Marketing Information Systems Chapter 28 Section 1

Defining Marketing Research Marketing research – process and methods used to gather information, analyze it, and report findings related to marketing goods and services

Companies uses for Market Research 1. Determine customer attitudes and preferences 2. Test product features 3. Determine market size and growth potential 4. Learn about competitive products 5. Determine buying cycles 6. Understand how the company is perceived by the public

Why marketing research is important? Business that do not do research make more mistakes, lose money It helps increase profit/sales Helps keep track of competition

Who uses Market Research? Most companies use market research Small businesses use it informally Bigger businesses may have their own department or hire a specializing firm to conduct market research for them

Marketing Information Systems MIS – set of procedures and methods that regularly generates, stores, analyzes, and distributes information for use in making marketing and other business decisions Keep data on: – Current customers – Overall product sales – Inventory levels

Database Marketing Database marketing – process of designing, creating, and managing customer lists Can be collected through loyalty cards Information can be sold to 3 rd parties