Mastering Marketing Technology & Information Systems

Marketing Technology: Types, Benefits, Challenges, and Web Analytics

• Marketing technology (MarTech) includes technological tools that help digital or physical marketing teams complete their work.

• MarTech overlaps with advertising technology (AdTech), which can automate or increase the reach of digital advertisement.

• AdTech platforms include services for ad serving, targeting and retargeting, analytics, and optimization.

• The collection of marketing technology tools a company uses is called its marketing technology stack.

• MarTech is integral to many parts of the customer buying process.

• Analytics, advertising, customer relationship management (CRM), search engine optimization (SEO), email marketing, customer experience software, content management, content creation, and social media are types of MarTech.

• Benefits of using marketing technology include increased efficiency, better customer relationships, better data analysis, and more agility.

• Web analytics is the process of collecting and analyzing website data, including how users find the site and what they do while there.

• Types of web analytics include click-through, scroll-tracking, heat maps, A/B and multivariate testing, usability testing, customer satisfaction surveys, keyword/SEO research, social media analysis, and competitive analysis.

• Competitive analysis helps identify where an organization is already providing value and where there might be an opportunity for growth.

• Challenges of implementing marketing technology include selecting the right platform, changing company culture, and integrating new systems.

• Marketing technologists use technology to combat issues facing their marketing teams and are becoming increasingly important in today’s environment.Marketing Information Systems: Evolution, Roles, and Types

• A system is a structure that implements an ongoing process with interacting, interrelated components concerned with the same function.

• Management Information Systems (MIS) provide managers with the information they need to make decisions, plan, and control within their area of responsibility.

• Marketing Information is all information related to the marketing or sales of any past, present, or future product or service of a company.

• Marketing Information Systems (MkIS) are systems for gathering, storing, analyzing, and distributing valuable marketing data to help marketers make better decisions.

• The input of an MkIS focuses on collecting relevant internal and external data to analyze and interpret, while the output relates to distributing findings to essential internal marketing team members and managers.

• Marketing decisions involve manipulating and responding to the elements of the marketing mix, which include product, price, placement (distribution), and promotion.

• Marketing managers must take many marketing decisions to achieve predetermined marketing objectives.

• Product decisions include brand name, quality, functionality, warranty, safety, styling, packaging, accessories and services, repairs and support.

• Price decisions include suggested retail price, pricing strategy, bundling, seasonal pricing, price discrimination, cash and early payment discounts, volume discounts and wholesale pricing, price flexibility.

• Distribution decisions include distribution channels, market coverage, specific channel members, warehousing, logistics, inventory management, transportation, order processing, and distribution centers.

• Promotion decisions include promotional strategy, advertising, sales promotion, personal selling and sales force, marketing communication budget, public relations, and publicity.

• The ultimate objective of an MkIS is to help the marketing decision-maker make better, more informed decisions and achieve predetermined marketing objectives.Understanding Marketing Information Systems: Purpose, Examples, Advantages, Disadvantages, and Roles

• Marketing Information Systems (MkIS) assist businesses in determining what their customers want and their perceptions of the product, service, and the organization as a whole.

• Insights generated by MkIS can impact the organization in product development, strategic marketing direction, pricing, distribution, and product positioning.

• MkIS can provide useful feedback that could help marketing teams better segment and target their customers, leading to an increase in profits and more successful partnerships or alliances.

• Examples of MkIS include loyalty cards, airlines, hotel reservation services, and electric vehicles.

• Advantages of MkIS include aiding in decision-making, being a valuable source of information, and providing more consumer-relevant marketing.

• Disadvantages of MkIS include requiring time, money, and expertise, adoption issues and resistance, system errors, and reinforcing preferences.

• MkIS can improve a business's understanding of customers, markets, and outside forces, and drive product design, placement, and operations throughout the organization.

• MkIS can improve data access, increase sales and profits, and help businesses avoid crises.

• The roles of MkIS include control decisions, operational decisions, and strategic decisions.

