1. Role of Information in Marketing Decisions2. Concept of Knowledge Generation3. Key Aspects of M.I.S.MKT 327: CLASS SEVEN “INFORMATION DYNAMICS”Theme: “ Are You The One”Pre-Class Tasks:1. Read Article “Marketing Information System”2. Read Chapter 7 LO & LO3. Complete Quiz6 on AngelLearning Objectives:1. Role of Information in Marketing Decisions2. Concept of Knowledge Generation3. Key Aspects of M.I.S.4. Marketing Research ProcessKey Terms:1. Knowledge Managementa. Datab. Informationc. Decision Criteriad. Selection Guidelinese. Knowledge2. Information Systemsa. Management Information Systemb. Marketing Information Systemi. Internal Dataii. External Data - Secondary Dataiii. Marketing Research - Primary Dataiv. Marketing Decision Support Systemsv. Transaction-Based Information SystemsKnowledge Generation All marketing planning begins with and depends on information. Given this reality, marketers must be proficient at ‘Knowledge Management’ (The systematic collection of information (also called intelligence) of organization’s environment, competitors, andmarkets; and processing that intelligence intoeffective and efficient marketing actions). That is, they must be skilled at identifying and obtaining data (undisputable facts or figures), turning that data into information (conclusioninterpreted from facts), placing that information in some sort of analysis framework, and through that framework, create knowledge (the ability to accomplish some tasks effectively and efficiently).In order to integrate successful ‘Knowledge Management’ into the day to day operations, organization implement Marketing Information Systems (The people, equipment,and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to management (marketing) decision makers.) Such systems are composed of four components: Knowledge Management, Marketing Intelligence (Continual Collection of Information For the sake of gathering information), Marketing Research (The problem specific planning, collection, and analysis of data (formal assembly and analysis of information) relevant to marketingdecision making (specific issues surrounding the marketing of goods and service), and Decision Support Systems.Components of marketing planInformation foundation stage1.situation Analysis2.S.W.O.T Analysis 3.Market Analysis4.Segmentation 5.Positioning 6.Knowledge:The understanding or experience enabling tasks to be done with maximum efficiency and effectiveness.Old School:…The most competitive firms succeed by controlling factors of New School:… The most competitive firms succeed by developing, improving, protecting, and renewing knowledge.Marketers must be the ones to break the code. Begin with QUERY QUERY results in Data and DATA allow information Information with AnalysisQueryAsking QuestionsDirecting Observation DataSpecific facts about some phenomenaInfoInterpreting Date to Draw Conclusion KnowledgeAbility to accomplish some taskKnowledge generation at the movies ‘Management (marketing) Information SystemThe people, equipment, and procedures to gather, sort analyze, evaluate, and distribute needed, timely, and accurate information to management (marketing) decision-making.And knowledge help future queryFour components of a marketing information systemSecondary Data:Internal: Knowledge management External: Marketing (Competitive) Intelligence Marketing researchDecision support SystemDistinction between marketing intelligence & research Marketing Intelligence-Continual collection of information for the sake of gathering information Marketing research-Problem Specific collation of information for saleMarketing Research Define The planning, collection, and analysis of data (formal assembly and an anlysis of information) relevant to marketing decision
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