market information system
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This document discusses key concepts for marketing information systems including identifying information needs, sources of data, trends and demands. It covers analyzing the macro environment using PEST analysis and demographic factors. Key definitions are provided for data, information, fads, trends, needs, wants, demands, value, consumers and customers. The goal is to understand what information is needed to make marketing decisions and how to analyze the business environment.
market information system
- 2. INFORMATION NEEDS 1. What decisions do you regularly make? 2. What information do you need to take these decisions? 3. What information do you regularly get? 4. What special studies do you periodically need? 5. What information are you not getting now? 6. What is the frequency of receipt of information? 7. What magazines & trade reports would you read regularly? 8. What topics would you like to be kept informed of? 9. What data analysis programs do you need? 10. What improvement do you want in the present MIS?
- 3. DATA AND INFORMATION A status of what exists or what has happened is data. Information is processed ( analyzed, filtered, integrated) data, that facilitates easier and correct interpretation and adds value to the process of decision making in the specific situation. Information for one person may be simply data for another. Information today for you may become just data tomorrow. Information is decision specific.
- 4. SOURCES OF DATA Internal Records Sales information System Database, Data Warehousing and Data Mining. Marketing Intelligence System 1. Reports from salesmen 2. Reports from distributors 3. External networks 4. Customer advisory panel 5. Government publications 6. Trade associations 7. Purchased database 8. Online feedback of customers
- 5. FADS, TRENDS AND MEGATRENDS 1. Fad is unpredictable, short lived and without much (social, economic or political) significance. 2. A trend is a direction of events that has some momentum and durability. Trends are predictable and have a relevant impact on the future. 3. A Mega-trend is a large social, economic or political change which is durable in nature and have a significant impact on the future.
- 6. NEEDS , WANTS AND DEMANDS 1. Needs are basic human requirements. They can not be influenced by marketing people. 2. Wants are directions towards the broader things or object groups which can satisfy the needs. Wants are culture dependent. Marketers have , at best , a partial control on the wants . 3. Demands are wants for specific products or services backed by an ability to pay. Marketers can have a substantial influence on the demand.
- 7. MACRO-ENVIRONMENT ANALYSIS : PEST ANALYSIS Political environment Economic environment Socio-Cultural environment Technological environment
- 8. DEMOGRAPHIC ENVIRONMENT World wide growth in population Population age mix Literacy level Income level Income distribution Languages Faiths and beliefs Inflation Freedom Exposure to others
- 9. CONCEPT OF VALUE 1. Value is directly proportionate to the Quality and Performance of the product or service. 2. Value is inversely proportionate to the price of the product or service. 3. There is no direct measure of the Absolute Value. 4. In Marketing, we always refer to the Value Perceived by the Customer.
- 10. CONSUMER AND CUSTOMER Consumer is the ultimate user of the product or the service. Marketers may or may not know the consumer. Customer is the person or a business entity who buys the product or service. Customer need not always be the end user. He can be only an intermediary. Marketers must always know their customers. All marketing actions are directed towards influencing the customer. Customer is a Reality. Consumer is only Statistics.