• Types of data in a Marketing Information System include acquired databases, internal databases, marketing intelligence, and marketing research.

• MkIS can be used for multiple types of marketing decisions, such as control decisions, operational decisions, and strategic decisions.

• By investing in MkIS, businesses can have a competitive advantage by making informed decisions based on data-driven insights.Components and Types of Marketing Information Systems

• Marketing information systems gather data related to business trends and consumer behavior for generating reports to sell.

• Companies may purchase information from government databases to learn about the demographic or economic information of companies, groups, or specific individuals.

• Marketing information systems allow turning internal company data into valuable insights by inputting data related to marketing activities or sales to generate reports.

• Marketing intelligence data can be gathered from competitors' websites or industry trade publications by exploring options less automated and more manual, such as talking with distributors, making observations, attending trade shows, or testing products.

• Marketing research and data can be integrated into marketing information systems from custom and syndicated research reports and primary or secondary research to gain more valuable insights to make better decisions.

• The marketing information system process includes determining the appropriate marketing metrics, gathering relevant data from external and internal sources, graphing the data to visualize trends, distributing the trend information to the appropriate departments, and using the data to determine the right course of action to take.

• The four subsystems of marketing information systems include internal reporting, marketing information search, market survey, and marketing decision analysis and support.

• Marketing information systems consist of the information collection module, information processing module, and user-marketing information system interface subsystem.

• A marketing information system should include a system for recording internally generated data and reports, collecting market intelligence on an ongoing basis, marketing analytics software to help managers with their decision making, and a system for recording marketing research information.

• Clickstream data is generated about the number of people who visit a website and its various pages, how long they dwell there, and what they buy or don’t buy, which companies can use to monitor overall traffic of visitors, see which areas of the site people aren’t visiting and explore why, and automatically offer visitors products and promotions of their browsing patterns.

• Analytics software allows managers who are not computer experts to gather all kinds of different information from a company’s database and incorporates regression models, linear programming, and other statistical methods to help managers answer “what if” types of questions.

• Marketing intelligence refers to the data or information from external sources, such as industry associations or trade journals, including data related to the general marketing environment outside of the organization and the specific data within the market.

Marketing Technology and Web Analytics: Benefits, Types, and Challenges

• Marketing technology (MarTech) includes technological tools that help digital or physical marketing teams complete their work.

• AdTech, or advertising technology, automates or increases the reach of digital advertisement.

• The marketing technology stack is the collection of tools a company uses.

• MarTech intersects with the customer buying process, from awareness to action.

• Types of MarTech include analytics, advertising, customer relationship management (CRM), search engine optimization (SEO), email marketing, customer experience software, content management, content creation, and social media.

• Benefits of using MarTech include increased efficiency, better customer relationships, better data analysis, and more agility.

• Web analytics is the process of collecting and analyzing website data to measure the success of key performance indicators (KPIs).

• Types of web analytics and their uses include click-through, scroll-tracking, and heat maps; A/B and multivariate testing; usability testing; customer satisfaction surveys; keyword/SEO research; social media analysis; and competitive analysis.

• Competitive analysis helps identify gaps in the market and opportunities for growth.

• Challenges of implementing MarTech include selecting the right platform and changing company culture.

• Marketing technologists use technology to combat issues facing their marketing teams.

• Good marketing technologists understand both marketing and technology and can bridge the gap between the two.Marketing Information Systems: Roles, Evolution, and Importance

• A system is a structure that implements an ongoing process with interrelated components.

• Management Information Systems (MIS) provide information to managers to make decisions, plan, and control within their area of responsibility.

• MIS is based on the concepts of information, human information processing, systems theory, organization and management, decision-making, and the value of information.

• Marketing Information Systems (MkIS) are systems that involve the collection, analysis, and presentation of data related to marketing to help marketers make better decisions.

• MkIS are an effective tool for the conversion of raw data into useful information.

• The purpose of marketing decisions is to achieve the predetermined marketing objectives of an organization, which includes product, price, placement, and promotion.

