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What is Marketing Information Management (MIM)?
The process and methods used to gather information, analyze it, and report findings related to marketing goods and services.
Marketing research is most often used by companies to:
Why is Marketing Research important?
It helps businesses avoid marketing mistakes and increases sales and profits.
What are Marketing Information Systems (MIS)?
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Most marketing information systems rely heavily on:
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Marketers use marketing information systems to:
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What kind of data should be included in MIS?
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What government data should be included in MIS?
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Study Notes
Marketing Information Management (MIM)
- MIM refers to the processes and methods employed to gather, analyze, and report findings related to marketing goods and services.
Purpose of Marketing Research
- Used to determine consumer attitudes and preferences.
- Vital for testing product features and determining market size and growth potential.
- Helps in understanding competitive products and buying cycles.
- Provides insights into public perception of the company.
Importance of Marketing Research
- Businesses ignoring consumer behavior risk making costly marketing mistakes.
- Research information is essential for increasing sales and profits.
Marketing Information Systems (MIS)
- MIS consists of procedures and methods that regularly generate, store, analyze, and distribute information for marketing and business decision-making.
Reliance on Data in Marketing Information Systems
- MIS relies heavily on data about current customers, overall product sales reports, and inventory levels.
Applications of Marketing Information Systems
- Marketers utilize MIS for designing advertising campaigns and developing promotional plans.
- Enables direct selling to customers.
Data to Include in Marketing Information Systems
- Customer profiles should contain data from previous marketing studies related to buying behavior, shopping patterns, demographics, and lifestyle research.
- Company records must include sales results, expenses, supplier data, and production schedules.
Additional Data for Marketing Information Systems
- Government data is crucial and should include price trends, new regulations, economic projections, and more.
- Marketing research reports produced by research firms also play a significant role.
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Description
This quiz covers key concepts in Marketing Information Management, including definitions and applications of marketing research. It's designed to help you understand the core processes involved in gathering and analyzing market data for better decision-making. Perfect for students or professionals looking to enhance their marketing knowledge.
