Marketing Information System Overview
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Questions and Answers

What does demography primarily study?

  • Technological advancements in business
  • Natural resource management
  • Human populations in terms of various statistics (correct)
  • Population age and sex only

    • Which of the following is NOT a concern in the ecological environment?

  • Environmentally sustainable strategies
  • Increased pollution
  • Government voting strategies (correct)
  • Shortages of raw materials

    • How is the technological environment impacting businesses?

  • It creates barriers to entry for new companies.
  • It enhances online business capabilities. (correct)
  • It restricts the kind of products offered.
  • It reduces the need for market research.

    • What does the threat of substitute products refer to?

    <p>Identical or similar products that satisfy customer needs at lower prices</p> Signup and view all the answers

    Which competitive force involves the potential competitors who are not currently in the market?

    <p>Threat of new potential entrants</p> Signup and view all the answers

    Under what circumstances does a supplier's bargaining power typically increase?

    <p>The supplier's input is essential and irreplaceable</p> Signup and view all the answers

    What is the purpose of conducting a SWOT analysis in competitive environment analysis?

    <p>To analyze strengths, weaknesses, opportunities, and threats</p> Signup and view all the answers

    Which factor does NOT increase the bargaining power of suppliers?

    <p>Availability of many substitute products</p> Signup and view all the answers

    What is the primary focus of environmental responsibility?

    <p>Behaving in an environmentally friendly way</p> Signup and view all the answers

    Which of the following is not a way companies can embrace environmental responsibility?

    <p>Cutting down forests for more agricultural land</p> Signup and view all the answers

    Ethical responsibility focuses on which of the following?

    <p>Fair treatment of all stakeholders</p> Signup and view all the answers

    What does philanthropic responsibility typically involve?

    <p>Investing in community betterment initiatives</p> Signup and view all the answers

    Economic responsibility is defined by which of the following practices?

    <p>Aligning financial decisions with positive societal impacts</p> Signup and view all the answers

    What defines a formal search in the context of information gathering?

    <p>A systematic effort aimed at addressing a specific issue</p> Signup and view all the answers

    Which of the following best describes primary data?

    <p>Information collected specifically for the study at hand</p> Signup and view all the answers

    What is one main advantage of secondary data compared to primary data?

    <p>It is usually quicker and cheaper to obtain.</p> Signup and view all the answers

    Which characteristic is NOT associated with a good Marketing Decision Support System (MDSS)?

    <p>Provides only standard reports</p> Signup and view all the answers

    Which of these forces is NOT considered a part of the macroenvironment?

    <p>Personal</p> Signup and view all the answers

    What purpose does a Marketing Decision Support System (MDSS) serve?

    <p>To assist marketing managers in making informed decisions</p> Signup and view all the answers

    Which of the following is an example of primary data collection?

    <p>Conducting surveys directly with customers</p> Signup and view all the answers

    What characteristic makes a MDSS user-friendly?

    <p>Ease of learning and using the system</p> Signup and view all the answers

    What makes buyers' bargaining power strong?

    <p>Availability of substitute products</p> Signup and view all the answers

    How does rivalry among competitors affect an industry?

    <p>It may limit the profit potential through aggressive pricing strategies.</p> Signup and view all the answers

    What is a primary goal of market opportunity analysis?

    <p>Discovering future opportunities and evaluating competitive readiness.</p> Signup and view all the answers

    What is the first step in the procedure for analyzing market opportunities?

    <p>Identify current happenings in the business environment.</p> Signup and view all the answers

    What should be included when creating projections in market opportunity analysis?

    <p>A mix of best-case and worst-case scenario analyses.</p> Signup and view all the answers

    Which of the following is NOT one of the expected ethical values marketers should advocate?

    <p>Denial</p> Signup and view all the answers

    How do ethics and social responsibility differ in marketing?

    <p>Ethics focuses on the individual decision, while social responsibility considers overall societal impact.</p> Signup and view all the answers

    What is NOT considered a level of social responsibility?

    <p>Increasing shareholder profits only.</p> Signup and view all the answers

    What is the primary purpose of a Marketing Information System (MIS)?

    <p>To support marketing decision making</p> Signup and view all the answers

    Which of the following is NOT a component of a Marketing Information System?

    <p>Market Analytics Dashboard</p> Signup and view all the answers

    Which type of database contains information about customer purchases and contact details?

    <p>Customer database</p> Signup and view all the answers

    What is the primary function of marketing intelligence in a Marketing Information System?

    <p>To gather external market information for decision making</p> Signup and view all the answers

    What method of scanning allows managers to collect information without a specific goal?