• Product decisions involve the goods or services that satisfy one or more consumer demands.

• Price decisions represent both the economic cost of producing a product or service and the value of a product or service as perceived by customers.

• Distribution decisions refer to where a given product will be delivered.

• Promotion decisions refer to communication techniques used to bring the public's attention to a given product or service.

• MkIS have the ultimate objective of helping the marketing decision-maker to make better, more informed decisions.

• Increasingly, business leaders are viewing market information not only as an input for making better decisions but also as an important strategic asset.Marketing Information Systems: Purpose, Examples, Advantages, and Disadvantages

• Marketing Information Systems (MkIS) help businesses determine customer wants and perceptions of products and services.

• MkIS insights can impact product development, strategic marketing direction, pricing and distribution, and product positioning.

• Effective product positioning can drive more effective marketing communications and campaigns and successful partnerships or alliances.

• Examples of MkIS include loyalty cards, airlines, hotel reservation services, and electric vehicles.

• MkIS can save companies vast amounts of money by targeting marketing campaigns to the right audiences and providing valuable information for decision-making.

• MkIS becomes a precious source of information for the company as it collects, building up a history that warns of future challenges and opportunities.

• MkIS helps companies gain a better understanding of their customers, markets, and outside forces.

• The insights developed from MkIS are invaluable for product marketing teams to drive product design and placement.

• MkIS can provide valuable guidance for marketing teams, sales and account teams, financial teams, and enterprise-wide operations.

• Storing essential data and making it easy to access is a core aspect of any MkIS.

• MkIS can help companies avoid crises by providing extensive external data inputs and maintaining solid control over marketing systems.

• A marketing information system can be beneficial for multiple types of marketing decisions, such as control decisions, operational decisions, and strategic decisions.Overview of Marketing Information Systems

• Marketing Information Systems (MkIS) are used to gather and analyze data to aid in decision-making.

• There are four subsystems of MkIS: internal reporting, marketing information search, market survey, and marketing decision analysis and support.

• The components of a MkIS include a system for recording internally generated data and reports, a system for collecting market intelligence, marketing analytics software, and a system for recording marketing research information.

• Internal company data can be turned into valuable insights through MkIS.

• Marketing intelligence data can be gathered from competitors' websites, industry trade publications, distributors, observations, trade shows, and product testing.

• Marketing research data can be integrated into MkIS to gain more valuable insights for decision-making.

• The MkIS process includes determining appropriate marketing metrics, gathering relevant data from external and internal sources, graphing the data to visualize trends, distributing trend information to appropriate departments, and using the data to determine the right course of action.

• Data mining and data warehousing are used to extract and combine information from various sources for analysis.

• Analytics software is increasingly used to help managers pull and make sense of internally generated information.

• Marketing intelligence refers to data or information from external sources, such as industry associations or trade journals, and helps companies better understand their specific marketing and competitors within the market.

• Gathering market intelligence can help companies prepare for changes in the business environment and generate ideas or product concepts for testing through market research.

• MkIS use a user-MkIS interface subsystem for presenting general reports and answering questions posed by decision-makers.

Marketing Technology and Web Analytics: Benefits, Types, and Challenges

• Marketing technology (MarTech) includes technological tools that help digital or physical marketing teams complete their work.

• AdTech, or advertising technology, automates or increases the reach of digital advertisement.

• The marketing technology stack is the collection of tools a company uses.

• MarTech intersects with the customer buying process, from awareness to action.

• Types of MarTech include analytics, advertising, customer relationship management (CRM), search engine optimization (SEO), email marketing, customer experience software, content management, content creation, and social media.

• Benefits of using MarTech include increased efficiency, better customer relationships, better data analysis, and more agility.

• Web analytics is the process of collecting and analyzing website data to measure the success of key performance indicators (KPIs).

• Types of web analytics and their uses include click-through, scroll-tracking, and heat maps; A/B and multivariate testing; usability testing; customer satisfaction surveys; keyword/SEO research; social media analysis; and competitive analysis.

