Podcast
Questions and Answers
What is the first step in setting up a marketing information system?
What is the first step in setting up a marketing information system?
Which type of data is primarily focused on for campaign tracking in a marketing information system?
Which type of data is primarily focused on for campaign tracking in a marketing information system?
Why is coordination within the marketing department important?
Why is coordination within the marketing department important?
What role do external inputs play in a marketing information system?
What role do external inputs play in a marketing information system?
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What should be considered when identifying tools for a marketing information system?
What should be considered when identifying tools for a marketing information system?
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What is a common element in the implementation and deployment step of the marketing information system?
What is a common element in the implementation and deployment step of the marketing information system?
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Which of the following is NOT a factor to consider in the metrics analysis step?
Which of the following is NOT a factor to consider in the metrics analysis step?
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What is an example of a simpler tool for a marketing information system?
What is an example of a simpler tool for a marketing information system?
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What is an example of primary data collection?
What is an example of primary data collection?
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Which factor can significantly influence the structure of a marketing information system?
Which factor can significantly influence the structure of a marketing information system?
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What challenge might small companies face regarding data collection?
What challenge might small companies face regarding data collection?
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Which of the following is NOT a suggested method for gathering primary data?
Which of the following is NOT a suggested method for gathering primary data?
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What could result from having too many data inputs in a marketing information system?
What could result from having too many data inputs in a marketing information system?
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Which type of data is typically generated from interactions with customers?
Which type of data is typically generated from interactions with customers?
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Which type of organization can provide useful data at low or no cost?
Which type of organization can provide useful data at low or no cost?
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What is a key function of government agencies in the context of market research?
What is a key function of government agencies in the context of market research?
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What is a potential issue for large companies when collecting data?
What is a potential issue for large companies when collecting data?
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Syndicated services from specialty market research firms usually include which of the following?
Syndicated services from specialty market research firms usually include which of the following?
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What is an important consideration when trying to gather data for a marketing information system?
What is an important consideration when trying to gather data for a marketing information system?
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What is essential for a marketing information system to be effective?
What is essential for a marketing information system to be effective?
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Which type of organization is likely to study sectors relevant to customers and possibly provide crucial insights?
Which type of organization is likely to study sectors relevant to customers and possibly provide crucial insights?
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What type of firms are primarily focused on providing insights into specific sectors?
What type of firms are primarily focused on providing insights into specific sectors?
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Which entity may assist companies in understanding their competitive landscape?
Which entity may assist companies in understanding their competitive landscape?
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Trade associations provide which of the following for its members?
Trade associations provide which of the following for its members?
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What is the primary goal of the data support system component in a marketing information system?
What is the primary goal of the data support system component in a marketing information system?
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Which model is specifically designed to predict future sales by analyzing historical trends?
Which model is specifically designed to predict future sales by analyzing historical trends?
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What does the Analysis of Variance (ANOVA) Models primarily help to compare?
What does the Analysis of Variance (ANOVA) Models primarily help to compare?
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Which model can be used to assess how a change in price affects consumer demand?
Which model can be used to assess how a change in price affects consumer demand?
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What key aspect should be ensured for the reports generated by a marketing information system?
What key aspect should be ensured for the reports generated by a marketing information system?
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What is the purpose of Brand-Switching Models in marketing?
What is the purpose of Brand-Switching Models in marketing?
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Which model is used for predicting outcomes such as highest profit or sales?
Which model is used for predicting outcomes such as highest profit or sales?
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What do Elasticity Models indicate regarding changes in specific factors?
What do Elasticity Models indicate regarding changes in specific factors?
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What is the primary purpose of web tracking for marketers?
What is the primary purpose of web tracking for marketers?
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What role do cookies play in web tracking?
What role do cookies play in web tracking?
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How do search engines like Google enhance web tracking beyond cookies?
How do search engines like Google enhance web tracking beyond cookies?
