UNIT D MARKETING INFORMATION MANAGEMENT 7.01 Recognize the need for marketing information.

2 IMPORTANCE OF RELEVANT MARKETING INFORMATION Companies must offer value to satisfy customers and worth cannot be maintained/achieved without information.Companies must offer value to satisfy customers and worth cannot be maintained/achieved without information. Information is generated in vast quantities through technology.Information is generated in vast quantities through technology. Not all information is relevant and marketing managers must sort through the volume to get to quality, useful data.Not all information is relevant and marketing managers must sort through the volume to get to quality, useful data.

3 IMPORTANCE OF RELEVANT MARKETING INFORMATION (CONT.) Information must be controlled effectively to provide marketing information in the right form, at the desirable time.Information must be controlled effectively to provide marketing information in the right form, at the desirable time. New and existing businesses alike need timely information in order to make good decisions.New and existing businesses alike need timely information in order to make good decisions.

4 Marketing research helps to answer… Who are my existing and potential customers?Who are my existing and potential customers? Am I offering the kinds of goods or services my target customers want?Am I offering the kinds of goods or services my target customers want? Are my prices competitive?Are my prices competitive? Are my promotional activities reaching my target audience?Are my promotional activities reaching my target audience?

5 Marketing research helps to answer… (cont.) What is my business image?What is my business image? What are the business risks?What are the business risks? What are the current trends and potential problems in the market?What are the current trends and potential problems in the market? What is the best plan of action?What is the best plan of action?

6 Marketing information system (MIS) People, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers.

7 Marketing information system (MIS) Begins and ends with the people using the dataBegins and ends with the people using the data –Marketing managers –Managers –Affiliates

8 Marketing information system (MIS) All parties should be involved in organizing the MIS while evaluating what users would like to have, what users need to have, and what is actually viable to obtain.All parties should be involved in organizing the MIS while evaluating what users would like to have, what users need to have, and what is actually viable to obtain. –Sometimes the request for information is misdirected or misinformed. –Must consider the expenses associated with gathering data