• Competitive analysis helps identify gaps in the market and opportunities for growth.

• Challenges of implementing MarTech include selecting the right platform and changing company culture.

• Marketing technologists use technology to combat issues facing their marketing teams.

• Good marketing technologists understand both marketing and technology and can bridge the gap between the two.Marketing Information Systems: Roles, Evolution, and Importance

• A system is a structure that implements an ongoing process with interrelated components.

• Management Information Systems (MIS) provide information to managers to make decisions, plan, and control within their area of responsibility.

• MIS is based on the concepts of information, human information processing, systems theory, organization and management, decision-making, and the value of information.

• Marketing Information Systems (MkIS) are systems that involve the collection, analysis, and presentation of data related to marketing to help marketers make better decisions.

• MkIS are an effective tool for the conversion of raw data into useful information.

• The purpose of marketing decisions is to achieve the predetermined marketing objectives of an organization, which includes product, price, placement, and promotion.

• Product decisions involve the goods or services that satisfy one or more consumer demands.

• Price decisions represent both the economic cost of producing a product or service and the value of a product or service as perceived by customers.

• Distribution decisions refer to where a given product will be delivered.

• Promotion decisions refer to communication techniques used to bring the public's attention to a given product or service.

• MkIS have the ultimate objective of helping the marketing decision-maker to make better, more informed decisions.

• Increasingly, business leaders are viewing market information not only as an input for making better decisions but also as an important strategic asset.Marketing Information Systems: Purpose, Examples, Advantages, and Disadvantages

• Marketing Information Systems (MkIS) help businesses determine customer wants and perceptions of products and services.

• MkIS insights can impact product development, strategic marketing direction, pricing and distribution, and product positioning.

• Effective product positioning can drive more effective marketing communications and campaigns and successful partnerships or alliances.

• Examples of MkIS include loyalty cards, airlines, hotel reservation services, and electric vehicles.

• MkIS can save companies vast amounts of money by targeting marketing campaigns to the right audiences and providing valuable information for decision-making.

• MkIS becomes a precious source of information for the company as it collects, building up a history that warns of future challenges and opportunities.

• MkIS helps companies gain a better understanding of their customers, markets, and outside forces.

• The insights developed from MkIS are invaluable for product marketing teams to drive product design and placement.

• MkIS can provide valuable guidance for marketing teams, sales and account teams, financial teams, and enterprise-wide operations.

• Storing essential data and making it easy to access is a core aspect of any MkIS.

• MkIS can help companies avoid crises by providing extensive external data inputs and maintaining solid control over marketing systems.

• A marketing information system can be beneficial for multiple types of marketing decisions, such as control decisions, operational decisions, and strategic decisions.Overview of Marketing Information Systems

• Marketing Information Systems (MkIS) are used to gather and analyze data to aid in decision-making.

• There are four subsystems of MkIS: internal reporting, marketing information search, market survey, and marketing decision analysis and support.

• The components of a MkIS include a system for recording internally generated data and reports, a system for collecting market intelligence, marketing analytics software, and a system for recording marketing research information.

• Internal company data can be turned into valuable insights through MkIS.

• Marketing intelligence data can be gathered from competitors' websites, industry trade publications, distributors, observations, trade shows, and product testing.

• Marketing research data can be integrated into MkIS to gain more valuable insights for decision-making.

• The MkIS process includes determining appropriate marketing metrics, gathering relevant data from external and internal sources, graphing the data to visualize trends, distributing trend information to appropriate departments, and using the data to determine the right course of action.

• Data mining and data warehousing are used to extract and combine information from various sources for analysis.

• Analytics software is increasingly used to help managers pull and make sense of internally generated information.

• Marketing intelligence refers to data or information from external sources, such as industry associations or trade journals, and helps companies better understand their specific marketing and competitors within the market.

• Gathering market intelligence can help companies prepare for changes in the business environment and generate ideas or product concepts for testing through market research.

• MkIS use a user-MkIS interface subsystem for presenting general reports and answering questions posed by decision-makers.