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What type of sources is mentioned as useful for acquiring marketing intelligence?
What type of sources is mentioned as useful for acquiring marketing intelligence?
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What is the primary purpose of a marketing dashboard?
What is the primary purpose of a marketing dashboard?
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What is a common outcome when web tracking is implemented effectively?
What is a common outcome when web tracking is implemented effectively?
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Which of the following is an example of a variable that might be assessed in marketing models?
Which of the following is an example of a variable that might be assessed in marketing models?
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Which of the following is NOT a benefit of using external data in marketing intelligence?
Which of the following is NOT a benefit of using external data in marketing intelligence?
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What type of data is typically referred to as secondary data in marketing research?
What type of data is typically referred to as secondary data in marketing research?
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How can marketers leverage web tracking data for advertising?
How can marketers leverage web tracking data for advertising?
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What question does a marketing model typically seek to answer?
What question does a marketing model typically seek to answer?
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What is an example of secondary research for marketing intelligence?
What is an example of secondary research for marketing intelligence?
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What might be included in the metrics tracked by a marketing dashboard?
What might be included in the metrics tracked by a marketing dashboard?
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Which source is not typically considered secondary data in marketing research?
Which source is not typically considered secondary data in marketing research?
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In the context of marketing models, what does the phrase 'what if we do this?' imply?
In the context of marketing models, what does the phrase 'what if we do this?' imply?
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Which of the following is a potential benefit of using public records in marketing research?
Which of the following is a potential benefit of using public records in marketing research?
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Study Notes
Marketing Information Systems
- Marketing information systems are crucial for making informed decisions and understanding the impact of marketing decisions.
Structuring a Marketing Information System
- Goal Analysis: Plan for successful marketing campaigns by defining clear goals at the beginning, such as understanding the effectiveness of campaigns, or the process of product development.
- Metrics Analysis: Determine the data points to include in the system, based on the established goals. This involves considering internal and external data sources. Internal metrics could be clickstream data, email open rates, and sales records. External factors might include competitor research or economic forecasts.
- Marketing Department Coordination: Establish responsibility for maintaining and using the collected data within the marketing team and possibly also other related departments.
- Tool Identification: Choose the appropriate marketing decision support tools based on the volume and type of data you're dealing with. This could range from spreadsheets to more sophisticated data visualization tools and dashboards.
- Implementation and Deployment: Implement the chosen tools and processes, including collecting necessary data, ensuring functionality, conducting thorough testing and quality assurance (QA), and training users. Implementing thorough testing and proper user training will help to ensure a smooth launch.
Setting up a Marketing Information System Function
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Step 1: Goal Analysis: Plan for successful marketing campaigns by defining specific goals at the beginning.
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Step 2: Metrics Analysis: Determine the data points to include based on the goals. Consider internal (e.g., sales records) and external data (e.g., market research).
What is a Marketing Dashboard?
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A digital console that visually represents marketing data, including key performance indicators (KPIs) and other important metrics.
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It provides a snapshot of business performance and helps monitor the impact of marketing strategy.
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Examples may include sales volume, revenue, etc.
What are Marketing Models?
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Computer-generated estimations of what might happen if certain variables in a marketing approach are changed.
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For example, they might predict what would happen if a price of a product increased by a dollar.
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These models can estimate the impact of a particular marketing decision.
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Models often calculate or portray possible outcomes, and how these change, as related to possible changes in the market, or variable inputs.
How Data is Used in Marketing Research
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Secondary Data: Data that is already collected by others, such as through the internet, company records, or public records.
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Primary Data: Data that is collected specifically for a particular research purpose.
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A business might collect information directly from customers to get a feel for customer opinion or behavior.
How Data is Gathered
- Surveys: Gathering specific data from a customer base on their thoughts, opinions, etc.
- Checkout Scanners: Data collected when customers purchase items at checkout.
- Observational Data: Real-time insights based on observation of actions or customer behavior.
