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HAYEL ABABNEH – Al al-Bayt University Content What is marketing technology? Types of marketing technology What are the benefits of using marketing technology? Marketing technology tips Web Analytics Marketing Technology Challenges To Be a Marketing Technologist HAYEL ABABNEH – Al al-Bayt U...

HAYEL ABABNEH – Al al-Bayt University Content What is marketing technology? Types of marketing technology What are the benefits of using marketing technology? Marketing technology tips Web Analytics Marketing Technology Challenges To Be a Marketing Technologist HAYEL ABABNEH – Al al-Bayt University What is marketing technology? Marketing technology, or MarTech, is a broad term that includes any technological tools that help digital or physical marketing teams complete their work. MarTech often overlaps with advertising technology, or AdTech, which can automate or increase the reach of digital advertisement. Adtech, or ad technology, is a broad term used to refer to the set of technology tools and platforms used to manage, serve and measure digital advertising campaigns. Adtech platforms typically include services for ad serving, targeting and retargeting, analytics, and optimization. Ad tech is essential for digital marketing teams to reach and engage the right audiences. The collection of marketing technology tools a company uses is called its marketing technology stack. HAYEL ABABNEH – Al al-Bayt University Marketing technology is integral to many parts of the customer buying process. Here are some ways these two intersect: Awareness: As customers use social media, they may come across ads targeted to appeal to people with their demographics or interests. Interest: When a customer searches for a product, the top results in their web browser are often determined by which company has the most effective SEO software. Desire: When a customer reaches out to a business for information, that company may track them with lead management software. Action: If the customer decides to make a purchase, the company would then track the relationship with customer relationship management (CRM) software. HAYEL ABABNEH – Al al-Bayt University Analytics Analytic tools help marketers understand the effects of marketing campaigns by providing data on the ROI for those initiatives. Different types of analytics technology can help you improve the effectiveness of your ad targeting, the customization of your site and apps and the customer response to your website. HAYEL ABABNEH – Al al-Bayt University Advertising Digital ad technology helps companies advertise their products and services more effectively. This might mean using social media or internet search to reach a larger audience or targeting ads toward people in a certain demographic or group. HAYEL ABABNEH – Al al-Bayt University Customer relationship management CRM tech helps businesses build better relationships with current customers by tracking communication, processes, payment and orders in one application. It allows companies to provide better service, make more sales to each customer and retain their customers for a longer amount of time. Marketing departments may also use lead management software. This type of marketing technology is similar to CRM but helps when managing leads or potential customers who haven't made a purchase yet. HAYEL ABABNEH – Al al-Bayt University What lead management stands for? Lead management is the process of identifying, nurturing, and converting potential customers into paying customers. It involves tracking leads from the moment they enter the sales funnel, to the moment when the lead is converted into a sale. It is an essential part of any successful marketing and sales strategy. HAYEL ABABNEH – Al al-Bayt University How lead management software works? Lead management software is designed to help businesses capture leads and manage them through the sales process. It helps to streamline the process of capturing and managing leads, from the initial contact to when the lead is closed as a customer. It can also be used to track the interactions between a business and its leads. Lead management software can capture leads from a variety of sources, including website forms, email campaigns, and social media. Once captured, the leads can be managed in one central location. It allows sales teams to easily view and analyze lead data, and to assign leads to the appropriate sales reps. The software can also be used to track lead progress, including emails sent, calls made, and meetings held. It can also be used to keep leads engaged until they are ready to become customers. Finally, lead management software can also be used to generate reports, allowing sales teams to measure their performance and identify areas for improvement. HAYEL ABABNEH – Al al-Bayt University Search engine optimization SEO SEO software helps companies optimize their search strategy to help their products and sites potentially appear higher in customer search engine results. SEO tech can analyze which keywords are currently performing well in your industry and help you create targeted content aimed at increasing web traffic. HAYEL ABABNEH – Al al-Bayt University Email marketing Specific services can make it easier to launch and optimize email marketing campaigns. Services offer automation of email sequences for new customers, templates for creating emails, and management of customers' email addresses and preferences. Email marketing technology tools also offer analysis tools including monthly reports, A/B testing and incorporation with push notifications and social media. HAYEL ABABNEH – Al al-Bayt University This MarTech can help companies maximize the effectiveness of their marketing strategies by testing the effectiveness of company websites, interfaces and applications. Many customer experience applications offer A/B testing and personalization for