Podcast
Questions and Answers
Which of the following best describes a marketing opportunity?
Which of the following best describes a marketing opportunity?
- An area where people's needs and wants are completely fulfilled.
- A business strategy focused solely on cost reduction.
- An area of unfulfilled needs and wants of people. (correct)
- A fully satisfied need of a large group of people.
The marketing environment only encompasses factors within the direct control of a company.
The marketing environment only encompasses factors within the direct control of a company.
False (B)
Name three components of a company's internal environment as part of the microenvironment.
Name three components of a company's internal environment as part of the microenvironment.
Vision, mission, strategy, organisational resources, organisational structure or organisational culture.
Forces such as political, economic, socio-cultural, technological, natural, and global are elements of the ______ environment.
Forces such as political, economic, socio-cultural, technological, natural, and global are elements of the ______ environment.
Match each Microenvironmental factor to the most appropriate description of its impact.
Match each Microenvironmental factor to the most appropriate description of its impact.
Which of the following is NOT typically considered a component of the macroenvironment?
Which of the following is NOT typically considered a component of the macroenvironment?
The internal environment is generally beyond the control of a business organization.
The internal environment is generally beyond the control of a business organization.
Name three factors that should be examined to identify trends in the macro environment.
Name three factors that should be examined to identify trends in the macro environment.
The marketing environment consists of forces that influence an organization's ability to build and maintain relationships with ______ customers.
The marketing environment consists of forces that influence an organization's ability to build and maintain relationships with ______ customers.
Match the component of the Macro Environment with its description.
Match the component of the Macro Environment with its description.
What is the main purpose of analyzing the macro environmental forces for an organization?
What is the main purpose of analyzing the macro environmental forces for an organization?
Marketing decisions in a fast-changing world are solely based on scientific data and analysis, not on the art of understanding consumer behavior.
Marketing decisions in a fast-changing world are solely based on scientific data and analysis, not on the art of understanding consumer behavior.
What are the three main components of every Marketing Information System?
What are the three main components of every Marketing Information System?
A marketing information system (MIS) uses people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and ______ information to marketing decision makers.
A marketing information system (MIS) uses people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and ______ information to marketing decision makers.
Match each component of a Marketing Information System (MIS) with its respective function:
Match each component of a Marketing Information System (MIS) with its respective function:
What is the primary goal of a marketing information system (MIS)?
What is the primary goal of a marketing information system (MIS)?
In a marketing intelligence system, 'results data' is supplied, while 'happenings data' is supplied by the internal records system.
In a marketing intelligence system, 'results data' is supplied, while 'happenings data' is supplied by the internal records system.
List three sources that marketing managers use to collect marketing intelligence.
List three sources that marketing managers use to collect marketing intelligence.
Data warehousing is the process of compiling and organizing data into one common ______, whereas, data mining is the process of extracting meaningful data from that database.
Data warehousing is the process of compiling and organizing data into one common ______, whereas, data mining is the process of extracting meaningful data from that database.
Match each source of online marketing intelligence with an example:
Match each source of online marketing intelligence with an example:
Which data is supplied by the internal records system and provides information that the marketing intelligence system then expands upon?
Which data is supplied by the internal records system and provides information that the marketing intelligence system then expands upon?
Collecting marketing intelligence through field visits is the primary method used by most companies today.
Collecting marketing intelligence through field visits is the primary method used by most companies today.
Name three of the strategies listed for improving marketing intelligence.
Name three of the strategies listed for improving marketing intelligence.
According to the content, online shopping, demand for organic foods, international holidays, and distance education are examples of trends in ______.
According to the content, online shopping, demand for organic foods, international holidays, and distance education are examples of trends in ______.
Match each step of the marketing research process with its corresponding description:
Match each step of the marketing research process with its corresponding description:
In the context of internal records, what does 'data warehousing' primarily involve?
In the context of internal records, what does 'data warehousing' primarily involve?
Marketing research is only beneficial for large corporations and is not necessary for small and medium-sized businesses.
Marketing research is only beneficial for large corporations and is not necessary for small and medium-sized businesses.
List the six steps in the marketing research process.
List the six steps in the marketing research process.
In the marketing research process, the step involving the creation of a detailed strategy for gathering and analyzing data is known as developing the ______.
In the marketing research process, the step involving the creation of a detailed strategy for gathering and analyzing data is known as developing the ______.
Match the stage in the marketing research plan with its description.
Match the stage in the marketing research plan with its description.
Which aspect is most important when top-level managers read a marketing report:
Which aspect is most important when top-level managers read a marketing report:
The ultimate aim of marketing research should be theoretical and not contribute to solving the marketing problem.