Information Resource Acquisition & Incorporation
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Determining which data to include in a marketing information system can be challenging. Too much data might be difficult to manage.
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Understand the implications of the data and associated costs relative to the company.
Information Resource Acquisition & Incorporation (Enterprise Size)
- Company size and available resources will affect how a system is developed and implemented.
- Small companies might rely on simpler solutions, while larger companies may have access to more comprehensive tools and datasets.
Information Resource Acquisition & Incorporation (Campaign and Communications Data)
- Company Website: Information such as site traffic (unique visitors, pageviews), usage behavior (clickstream patterns) and how long customers are on different pages can provide insights.
- Email Campaigns: Key insights can be gathered from metrics like open rates, click-through rates, bounce rates, and unsubscribes.
- Social Media Data: Information can be gathered from monitoring social media engagement (likes, comments, shares). Social listening tools can be helpful too.
Information Resource Acquisition & Incorporation (Sales Data)
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Sales data, such as tracking relationships with customers, can help determine ROI and understand the sales process.
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Loyalty programs can help track individual customer behavior.
Information Resource Acquisition & Incorporation (Customer Support Data)
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Analyzing customer support data can help pinpoint areas needing improvement (e.g, product enhancements, better messaging)
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High volumes of support calls regarding a specific product or issue might suggest a problem with the product.
What is Web Tracking?
- Web tracking collects and stores visitor activity to understand online behavior and preferences.
- Cookies are commonly used for tracking.
What are Cookies?
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Cookies are a primary method for web tracking, storing online activity to understand user behavior.
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Search engines, specifically Google, contribute to this activity to track user behavior.
Using Data from Web Tracking
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Web tracking is used to identify product and brand preferences.
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By tracking user behavior, companies target ads and marketing efforts more efficiently.
Information Resource Acquisition & Incorporation (For Profit Companies)
- Media & Publications: Stay up-to-date with industry news, journals, newsletters, and blogs for current insights.
- Search Engines: Keyword searches can reveal relevant insights and information.
- Marketing Agencies: Collaborate with agencies to leverage sector-specific knowledge.
- Market Research Firms: Consult market research firms for sales data and industry analyses.
Information Resource Acquisition & Incorporation (Non-Profit Organizations)
- Government Agencies: Public data (e.g. from Census Bureau, Bureau of Labor Statistics) can provide demographic and economic information.
- Non-Governmental Organizations (NGOs): NGOs might have sector-specific studies.
- Trade Associations: Trade associations offer sector-specific market data & competitive analyses.
Marketing Information System IT Structure and Tools
- User Interface: An intuitive user interface is essential for easy access and use of the system.
- System Support: Ongoing support through system managers is crucial for maintaining and troubleshooting the system.
Marketing Data Support System Models
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Reporting: Generate reports that understand trends, aiding informed decision-making.
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Standardization: Standardized reporting ensures consistent insight and enables better analysis across datasets.
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Customization: Tailor reports to specific target audiences for personalized data insights.
Marketing Data Support System Models (Specific Models)
- Time Series: Use historical data to forecast future sales.
- Brand Switching: Important for understanding customer preferences.
- Linear Programming: This model helps with predicting potential profit or revenue.
- Elasticity: Analyze how factors like price influence output.
- Regression/Correlation: Establish relationships between variables to analyze data relationships.
- ANOVA: Useful to compare groups (e.g. different customer segments).
- Sensitivity: Explore scenarios where a particular factor is changed to understand effect.
- Discounted Cash Flow: Estimating worth over time.
- What-If: Spreadsheet models for estimating impact when specific factors are adjusted (like launching a new product).
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Description
This quiz delves into the fundamentals of marketing information systems, highlighting their importance in making informed marketing decisions. It covers aspects such as goal analysis, metrics determination, and the coordination within marketing departments. Test your knowledge on how to effectively structure a marketing information system.