different website visitors. Customer experience software is used to help businesses track and manage customer interactions, including customer service inquiries, sales inquiries, and feedback surveys. It may also include features such as customer segmentation, customer analytics, and customer relationship management. It allows businesses to better understand their customers’ needs, preferences, and behaviors, and to provide more personalized and efficient customer service. It can also help businesses identify and address customer pain points, optimize customer service processes, and increase customer loyalty. HAYEL ABABNEH – Al al-Bayt University Content management Content management tools are software applications used to create and manage digital content. They enable users to organize, store, and publish content in an efficient manner. Content management tools can help companies manage their marketing and website content, or owned media, by making it easier to search, update, tag, create, review and edit that content. Companies can use content management to track the performance of their content, including engagement metrics such as likes, shares, and comments. This helps them measure the success of their content marketing efforts and make adjustments as needed. Examples of content management tools include WordPress. HAYEL ABABNEH – Al al-Bayt University Content creation A marketing department may also use marketing technology tools designed more broadly for the creation of content. Software for graphic design, video and audio production, video marketing platforms and podcast distribution apps may all be necessary at different stages of advertising and marketing. You may purchase these for just part of your team, especially if you have team members who focus on producing video, audio or graphic content. HAYEL ABABNEH – Al al-Bayt University Social media Specific marketing technology can make posting, responding and managing social media accounts more efficient. Some social media tools also offer prompts for making content that appeals to your customer and profiling systems to understand who your followers are and how they interact with your brand. HAYEL ABABNEH – Al al-Bayt University Here are some benefits of using marketing technology: Increased efficiency: Marketing technology can automate some repetitive tasks, like sending customer emails and purchasing ad space, which can give marketers more time to spend on other tasks. Better customer relationships: Marketing technology can make it easier to create relationships with your customers by helping you keep all their correspondence records centrally organized and remotely accessible, create email campaigns and incorporate customer preferences into your sales process. HAYEL ABABNEH – Al al-Bayt University Better data analysis: MarTech tools can help companies understand their return on investment (ROI) more thoroughly, spend advertising money more efficiently and make more sales. More agility: Marketing tech tools can decrease the time it takes to see and measure specific results. This means companies can more quickly decide to cut or end ineffective campaigns, invest in useful advertising techniques and reduce financial loss. HAYEL ABABNEH – Al al-Bayt University Web analytics is the process of collecting and analyzing website data. That includes how users find your site and what they do while there. That information can drive decisions about how to develop, meet and measure your goals. From there, you can determine if your strategy for user experience is a success. HAYEL ABABNEH – Al al-Bayt University Web analytics is crucial for any business with a digital presence. By developing effective analysis, you can measure the success of your key performance indicators (KPIs). It's a data-driven way to make sure your customers are having the experience you want, and that your business is growing the way that you hope. You'll be able to tell if they're engaging with the content you offer, or if it would be more effective to guide users through your site in a different way. HAYEL ABABNEH – Al al-Bayt University Click-through, scroll-tracking and heat maps These are all methods of analyzing exactly how users are interacting with your site. Click-through reports tell you the ratio of users who click on a specific link to the total number of viewers. Scroll-tracking measures how far users are scrolling down a page. Heat maps give you a visual look at the most popular and unpopular areas of your webpage based on how users interact with them. All of these reports combine to give you a fuller understanding of how your site is being used and where there might be areas for improvement. HAYEL ABABNEH – Al al-Bayt University A/B and multivariate testing These are both methods of testing how changes to your page design might impact results. With A/B testing, you create two or more separate versions of your landing page. They can have subtle or significant differences. The data you get allows you to see which version is the most effective for your KPIs. Multivariate testing only alters specific sections of a page, but the goal is the same, to see which variation has the greatest impact on the user experience. HAYEL ABABNEH – Al al-Bayt University Usability testing This involves direct observation of a user's experience on your site. You can do usability testing using either experts in your field or complete strangers. Usability testing can show you if users can successfully complete a task and how long it takes. It's a good idea to conduct this testing before a public release so you can catch any issues early. HAYEL ABABNEH – Al al-Bayt University Customer satisfaction surveys Internal testing can tell you a lot about your site. But it's also important to get feedback directly from your customers. By developing a survey, you can learn how they felt about their experience and how likely they are to