Section 28.1 Marketing Information Systems

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Presentation transcript:

Section 28.1 Marketing Information Systems Marketing Essentials n Chapter 28 Marketing Research Section 28.1 Marketing Information Systems

Marketing Information Systems SECTION 28.1 Marketing Information Systems What You'll Learn The importance of marketing research The function of a marketing information system

Marketing Information Systems SECTION 28.1 Marketing Information Systems Why It's Important Successful companies must be able to understand the needs and wants of their customers. Marketing research can provide the necessary information to help a business while planning, solving problems, and making decisions regarding its products and services.

Marketing Information Systems SECTION 28.1 Marketing Information Systems Key Terms marketing research marketing information system database

Marketing Information Systems SECTION 28.1 Marketing Information Systems Defining Marketing Research Marketing research links the consumer, customer, and public to the marketer through information. Marketing information is used to identify marketing opportunities, solve marketing problems, implement marketing plans, and monitor marketing performance.

Marketing Information Systems SECTION 28.1 Marketing Information Systems Why is Marketing Research Important? Given the high failure rate of new products on the market, marketing research can make or break a business. Marketing research helps businesses: plan future operations to increase sales and profits decide what products to produce decide where to sell products decide how to promote products decide how to price products solve marketing problems anticipate future marketing potential keep track of current markets and competitors

Marketing Information Systems SECTION 28.1 Marketing Information Systems Who Uses Marketing Research? Marketing research is valuable for organizations of any size. Marketing research is useful to: businesses state and federal governments trade associations

Marketing Information Systems SECTION 28.1 Marketing Information Systems Market Research Revenues by Industry Groups Over $3 billion is spent annually by industry groups for marketing research. Why does the government spend money on marketing research? What industry groups do you think would be interested in your opinions?

Marketing Information Systems SECTION 28.1 Marketing Information Systems Marketing Information Systems A marketing information system is a set of procedures and methods that regularly generates, stores, analyzes, and distributes marketing information. Data includes: Company records: sales results, expenses, supplier data Competitors' records: prices, location, market share Customer profiles: buying behavior, shopping patterns, lifestyles Government data: price trends, economic projections

Marketing Information Systems SECTION 28.1 Marketing Information Systems Marketing Databases Information technologies have made the collection and analysis of data for marketing decision-making much easier. Information about consumers and their buying habits are stored in a computer database, a collection (or file) of related information about a specific topic.

Marketing Information Systems SECTION 28.1 Marketing Information Systems Difficulties of Marketing Information Systems Setting up a marketing information system requires a significant investment of time and money. Trained personnel are needed to maintain and analyze the data collected in the system. Vast amounts of data can be obtained, so businesses have to prioritize the information that is most important to them.

Reviewing Key Terms and Concepts ASSESSMENT 28.1 Reviewing Key Terms and Concepts 1. What is marketing research? 2. How does marketing research help businesses? 3. Who uses marketing research? 4. What is a marketing information system? 5. What is a database?

ASSESSMENT Thinking Critically 28.1 Supermarkets often require the use of a "valued customer" card to obtain special discounts on the store's products. Do you think that supermarkets should give special bargains in exchange for personal shopping information?

Marketing Essentials End of Section 28.1