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Questions and Answers
What does demography primarily study?
Which of the following is NOT a concern in the ecological environment?
How is the technological environment impacting businesses?
What does the threat of substitute products refer to?
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Which competitive force involves the potential competitors who are not currently in the market?
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Under what circumstances does a supplier's bargaining power typically increase?
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What is the purpose of conducting a SWOT analysis in competitive environment analysis?
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Which factor does NOT increase the bargaining power of suppliers?
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What is the primary focus of environmental responsibility?
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Which of the following is not a way companies can embrace environmental responsibility?
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Ethical responsibility focuses on which of the following?
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What does philanthropic responsibility typically involve?
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Economic responsibility is defined by which of the following practices?
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What defines a formal search in the context of information gathering?
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Which of the following best describes primary data?
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What is one main advantage of secondary data compared to primary data?
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Which characteristic is NOT associated with a good Marketing Decision Support System (MDSS)?
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Which of these forces is NOT considered a part of the macroenvironment?
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What purpose does a Marketing Decision Support System (MDSS) serve?
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Which of the following is an example of primary data collection?
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What characteristic makes a MDSS user-friendly?
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What makes buyers' bargaining power strong?
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How does rivalry among competitors affect an industry?
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What is a primary goal of market opportunity analysis?
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What is the first step in the procedure for analyzing market opportunities?
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What should be included when creating projections in market opportunity analysis?
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Which of the following is NOT one of the expected ethical values marketers should advocate?
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How do ethics and social responsibility differ in marketing?
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What is NOT considered a level of social responsibility?
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What is the primary purpose of a Marketing Information System (MIS)?
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Which of the following is NOT a component of a Marketing Information System?
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Which type of database contains information about customer purchases and contact details?
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What is the primary function of marketing intelligence in a Marketing Information System?
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What method of scanning allows managers to collect information without a specific goal?
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Which of the following information is likely to be included in marketing intelligence?
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Which component of the Marketing Information System would include product pricing and features?
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In which scanning method does the manager limit their media sources to focus on specific aspects?
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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.
