MKTG 3650 16th Edition Lecture 16Outline of Last Lecture I. Marketing Research: From (Customer) Insights to (Marketing Firm) ActionsOutline of Current Lecture II. Marketing Information SystemsCurrent LectureMarketing Information SystemA well designed MIS:1. Determines exactly what sort of information is needed by the firma. The sort of info needed by any firm should be designated by and identified through the strategic planning process itself.2. Develops precisely that information, e.g. to the extent possible the exact information and only the information that is actually needed to make superior; really the best possible; marketing solutions.a. Sources of such information might include internal [to the firm] sourcesb. Marketing intelligence sourcesc. Or primary and secondary marketing research for themselves.3. Deliver the right information, in the right form, at the right time, to marketing managers.a. The net outcome – better marketing decisions.A good MIS always balances the information managers would like to have with the information they really need to have and can afford to attain.Values = Benefits – CostBetter Marketing Info = better (marketing) decision making, better (marketing) performance **Know yourself, know your enemy, know your terrain (market). – Sun Tzu – The Art of WarFour Steps during the marketing research process:1. Defining the research problem2. Developing a research plan3. Collect relevant informationThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.4. Interpreting and reporting the findingsMarketing issues that will be addressed through marketing research:1. Brand equity2. Cool-hunting3. Customer satisfaction4. Concept testing 5. Price elasticity6. Test marketing7. On line panels8. Positioning
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