return to your site. Keeping these surveys brief can increase the likelihood that users agree to complete them. Helpful questions can include the purpose for their visit if they were able to fulfill that purpose and how they would rate their overall experience. HAYEL ABABNEH – Al al-Bayt University Keyword/SEO research If customers can't find your site easily, you're starting at a disadvantage. That's why your search engine ranking is so important. Making sure you have the right keywords plays a big role in keeping you near the top. Researching keywords and search engine optimization strategies helps you identify which terms are seeing the highest volume of searches. That allows you to target the most popular topics for your content, increasing your visibility. Keyword and SEO research is important to do regularly because results frequently change. • HAYEL ABABNEH – Al al-Bayt University Social media analysis It's not just your main website that matters to your user experience. Your social media presence is also a big part of how customers find and interact with your company. Tracking how users are interacting with you on Facebook, Twitter and other social media platforms can tell you a lot about your audience demographics and their interests. You'll also learn how effective your messaging is at bringing users to your website. Metrics that you can track include clicks, comments, shares and video views. Combined with the other analytics reports, you get a better understanding of the most effective ways to meet your goals. HAYEL ABABNEH – Al al-Bayt University Competitive analysis It's important not to focus too narrowly on your own site, but also to be aware of how your competitors are performing. A thorough competitive analysis helps you identify where you're already providing value and where there might be an opportunity for growth. When developing your analysis, look for gaps in the market and identify any trends. Looking at direct competitors can give you the best results. You can examine how they market their products or services and check to compare your pricing, including shipping. From there, you'll be able to do a deeper dive into their content strategy, technology and how their customers are responding. HAYEL ABABNEH – Al al-Bayt University Implementing, maintaining, and optimizing your organization’s martech is not a simple, streamlined process. Rather, organizations should prepare to overcome a few key challenges before they can fully realize the benefits of marketing technology. Selecting the Right MarTech Platform Choosing the right platform is difficult since selecting a platform is more than finding the right technology - it extends into finding the right partner. Integrating a new system is often a challenge, and the process of working with internal and external stakeholders to roll out technology can create unexpected hiccups. HAYEL ABABNEH – Al al-Bayt University Changing Company Culture For many organizations, changing the way marketing functions can be a big challenge. Working with colleagues to get them trained on new platforms and workflows provides a hindrance to day-to-day activities. As Peter Drucker said, “culture eats strategy for breakfast.” Unfortunately, changing the company culture to utilize martech can often be a formidable obstacle for companies. HAYEL ABABNEH – Al al-Bayt University Marketing technologists are becoming increasingly important in today’s environment. They use technology to combat issues facing their marketing teams. Good marketing technologists do the following: Use data to help their teams draft better campaigns and better creative Analyze software capabilities within the needs of the organization Function as the hybrid of marketing and IT Develop legacy organizational systems as needed Investments in Martech will become increasingly important as the consumer landscape evolves. With this in mind, marketing teams must ensure they are building out their martech stacks with solutions that offer ROI to the organization, while minimizing and roadblocks around deployment or onboarding that can lengthen time to value. HAYEL ABABNEH – Al al-Bayt University HAYEL ABABNEH – Al al-Bayt University HAYEL ABABNEH – Al al-Bayt University Management Information Systems What is Marketing Information Evolution of Information Systems Roles of information systems Levels of Information Systems Value of Marketing Information What is Marketing Information Systems? Marketing decisions Different Types of Marketing Decisions Product decisions Price Decisions Distribution decisions Promotion Decisions What Purpose do Marketing Information Systems Serve? Examples of Marketing Information Systems Why Do You Need Marketing Information Management? Advantages and Disadvantages of Marketing Information Systems? Types of data in a Marketing Information System HAYEL ABABNEH – Al al-Bayt University A system is a structure which implements an ongoing process. The structure may be formed by many diverse parts, but the parts work together toward a common objective. The word system connotes order, a plan, a method, or arrangement. A system has interacting, interrelated components, concerned with the same function, or in other words 'a set of connected things or parts ... an assemblage of objects united by some form of interaction or interdependencies'. For example, in the channel of distribution the components are consumers and those who influence them - retailers, suppliers – and those who provide services like advertising, delivery and so on. HAYEL ABABNEH – Al al-Bayt University MIS is seen as 'a system which provides each manager in the organisation with the information he needs in order to take decisions, plan and control within his particular area of responsibility‘. MIS is based on the concepts of: (a) information - representations of events and objects; (b) humans as information processors - which imposes