marketing lecture 5

Market Analysis

a tool companies use in order to better understand the environment in which they operate. It is one of the main steps in the development of a marketing plan.

Marketing Information System and Research (MKIS)

“Marketing is the management process responsible for identifying,

anticipating and satisfying customer requirements”.

“Satisfying needs and wants have

developed into a sophisticated activity. As a basic requirement, the marketer must know what his customers want, where they want, what they want, what price they would pay for what they want, and what means they will be persuaded to translate their wants into actual purchases. In addition, the marketer will also have to contend with the activities of his competitors so he may be able to address them.”

Management Information System (MIS)

Consist of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers.

This data is then processed, integrated, and stored in a centralized database (or data warehouse) where it is constantly updated and made available to all who have the authority to access it, in a form that suits their purpose.

Assessing Information Needs

A good marketing information system balances information that managers would like to have against that which they really need and is feasible to obtain. A company begins by interviewing managers to determine their information needs.

Developing Information

can be obtained from:

Internal DataMarketing IntelligenceMarketing Research

Internal Data Marketing managers can easily access the

work with information in the database to identify marketing opportunities and problems, plan marketing projects, and evaluate marketing performance.

Internal databases can be accessed faster and cheaper than other information sources, but they also have some problems.  Because it was collected for other purposes, it may be incomplete or in the wrong format.

Internal RecordsAccounting Records – like financial

statements, sales and orders, costs, accounts receivables, and cash flows

Manufacturing Records – like production schedules, shipments, and inventories

Sales Department Records – like salesforce call reports

Customer Service Department Records – like reports on customer satisfaction and warranty problems

Information gathered by other departments

Guest card are often found on dining tables and in guest rooms or are handed to departing customer. They provide useful information and can provide insights into problems areas.

This procedure was developed as a result of a guest’s comment.

with guest

Automated System

Mystery Shoppers

allow the hotels to create close relationship with their customers.

are used in all types of operations. the best way if there is a possibility for recognition and reward on good job performance.

are computerized systems incorporating registers, computers and peripheral equipment, usually on a computer network.

Point-of-Sale Information (POS)

Company Records

one of the most misused source of information.

Marketing Intelligence

Everyday information about developments in the marketing environment that help managers to prepare and adjust marketing plans.

The goal is to improve strategic decision-making, assess and track competitor’s actions, and provide early warning of opportunities and threats.

Marketing IntelligenceDifferent Ways

Undirected Viewing – general exposure to information where the manager has no specific purpose in mind

Conditioned Viewing – directed exposure to information where the manager seeks information on a clearly identified area or type of information

Informal search – relatively limited and unstructured effort to obtain specific information or information for a specific purpose

Formal search – deliberate effort, usually following a pre-established plan, procedure, or methodology, to secure specific information relating to a specific issue

can be gathered by a company’s executives, front desk staff, service staff, purchasing agents, and sales force.Sources of

Competitive Information

available from competitors’ annual reports, trade magazine articles, speeches, press releases, brochures, and advertisements.

Internal Sources of Marketing Intelligence

External Sources of Marketing Intelligence

normally gathered through what is known as desk research. This means sourcing and analyzing published information to build a picture of a market and to try and answer some specific commercial questions such as what is the market potential.

Marketing Research

Involves conducting research to support marketing activities, and the statistical interpretation of data into information.

The task of marketing research is to provide management with relevant, accurate, reliable, valid, and current information.

Marketing Research Process1. Definition of the problem2. Situational analysis3. Obtaining primary data4. Interpretation of data5. Problem solution

Secondary data consist of information already in

existence somewhere, having been collected for another purposes.(company records, libraries, government agencies, private research organization)

At the heart of primary data collection are the acts of : Observing, Measuring, Recording

Primary data consist of information collected for the specific purposes at hand. (observation, survey, experiment)

trained observers interact with and/or observe consumers in their natural habitat.

Ethnographic Research

the gathering of primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.

Survey Resear

ch

a segment of a population selected for marketing research to represent the population as a whole.

SampleFour decisions are :

First, who will be surveyed?

Second, how many people should be surveyed?

Third, how should the sample be chosen?

Fourth, when will the survey be given?

the gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.

Experimental Research

- John D. Rockfeller, Jr.

"Every right implies a responsibility; every opportunity an obligation; every

possession a duty."