The ultimate aim of marketing research should be theoretical and not contribute to solving the marketing problem.
What are some things that can go wrong in field research?
What are some things that can go wrong in field research?
When defining the problem in market research the problem should not be too general nor too ______.
When defining the problem in market research the problem should not be too general nor too ______.
Match each method of research with its description.
Match each method of research with its description.
Flashcards
Marketing Opportunity
Marketing Opportunity
An area of unfulfilled needs and wants of people, generally found in external environment of a business.
Marketing Environment
Marketing Environment
Encompasses all the internal and external influences that affect a company's ability to establish and maintain successful relationships with its target customers.
Microenvironment
Microenvironment
The forces within a company's immediate environment that affect its ability to serve its customers, including the company itself, suppliers, customers, competitors, and the public.
Macroenvironment
Macroenvironment
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Internal Environment
Internal Environment
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Task Environment
Task Environment
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Macroenvironment Components
Macroenvironment Components
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Marketing Environment
Marketing Environment
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Organizations
Organizations
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Marketing Information System (MIS)
Marketing Information System (MIS)
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Components of MIS
Components of MIS
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Internal Records
Internal Records
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Marketing Intelligence System
Marketing Intelligence System
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Improve Marketing Intelligence
Improve Marketing Intelligence
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Marketing Intelligence Online
Marketing Intelligence Online
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Marketing Research
Marketing Research
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Marketing Research
Marketing Research
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Marketing Research Process
Marketing Research Process
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Data Collection
Data Collection
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Data Analysis
Data Analysis
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Marketing Research
Marketing Research
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Study Notes
Marketing Environment
- Marketing opportunities refer to areas where people's needs and wants are unfulfilled
- Marketing opportunities are generally found in a business organization's external environment
- The marketing environment includes forces that positively or negatively impact a company's ability to build and maintain successful relationships with customers
- The marketing environment is categorized into the microenvironment and macroenvironment
Internal Environment (Microenvironment)
- The microenvironment is composed of the internal and task environments
- The internal environment includes:
- Vision, Mission and Strategy
- Organizational Resources like physical, human, financial, information and knowledge assets
- Organizational Structure
- Organizational Culture
- The task environment consists of:
- Buyers
- Suppliers
- Competitors
- Substitute products
- Regulatory organizations
- Interest groups
- Strategic allies
External Environment (Macroenvironment)
- The macroenvironment comprises PESTNG components:
- Political-Legal: Includes government bodies, political parties, laws and enforcement agencies
- Economic: Factors include macroeconomic indicators, monetary policies, and development plans
- Socio-cultural: Includes family structure, population, religion, marriage systems, attitudes, beliefs and societal values
- Technological: Includes type of technology and the rate of technological growth
- Natural: Includes natural resources
- Global environment
Summary of Environments
- The internal environment is generally controlled by the business, whereas the external environment is beyond its control
- The marketing environment generally consists of external environment components
- Marketers should understand changes happening in the external environment, like trends and patterns
- The external environment provides both opportunities and threats, while the internal environment is the source of strengths and weaknesses
Macro Environmental Trends
- Organizations need to analyze macro environmental forces to identify patterns and trends
- Firms examine demographic, economic, natural, technological, political, socio-cultural environments to identify trends
- Examples of trends in Nepal include online shopping, demand for organic food, international holidays, and online education
- Understanding trends requires familiarity with "fad" and "megatrend" terminologies
Marketing Information System (MIS)
- Making marketing decisions in a rapidly changing world is both a science and an art
- Dynamic marketing environments require organizations to collect and process relevant information for decision-making
- Industrial revolution 4.0 means businesses should adopt technology to support marketing activities
- A marketing information system's (MIS) purpose is to deliver needed, timely, and accurate information to inform marketing decisions
- Every system’s components: Input, Processing, Output, Feedback, and Control
- A MIS is a formal system to gather, store, analyze, and distribute marketing data to managers regularly according to their needs
- A MIS relies on internal records, marketing intelligence, and marketing research
Components of a Marketing Information System
- Internal Records
- Marketing Intelligence System
- Marketing Research
- Marketing Decision Support System
Internal Records System Details
- Internal records include three sources
- The Order-to-Payment Cycle:
- Sales representatives, dealers, and customers submit orders
- The sales department creates invoices, sends copies, and manages back-orders
- Shipping generates shipping and billing documents