limitations on systems in development and operation; (c) systems theory – to understand the complexity of information sources, processing and uses; (d) organisation and management - because the MIS exists in an organisation and is designed to support management tasks in strategy, tactics and routine operations; (e) decision making - because the rational approach to decisions relies on information; and (e) the value of information - because if the decisions made with the information change outcomes, then the information has a value which can be estimated in various ways. HAYEL ABABNEH – Al al-Bayt University It is very important to acknowledge that due to constantly and rapid changes in the market environment decision makers should possess at the right time the right information in order to arrive at the most appropriate decisions. Today's market conditions forces decision-makers to become more competitive through the improvement of their decisions (Kotler, 1994). Moreover, the need for effective decision- making is the factor that maximizes the importance of the need for information. Inadequate or inaccurate information may lead to improper decisions and consequently to other substantial damages for the company (waste of time, waste of money, increase of cost, etc). HAYEL ABABNEH – Al al-Bayt University In general, the information available to the decision makers exhibits a number of problems and obstacles. According to Kotler (1966; 1994) the most common and significant problems involve: Validity of the acquired information. Non-existence of adequate information. Existence of redundant information. Diffusion ofthe information within the numerous departments of the company. This fact stresses the required efforts to solve even small and rather simple problems. Concealing of information from various company employees due to the existence of mistakes. Important information usually arrives too late. This fact directs the companies to the necessity, on one hand, to develop and operate an information system. HAYEL ABABNEH – Al al-Bayt University the use of management information systems results in the improvement of the information quality, thus aiding the decision makers in: The control and assessment of the planned activities and decisions, which they can compare with those actually made, because of the application of the marketing information systems. The marketing planning process. In the decision making process with the provision of forecasting models of the application results of the possible alternative decisions, in order to choose the most applicable among them. HAYEL ABABNEH – Al al-Bayt University After the first generation of Data Processing Systems, a new generation of information systems appeared in the 60's. These were systems that specified, organized, summarized and reported information in regard to the decisions in operational areas. Such systems were named "Management Information Systems (MIS)", and they are primarily characterized by their capability to produce periodical reports, such as daily lists of workers and work hours, weekly sales reports of the products, monthly expenditure reports, etc. HAYEL ABABNEH – Al al-Bayt University Initially, Management Information Systems had a historical accession; they described events once they had occurred. Later MIS were used in order to forecast trends and to support ordinary decisions. In the beginning, MIS were typically used by middle level managers, yet their use soon expanded even further with the course of time. HAYEL ABABNEH – Al al-Bayt University In the beginning of 70's, Decision Support Systems, appeared almost at the same time. The main goal of DSSs is to support managers in the decision-making process of complex ill-structured or unstructured problems. In the middle of 80's appeared the first commercial applications of systems that employed Artificial Intelligence techniques. Among them the so-called Expert Systems (ES) were of particular interest. Expert Systems use knowledge in order to identify problems, to suggest solutions, or train personnel. Executive Information Systems that appeared in the late 80's were designed to support the special information needs of executives. HAYEL ABABNEH – Al al-Bayt University The most significant role of information systems is to support the organizations in their effort to: Increase of productivity (reduction of cost, increase of effectiveness). Quality improvement. Formation of competitive advantages. Structure and formation of the company's strategy. Reorganize and recreation of the company mechanically. Reach better and more effective decisions. Respond directly to the customers' demands and to changes within the company or its environment. Receive a large volume of data. Creativity improvement and innovation promotion. HAYEL ABABNEH – Al al-Bayt University A number of practical levels of information systems in organisations: (a) data storage and retrieval systems, which make it simpler to use information by making it readily available. Such a system might involve keying information requests into a visual display unit or other computer terminal to access a magnetic disc file of information, or something much simpler like a card index of research reports, files or sales statistics or a bibliography of publications. (b) Monitoring systems, which check progress and may alert management to variations, such as sales or market share falling below target. (c) analytical information systems, which are designed to answer such questions as why something happened, what is likely to happen next, and 'what if' queries, such as what will happen if we reduce prices or if we increase advertising. HAYEL ABABNEH – Al al-Bayt University What is Marketing Information Means all and any information (whether or not recorded in documentary form or on computer disk or tape) relating to the marketing or sales of any past present or future product