‡ ‡ ‡ ‡ ‡ ‡ ‡ Successful companies recognize and respond profitably to unmet needs and trends. A trend reveals the shape of the future and provides many opportunities. and without social.

several firms offer social-cultural forecasts . ‡ To help marketers¶ spot cultural shifts that might bring new opportunities or threats. or longer. and once in place.Cont. ‡ Mega trends have been described as ³large social. they influence us for some time²between seven and ten years. political. and technological changes [that] are slow to form. ‡ Trends and megatrends merit close attention. economic..

all operate in an macroenvironment of forces and trends that shape opportunities and pose threats. . ‡ These forces represent ³noncontrollables´ to which the company must monitor and respond. ‡ Identifying the Major Forces ‡ Companies and their suppliers. marketing intermediaries. and publics.Cont. competitors. customers..

the firm must monitor six major forces: ± ± ± ± ± ± Demographic.. . ‡ Marketers must pay attention to the interactions of these forces. Natural. as these will lead to new opportunities and threats. Economic. Social-cultural. Political-legal.Cont. ‡ Within the rapidly changing global picture. Technological.

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