Podcast
Questions and Answers
A marketing information system (MIS) is primarily designed to:
A marketing information system (MIS) is primarily designed to:
- Support marketing decision-making processes. (correct)
- Control all marketing activities within a company.
- Automate the implantation of marketing strategies.
- Collect and analyze competitor data exclusively.
Which of the following is NOT a typical component of a marketing information system (MIS)?
Which of the following is NOT a typical component of a marketing information system (MIS)?
- Internal Records
- Public Relations Management (correct)
- Marketing Intelligence System
- Marketing Research
A company's customer database, which includes names, addresses, and purchase history, is an example of:
A company's customer database, which includes names, addresses, and purchase history, is an example of:
- Primary marketing research.
- Internal records data. (correct)
- Marketing intelligence data.
- Secondary marketing research.
Which type of marketing intelligence scanning involves a broad, undirected approach to gather information about the external environment?
Which type of marketing intelligence scanning involves a broad, undirected approach to gather information about the external environment?
What is the primary distinction between primary and secondary data in marketing research?
What is the primary distinction between primary and secondary data in marketing research?
Which characteristic is NOT typically associated with a good marketing decision support system (MDSS)?
Which characteristic is NOT typically associated with a good marketing decision support system (MDSS)?
Which macroenvironmental force includes elements such as cultural values, attitudes, and beliefs that affect marketing decisions?
Which macroenvironmental force includes elements such as cultural values, attitudes, and beliefs that affect marketing decisions?
When analyzing the competitive environment, what factor assesses the ease with which new businesses can enter the market?
When analyzing the competitive environment, what factor assesses the ease with which new businesses can enter the market?
What does market opportunity analysis primarily focus on?
What does market opportunity analysis primarily focus on?
Which of the following is a key factor to consider when performing a market opportunity analysis?
Which of the following is a key factor to consider when performing a market opportunity analysis?
Which strategy is a market leader employing when it encourages current customers to use their product in new ways?
Which strategy is a market leader employing when it encourages current customers to use their product in new ways?
Which of the following is NOT a strategy for defending or maintaining market share?
Which of the following is NOT a strategy for defending or maintaining market share?
A market challenger aims to gain market share by attacking the leader head-on with similar products and marketing, which strategy is being employed?
A market challenger aims to gain market share by attacking the leader head-on with similar products and marketing, which strategy is being employed?
Which of the following is NOT a general attack strategy for Market Challengers?
Which of the following is NOT a general attack strategy for Market Challengers?
A market challenger reduces manufacturing costs to offer products at a lower price than competitors. The challenger is using:
A market challenger reduces manufacturing costs to offer products at a lower price than competitors. The challenger is using:
What is the defining characteristic of a 'Market Follower'?
What is the defining characteristic of a 'Market Follower'?
A market follower who duplicates the leader's products and packaging, selling them on the black market, would be best described as a:
A market follower who duplicates the leader's products and packaging, selling them on the black market, would be best described as a:
Which strategy defines the idea of concentrating on only a few target markets?
Which strategy defines the idea of concentrating on only a few target markets?
What is a 'Pioneer' in the context of entrant strategies, according to Lieberman and Montgomery?
What is a 'Pioneer' in the context of entrant strategies, according to Lieberman and Montgomery?
According to Lieberman and Montgomery, what is a 'close follower' in entrant strategies primarily focused on?
According to Lieberman and Montgomery, what is a 'close follower' in entrant strategies primarily focused on?
Flashcards
Marketing Information System (MIS)
Marketing Information System (MIS)
A system designed to support marketing decision making by collecting, analyzing, and supplying relevant information to marketing managers.
Primary Data
Primary Data
Data collected directly from sources like salesmen, dealers, or consumers to solve marketing problems.
Competitive Environment
Competitive Environment
The dynamic system in which a business competes, also known as the market structure.
Market Opportunity
Market Opportunity
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Market Dominance
Market Dominance
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Market Nicher
Market Nicher
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Market Challenger
Market Challenger
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Pioneer
Pioneer
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Macroenvironment
Macroenvironment
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Study Notes
- Chapter aims focus on marketing information systems, macroenvironment forces, competitive evaluation, and market opportunity analysis
Marketing Information System (MIS)
- Designed to bolster marketing decision-making
- Involves collecting and analyzing relevant information for marketing managers
- Serves as a valuable tool for planning, implementing, and controlling marketing activities
Components of Marketing Information System
- Marketing information system involves internal records, a marketing intelligence system, marketing research, and a marketing decision support system
Internal Records
- Information is collected from documents, such as invoices and billing documents
- Companies maintain data base such as customer, product, and sales person:
- Customer database collects customer names, addresses, phone numbers, purchase frequency, and financial positions.
- Product database stores product prices, features, and variants
- Salesperson database contains data of salesperson's contact information, sales targets, etc
Marketing Intelligence
- Used by marketing managers to gather information from the external environment for decision-making
- Scanning the business environment happens with unfocused, semi-focused, informal, or formal searches
Marketing Research
- It provides solutions to marketing problems
- Requires organizing, analyzing, and interpreting primary and secondary data in a systematic way
- Primary data includes salesmen, dealers, and consumers
- Secondary data is also used
Marketing Decision Support System (MDSS)
- It aids the marketing manager in the analysis of data for better marketing decisions
- Good MDSS should be interactive, flexible, user friendly and discovery oriented
Major Forces in the Macroenvironment
- Political.
- Economic.
- Socio-cultural.
- Demographic.
- Ecological.
- Technological.
Analyzing the Competitive Environment
- The competitive environment, or market structure, constitutes the system where businesses compete.
- Direct, and indirect competitors are identified
Identifying and Analyzing Competitors
- Threat of new entrants and substitute products are evaluated.
- Bargaining power of suppliers and buyers is evaluated
- Rivalry among competitors are also analyzed
Market Opportunity Analysis
- Emphasizes discovering future opportunities
- Evaluates a company's willingness in terms of technology, finances, and competitiveness to capitalize on opportunities
- Procedure involves identifying current business environment conditions, defining industry outlook, competitor research, describing the target market, and creating projections
Marketing Strategies Based on Market Dominance
- Market dominance measures the strength of a brand, product, service, or firm against competitors
Market Leader Strategies
- Expanding total market involves adding new users, discovering new uses, increasing usage per occasion/time, and promoting more frequent use
- Defending or maintaining current market share can be done through position, flank, preemptive, counter-offensive, mobile, or contraction defenses
- Expanding market share strategies includes adding new product lines, expanding existing lines, improving product qualities, and increasing promotion efforts
- Improving distribution systems involves deploying an aggressive sales force, applying price-cuts, and improving product efficiency
Market Challenger
- A strong but not market-dominant company uses aggressive strategies to gain market share
- Defining strategic objectives and identifying opponents, then choosing a general attack strategy are key
Market Challenger Attack Strategies
- Choosing general attack strategies involves frontal, flank, encirclement, bypass, or guerilla attacks
- Choosing specific attack strategies includes price-discount, cheaper-good, prestige-good, or product-proliferation strategies
- Additional strategies incorporates product innovation, improved service, distribution innovation, manufacturing-cost reduction, and intensive advertising/promotion
Market Follower
- A company in a strong, but not dominant position is content to stay at that position
- These companies position themselves as a counterfeiter/fraudster, cloner/emulator, imitator, or adaptor
Market Nicher
- A company that concentrates on a select few target markets also called a focus strategy
- Successful nichers use end-user, vertical level, customer size, specific customer, geographic, product line, or event specialist strategies
Entrant strategies
- According to Lieberman and Montgomery, every market entrant is classified as a pioneer, a close follower, or a late follower
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