    <p>Unfocused scanning</p> Signup and view all the answers

    Which of the following information is likely to be included in marketing intelligence?

    <p>Competitor's pricing strategy</p> Signup and view all the answers

    Which component of the Marketing Information System would include product pricing and features?

    <p>Product database</p> Signup and view all the answers

    In which scanning method does the manager limit their media sources to focus on specific aspects?

    <p>Semi-focused scanning</p> Signup and view all the answers

    Study Notes

    Marketing Information System

    • A system designed to enhance marketing decision-making through the integration of various data types, personnel, equipment, and procedures.
    • Defined by Kotler as a structure that gathers, analyzes, and disseminates timely and accurate information to marketing decision-makers.

    Components of Marketing Information System

    • Internal Records: Data sourced from documents like invoices and billing prepared after customer orders.
    • Marketing Intelligence: Information gathered from external sources to understand the marketing environment and competitors.
    • Marketing Research: Collection and analysis of primary and secondary data aimed at solving marketing issues.
    • Marketing Decision Support System (MDSS): Tools combining hardware and software to assist managers in analyzing data for informed decisions.

    Internal Records

    • Maintain databases that include:
      • Customer Database: Contains customers' personal and financial information.
      • Product Database: Stores product-related details such as price, features, and variants.
      • Salesperson Database: Holds information about sales personnel including targets and contact details.

    Marketing Intelligence

    • Helps managers extract and evaluate relevant external information affecting decisions.
    • Involves environmental scanning techniques:
      • Unfocused Scanning: Gathering useful information without a specific focus.
      • Semi-Focused Scanning: Selectively narrowing down media exposures for specific insights.
      • Informal Search: Unstructured efforts to gather targeted information.
      • Formal Search: Systematic collection of data geared towards addressing a particular issue.

    Marketing Research

    • Systematic approach to collecting and interpreting data to tackle marketing challenges.
    • Distinguishes between:
      • Primary Data: Original data collected specifically for the current study.
      • Secondary Data: Pre-existing data from external sources, more readily available and often cost-effective.

    Marketing Decision Support System (MDSS)

    • Features tools for better data analysis to enhance marketing decisions, requiring:
      • Interactivity: Easy user engagement with the system.
      • Flexibility: Ability to present data in various formats.
      • Discovery Orientation: Encourages identifying trends and new questions in addition to solving current problems.
      • User Friendliness: Simplicity in learning and using the system.

    Environmental Scanning and Management

    • Macroenvironment Forces: Includes Political, Economic, Socio-Cultural, Demographic, Ecological, and Technological factors influencing the market.
    • Demographic Environment: Focuses on population statistics critical for marketing strategies.
    • Ecological Environment: Addresses natural resource concerns, pollution issues, and sustainable practices.
    • Technological Environment: Emphasizes the impact of the internet and innovation on modern business practices.

    Analyzing the Competitive Environment

    • Importance of assessing competitors through SWOT analysis and understanding macroenvironmental forces.
    • Porter's Five Competitive Forces:
      • Threat of New Entrants: Potential competitors capable of entering the market.
      • Threat of Substitute Products: Availability of alternative products affecting pricing and market share.
      • Bargaining Power of Suppliers: Influence suppliers have due to the availability and necessity of their products.
      • Bargaining Power of Buyers: Strength of buyers based on their purchasing volume and availability of alternatives.
      • Rivalry Among Competitors: The intensity of competition within the industry, affecting profitability.

    Market Opportunity Analysis

    • A structured business planning approach that identifies future opportunities, evaluates company readiness, and includes:
      • Assessing the current business environment conditions.
      • Defining industry outlook and market size projections.
      • Analyzing competitor strengths and weaknesses.
      • Profiling the target market for effective marketing strategies.
      • Creating sales forecasts based on gathered information.

    Ethics and Social Responsibility

    • Ethics: Individual or group-focused decision-making involved in marketing.
    • Social Responsibility: Broad consideration of marketing practices and their societal impacts.
    • Ethical Values for Marketers: Include honesty, responsibility, fairness, respect, transparency, and citizenship.

    Levels of Social Responsibility

    • Environmental Responsibility: Advocating for minimal environmental impact and sustainability.
    • Ethical Responsibility: Promoting fairness in interactions with all stakeholders.
    • Philanthropic Responsibility: Engaging in efforts to improve society actively.
    • Economic Responsibility: Integrating ethical practices into financial decision-making to benefit society at large.

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    Description

    Explore the components and importance of a Marketing Information System as defined by Kotler. This quiz covers internal records, marketing intelligence, market research, and decision support systems essential for effective marketing strategies.

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