or service of the company. It includes: sales targets and statistics, market share and pricing statistics, marketing surveys and plans, market research reports, sales techniques, price lists, discount structures, advertising and promotional material, the names, addresses, telephone numbers, contact names and identities of customers and potential customers of and suppliers and potential suppliers to the Company, HAYEL ABABNEH – Al al-Bayt University 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 may prove to a business’s chief competitive advantage in many business sectors. Competitors can copy each other’s products, processes, procedures, and technologies, but they cannot duplicate the marketing information and intellectual capital. HAYEL ABABNEH – Al al-Bayt University The classical organization of enterprises around activities and functions (marketing, manufacturing, finance, human resources, etc.) guided the development of operational information systems oriented to each function. Each functional information system makes use of the various types of information systems. Thereby, a marketing information system may contain MIS, DSS or ES subsystems, depending on the attended users. The MkIS are an effective tool for the conversion of raw data into useful information. An MkIS can be thought as a set of procedures and methods for the analysis and presentation of information that is to be used in decision-making. HAYEL ABABNEH – Al al-Bayt University A marketing information system, or an MkIS, is a system for gathering, storing, analyzing and distributing valuable marketing data to help marketers make better decisions. Marketing Information Systems (MkIS) are systems that involve the collection, analysis, and presentation of data related to marketing. It is primarily used by marketing decision- makers to improve their planning, implementation, and monitoring. Marketing Information Systems involve people, technology, equipment, and various processes, which all work together continuously; gathering, sorting, analyzing, and distributing accurate and up-to-date information for decision-makers in marketing. The input of a marketing information system focuses on collecting relevant internal and external data to analyze and interpret. The output of a marketing information system relates to distributing the findings to all essential internal marketing team members and managers. Marketers can then use the data to make more informed marketing decisions to promote the success of the business. HAYEL ABABNEH – Al al-Bayt University "Marketing decisions" is an important task for every marketing manager to successfully implement the marketing plan of the firm. In general marketing decisions made by organizations are based on what is called a “marketing mix” which influence the development of a given marketing program. The most lasted marketing mix framework is “the four P’s,” which stands for product, price, promotion, and placement. By manipulating and responding to the these elements that make up this marketing mix, or, in other words, by making marketing decisions based upon the four P’s, organizations can develop increasingly successful marketing strategies. HAYEL ABABNEH – Al al-Bayt University Different Types of Marketing Decisions A marketing manager has to take many marketing decisions to operate the day-to-day activities of a business organization. The purpose of these marketing decisions is to achieve the pre-determined marketing objectives of an organization. There are four areas or aspects, which always kept in mind, when a marketing manager intends to make different sorts of marketing plans for different products and services. Includes: Product Price Placement (Distribution) Promotion HAYEL ABABNEH – Al al-Bayt University There are certain activities that are included as the elements of marketing mix like product planning, branding, pricing, distribution channel, packaging, promotions, advertising, physical handling, display, personal selling, servicing and fact finding & analysis and many more. HAYEL ABABNEH – Al al-Bayt University The product can be considered the "goods" that satisfies one or more consumer demands. Product is related to tangible, physical products as well as services. There are certain decisions that are related to the product. Like: Brand Name Quality Functionality Warranty Safety Styling Packaging Accessories & services Repairs & support HAYEL ABABNEH – Al al-Bayt University Price Decisions The price represents both the economic cost of producing a product or service and the value of a product or service and as perceived by the customers. Marketing decisions include price decisions which are elements of the marketing mix in which different aspects of marketing communication occurs. Following are some of the most important Marketing Decisions related to pricing: Suggested retail price. Pricing Strategy (penetration, skim etc) Bundling Seasonal pricing Price discrimination Cash & early payment discounts Volume discounts & wholesale pricing Place (Distribution) Decisions Price flexibility HAYEL ABABNEH – Al al-Bayt University Placement is also referred to as "distribution," and often refers to where a given product will be delivered. Marketing decisions include Distribution decisions which are elements of the marketing mix in which different aspects of marketing communication occurs. Following are some of the most important Marketing Decisions related to Distribution decisions: Distribution channels Market coverage (Exclusive, inclusive or selective distribution) Specific channel members Warehousing Logistics Inventory management Transportation Order processing Distribution centers HAYEL ABABNEH – Al al-Bayt University Promotion refers to the communication techniques that are used to bring the public’s attention to a given product or service. Marketing decisions include promotion decisions which are elements