Marketing Management Dr. Doni P. Alamsyah, MM Meeting 2

Capturing Marketing Insights Collecting Information and Forecasting Demand Conducting Marketing Research Meeting 2

Collecting Information and Forecasting Demand 1.What are the components of a modern marketing information system? 2.What are useful internal records for such a system? 3.What makes up a marketing intelligence system? 4.What are some influential macro environment developments? 5.How can companies accurately measure and forecast demand? I

Collecting Information and Forecasting Demand Components of a Modern Marketing Information System Internal Records Marketing Intelligence Analyzing the Macro-environment Forecasting and Demand Measurement

Components of a Modern Marketing Information System The major responsibility for identifying significant marketplace changes falls to the company’s marketers. Marketers have two advantages for the task: disciplined methods for collecting information, and time spent interacting with customers and observing competitors and other outside groups. Some firms have marketing information systems that provide rich detail about buyer wants, preferences, and behavior.

A marketing information system (MIS) consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers

What are the components of a modern marketing information system?

Internal Records To spot important opportunities and potential problems, marketing managers rely on internal reports of orders, sales, prices, costs, inventory levels, receivables, and payables. The Order-to-Payment Cycle (fast service) Sales Information Systems (accurate reports) Databases, Data Warehousing, and Data Mining (Offer& Maps)

What are useful internal records for such a system?

Marketing Intelligence The Marketing Intelligence System Collecting Marketing Intelligence on the Internet Communicating and Acting on Marketing Intelligence “a set of procedures and sources that managers use to obtain everyday information about developments in the marketing environment”

What makes up a marketing intelligence system?

Analyzing the Macro environment “Successful companies recognize and respond profitably to unmet needs and trends” Needs and Trends (Men’s Health) Identifying the Major Forces (Global Warming) The Demographic Environment (Population, Age Mix, Ethnic) The Economic Environment (Income) The Sociocultural Environment (Core Cultural) The Natural Environment (Green Cultural) The Technological Environment (Technology) The Political-Legal Environment (Legal)

“The Economic Environment”

“The Natural Environment (Green Cultural)”

“The Technological Environment ““The Technological Environment”

What are some influential macro environment developments?

Forecasting and Demand Measurement “The company must then measure and forecast the size, growth, and profit potential of each new opportunity” The Measures of Market Demand A Vocabulary for Demand Measurement Estimating Current Demand Estimating Future Demand

Conducting Marketing Research 1.What constitutes good marketing research? 2.What are the best metrics for measuring marketing productivity? 2

Conducting Marketing Research 1.The Marketing Research System 2.The Marketing Research Process 3.Measuring Marketing Productivity 2

The Marketing Research System Marketing managers often commission formal marketing studies of specific problems and opportunities. They may request a market survey, a product-preference test, a sales forecast by region, or an advertising evaluation. It’s the job of the marketing researcher to produce insight into the customer’s attitudes and buying behavior

“Marketing research as the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company”

The Marketing Research System Marketing research firms fall into three categories: Syndicated-service research firms— These firms gather consumer and trade information, which they sell for a fee. Examples include the Nielsen Company, Kantar Group, Westat, and IRI. Custom marketing research firms— These firms are hired to carry out specific projects. They design the study and report the findings. Specialty-line marketing research firms— These firms provide specialized research services. The best example is the field-service firm, which sells field interviewing services to other firms.

What constitutes good marketing research?

The Marketing Research Process Step 1: Define the Problem, the Decision Alternatives, and the Research Objectives Step 2: Develop the Research Plan (Data Source, Research Approaches, Behavioral Research, Experimental Research, Contact Methods, Step 3: Collect the Information Step 4: Analyze the Information Step 5: Present the Findings Step 6: Make the Decision

Measuring Marketing Productivity Marketing Metrics Marketing metrics is the set of measures that helps them quantify, compare, and interpret their marketing performance Marketing-Mix Modeling Marketing-mix models analyze data from a variety of sources, such as retailer scanner data, company shipment data, pricing, media, and promotion spending data, to understand more precisely the effects of specific marketing activities Marketing Dashboards Management can assemble a summary set of relevant internal and external measures in a marketing dashboard for synthesis and interpretation.

What are the best metrics for measuring marketing productivity?