- Quick delivery is important
- Sales Information System:
- Marketers need timely and accurate sales reports
- Databases, Data Warehousing, and Data Mining:
- Data warehousing compiles and organizes data into a common database
- Data mining extracts useful data from the warehouse
Marketing Intelligence System Explained
- A marketing intelligence system gathers everyday information on marketing environment developments
- The internal records system provides results data, but the MIS provides "happenings" data
- Marketing managers read books, newspapers, and trade publications and talk to customers, suppliers and distributors to collect it
- Another method for collecting marketing intelligence is to monitor online social media
- A Marketing intelligence system observes the competition
- Most data is now collected online whereas data collection originally involved visiting fields
Ethical Considerations
- It is important that gathering data is both legal and ethical
Strategies to Improve Marketing Intelligence
- Employ eight tactics to improve marketing intelligence quantity and quality
- Train and motivate the sales force to spot and report new developments
- Motivate channel members
- Hire external experts
- Network internally and externally
- Form a customer advisory panel
- Get advantages from government data sources
- Purchase information from research firms and vendors
- Acquire marketing intelligence via the internet
Collecting Marketing Intelligence Online
- Five sources exist for finding out strengths and weaknesses of competitors online
- Independent customer goods and service review forums
- Distributor or sales agent feedback sites
- Examples include Google My Business, Amazon, Facebook, Yelp, and Trip Advisor
- Combo sites for customer and expert opinions, used especially for financial services and high-tech products
- Example: zdnet.com
- Customer complaint sites
- Examples include Google My Business, Amazon, Facebook, Yelp, and Trip Advisor
- Public blogs
Marketing Research Concepts
- Marketing research involves systematically designing, collecting, analyzing and reporting data relevant to specific marketing scenarios
- Generating marketing insights is the goal of marketing research
Example of Marketing Research
- Wal-Mart's research on US retail shoppers revealed key competitive advantages
- Wal-Mart’s advantages included "offers low prices" and "makes me feel like a smart shopper"
- These insights were used to make their "Save Money, Live Better" campaign
More Concepts in Market Research
- Marketing research can be performed in-house or outsourced to professional research firms
- It should be done by all businesses, regardless of size
Research and Development Departments
- Large organizations often have established research and development departments
- Small and medium organizations can hire academics or students
- Companies can use online information
- Not all information can be found on the internet
- Marketing research is a form of applied research
Steps in the Marketing Research Process
- Define problems, decision alternatives, and research objectives
- Develop the research plan
- Collect information
- Analyze information
- Present findings
- Make the decision
Defining Problems and Research Objectives
- The problem should be specific, but also not overly general
- Marketing managers and researchers define the problem jointly
- Problem statements explain why solving a problem is important
- Decision alternatives break down problems into specific research questions
- General and specific objectives should be stated clearly in research language
Research Plan Development
- Data Sources
- Primary and secondary
- Research Approaches
- Quantitative
- Qualitative
- Mixed method
- Deductive or inductive
Research Plan Development Continued
- Research Instruments
- Questionnaire
- Observation schedule
- Interview schedule
- Sampling Plan
- Sampling unit, or who
- Sample size
- Sampling procedure
- Contact Methods
- Online
- Offline
- Personal/Non-Personal
- Telephone
- In-person/Online
Data Collection Phase
- Collecting data is the most critical and most expensive phase of research
- The process of collecting data is prone to error
- Some respondents may be inaccessible, and need to be contacted again
- Some may refuse to provide their opinions, which goes against research ethics
- Profiles of the respondents should be considered during design of the research
- For example, not all respondents can fill certain requests, like questionnaires that are in English
- Statistical tools correct errors
- All information must be properly stored to allow for analysis
Analyzing Information
- Data is analyzed with descriptive and inferential approaches following cleaning and tabulation
- Descriptive analysis provides information about the sample
- Inferential analysis extends study findings to the population from the sample
- Hypothesis that are formulated are tested during this stage
- Inductive research uses qualitative tools such as content or discourse analysis
Presenting Findings
- The major findings are presented at this stage
- This is done based on the study's objective
- The report should be carefully structured so the top level is aware of its outcomes
- It must be written using simple and non-technical language
- Understand the reader
Making the Decision
- The ultimate goal of marketing research helps address marketing problems and facilitate decision-making
- The quality of research takes time to assess
- Effective marketing research is considered beneficial when the organization address marketing problems
- Otherwise, the process is a waste of money, time and effort
- Always adhere to scientific and ethical methods
Marketing Information Systems in Nepal
- Decisions are sometimes made without proper information
- IT investment can be taken as an unnecessary expense
- Marketing information systems are not always present
- Managers decide on intuition
- Lack of applied research and firms
- Lack of data, lack of decision support etc.
- The internal record system uses technology which is improvig, but not satisfactory
- There is often a lack of lack, of transparency and of trust between entities
- There is influence that can be attributed to office politics
- Organizations that adopt systems that are market sensitive will survive and remain competitive in the long-run
- This is because industry is at stage 4.0
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