Marketing Information Management
Define the following terms: marketing information, marketing-information management system, and marketing research.
Marketing information is the results of marketing research that are used to plan for future marketing or product development activities. The information may come from a single source or through a system of collection. Marketing information management system is a marketing information system is a management information system designed to support marketing decision making. Marketing research is the process or set of processes that links the consumers, customers, and end users to the marketer through information.
Describe the need of marketing information.
Marketing information is needed because it is necessary to have this data on a regular basis to determine what companies will do. Marketing information helps businesses make decisions, solve problems, and plan for the future.
Classify types of marketing information as primary or secondary.
Any type of marketing information that is newly attained information is primary. Any type of marketing information that has already been attained and is being used again for the purpose of the company is secondary information.
Describe the types of information marketers should obtain.
Marketers should obtain these types of information. It should be organized, sufficient, accurate, relevant, timely, accessible, and cost-effective. Such informations is key to success in business.
Categorize internal sources of marketing information.
Internal sources can be categorized into business functions like marketing, operations, finance, and even human-resources.
Discuss external sources of marketing information.
The main external source of marketing information comes from conducting marketing research. It includes gathering information, recording it, and analyzing it for the benefit of the company.
Explain why marketers should collect information.
Marketers should collect information because without information, there is not going to be effective decisions made in a business. Information helps companies make wise decisions to benefit the business and make profits.
Describe the characteristics of useful marketing information.
Useful marketing information can help with competitors, you can be more appealing to a larger crowd, and the main characteristic of useful marketing information can make profits.
Describe reasons that marketers need to gather accurate information.
Accurate information leads to better decision making. Both positive and negative data will keep a business up and running with minimal flaws.
Explain the functions of a marketing-information management system.
The system’s functions will depend upon the decisions that need to be made and the information needed to make those decisions. most marketers, though, need certain functions to be filled by the mkIS. These include data gathering, data processing, and information reporting. The basic function of a marketing-information management system is to gather data important to the business. These data should be gathered from both internal and external sources on an ongoing basis. Analyzing the data collected and putting them into formats useful to a business are important functions of the mkIS. Data are typically not useful in their original form. An mkIS is responsible for transforming these data into much more understandable, organized marketing information. A third important function of the marketing-information management system is handling the flow of information within a business. The system should distribute the necessary information to those who need it. It should also make it easy for marketers to locate and retrieve information at any time.
Contrast marketing research with a marketing-information system.
Marketing research, which is one component of marketing-information managment. Marketing research is the systematic gathering, recording, and analyzing of data about a specific marketing problem or situation. Such research may be needed when the existing data in the mkIS are insufficient or do not apply to the problem at hand.
Describe the use of a marketing-information system.
A marketing-information system is useful because it does many functions simultaneously.
Explain the benefits of a marketing-information management system.
The benefits of using the marketing information should be greater than the costs of gathering the data that are used to generate this information.
Discuss the requirements of a marketing-information management system.
A marketing-information management system should meet the requirements of an individual business. Some basic requirements of an mkIS are that it should be able to:
• Decide quickly what data and information are needed
• Collect, process, and store data and information effectively
• Handle whatever amount of data and information a particular business needs • Protect the data and information
• Operate continuously
Explain the role of marketing-information management in marketing.
Marketing-information management is crucial to marketing. It basically runs the company. There cannot be accurate information without the management of the marketing-information.
Describe limitations of marketing-information management systems.
A marketing-information management system has limitations as well. Some can give irrelevant information if not specialized to fit that company. Some are computerized, but all should be. Computers should be doing a computer’s job, a person should not be in charge of the system because there can be mistakes.
Marketing information is the results of marketing research that are used to plan for future marketing or product development activities. The information may come from a single source or through a system of collection. Marketing information management system is a marketing information system is a management information system designed to support marketing decision making. Marketing research is the process or set of processes that links the consumers, customers, and end users to the marketer through information.
Describe the need of marketing information.
Marketing information is needed because it is necessary to have this data on a regular basis to determine what companies will do. Marketing information helps businesses make decisions, solve problems, and plan for the future.
Classify types of marketing information as primary or secondary.
Any type of marketing information that is newly attained information is primary. Any type of marketing information that has already been attained and is being used again for the purpose of the company is secondary information.
Describe the types of information marketers should obtain.
Marketers should obtain these types of information. It should be organized, sufficient, accurate, relevant, timely, accessible, and cost-effective. Such informations is key to success in business.
Categorize internal sources of marketing information.
Internal sources can be categorized into business functions like marketing, operations, finance, and even human-resources.
Discuss external sources of marketing information.
The main external source of marketing information comes from conducting marketing research. It includes gathering information, recording it, and analyzing it for the benefit of the company.
Explain why marketers should collect information.
Marketers should collect information because without information, there is not going to be effective decisions made in a business. Information helps companies make wise decisions to benefit the business and make profits.
Describe the characteristics of useful marketing information.
Useful marketing information can help with competitors, you can be more appealing to a larger crowd, and the main characteristic of useful marketing information can make profits.
Describe reasons that marketers need to gather accurate information.
Accurate information leads to better decision making. Both positive and negative data will keep a business up and running with minimal flaws.
Explain the functions of a marketing-information management system.
The system’s functions will depend upon the decisions that need to be made and the information needed to make those decisions. most marketers, though, need certain functions to be filled by the mkIS. These include data gathering, data processing, and information reporting. The basic function of a marketing-information management system is to gather data important to the business. These data should be gathered from both internal and external sources on an ongoing basis. Analyzing the data collected and putting them into formats useful to a business are important functions of the mkIS. Data are typically not useful in their original form. An mkIS is responsible for transforming these data into much more understandable, organized marketing information. A third important function of the marketing-information management system is handling the flow of information within a business. The system should distribute the necessary information to those who need it. It should also make it easy for marketers to locate and retrieve information at any time.
Contrast marketing research with a marketing-information system.
Marketing research, which is one component of marketing-information managment. Marketing research is the systematic gathering, recording, and analyzing of data about a specific marketing problem or situation. Such research may be needed when the existing data in the mkIS are insufficient or do not apply to the problem at hand.
Describe the use of a marketing-information system.
A marketing-information system is useful because it does many functions simultaneously.
Explain the benefits of a marketing-information management system.
The benefits of using the marketing information should be greater than the costs of gathering the data that are used to generate this information.
Discuss the requirements of a marketing-information management system.
A marketing-information management system should meet the requirements of an individual business. Some basic requirements of an mkIS are that it should be able to:
• Decide quickly what data and information are needed
• Collect, process, and store data and information effectively
• Handle whatever amount of data and information a particular business needs • Protect the data and information
• Operate continuously
Explain the role of marketing-information management in marketing.
Marketing-information management is crucial to marketing. It basically runs the company. There cannot be accurate information without the management of the marketing-information.
Describe limitations of marketing-information management systems.
A marketing-information management system has limitations as well. Some can give irrelevant information if not specialized to fit that company. Some are computerized, but all should be. Computers should be doing a computer’s job, a person should not be in charge of the system because there can be mistakes.