of the marketing mix in which different aspects of marketing communication occurs. The information about the product is communicated with an objective to produce positive customer response. Following are some of the important promotion decisions. Promotional strategy Advertising Sales promotion Personal selling & sales force Marketing communication budget Public relations & publicity HAYEL ABABNEH – Al al-Bayt University MkIS have the ultimate objective of helping the marketing decision-maker to make better, more informed decisions. There are several applications for these decisions that can have very impactful outcomes for a business. MkIS can help businesses determine what their customers want and customer perceptions of the product or service and the organization as a whole. HAYEL ABABNEH – Al al-Bayt University These insights can impact the organization in many different ways to assist with different kinds of decisions. Product development teams can use insights generated by MkIS to determine which direction they should be moving in terms of their new product pipeline. Data about what customers are looking for and which elements of current products or services they like and dislike can guide the development of future products or add-ons to current products or services. The insights can also guide the company’s strategic marketing direction by assisting in providing both feedback about current products and services, as well as perceptions that may impact expansion plans, the launch of new products, or the opening of new locations, amongst other factors. In addition to impacting the strategy, it can also affect the pricing and distribution of products by providing valuable feedback on price points, sales trends and locations, and other useful related data. HAYEL ABABNEH – Al al-Bayt University MkIS can be very helpful in product positioning by providing useful feedback that could help marketing teams better segment and target their customers. Doing this successfully can help increase profits and prevent a lot of both time and money from being wasted. This better positioning of the product can, in turn, drive more effective marketing communications and campaigns, which can also help companies to seek more successful partnerships or alliances. For those businesses looking to team up with others, knowing the customer and the brand perception is key, and MkIS can provide extremely useful feedback to get an accurate grasp of this in real-time. HAYEL ABABNEH – Al al-Bayt University Loyalty Cards The loyalty card you use at a grocery store is an easy example. Every time you swipe the card with your purchase to get points or discounts, the transaction details are recorded. What you buy, what time the purchase is made, at which location, and how frequently would all be some of the data stored with these transactions. These can then inform a company that can make decisions based on these details, combined with those of other shoppers and additional factors. When the store combines these details from thousands of shoppers, a process that would be almost impossible to do manually, but which is possible with a MkIS, the grocery store can use it to improve their sales and marketing, directing advertising and specials at specific groups of people and even selling this data to third parties to make money from it. HAYEL ABABNEH – Al al-Bayt University Airlines Another example would be airlines – there is a lot of data to gather in various places. Their MkIS might include: data from customers’ (private and corporate) loyalty cards, both personal details and your flying habits, food preferences, etc. data from other airlines online about their pricing, routes, discount rates, etc. data from inflight feedback (logged by cabin crew and from passenger feedback forms) external data, which could be sold to them by caterers or other vendors, and then external market data. HAYEL ABABNEH – Al al-Bayt University Airlines All of these different sources (and others, such as social media) and types of data would be combined in the MkIS to provide the airline with details not only to help them be able to come up with smart suggestions such as routes you’d like to fly, which you’d get through a mailer or a suggestion on the airline home page, but also to help the company decide whether to extend capacity on more popular routes at certain times of the year, cut down on other routes, or add a destination to their network because it’s what all their competitors are doing. All of this information is gathered together and presented in many ways to different groups of decision-makers, depending on what they want from the information. Being able to pull certain insights and suggestions from this vast amount of cumulative data and make sense of it to assist with and benefit business decisions is a huge advantage for companies who know how to use it well. HAYEL ABABNEH – Al al-Bayt University Hotel reservation services They can keep track of demand and adjust rates accordingly as it changes. During the off- season, they can also provide loyalty discounts to their repeat customers. Electric Vehicle (EV) Suppose a company was to design a new type of electric vehicle (EV) that would become a direct competitor to Tesla. In that case, the company should have extensive information on all the current and potential EV consumers. Necessary market information would include customer preferences, the value of the EVs, and what a new entrant can offer to make customers want to buy the new EV. HAYEL ABABNEH – Al al-Bayt University Aides in Decision Making. MkIS can save vast amounts of money by targeting marketing campaigns to the right audiences, by using the information that they store in smart ways, by being aware of and able to change the perception of their company, and also by knowing what people want, all to enable good decisions around which projects to go ahead with and which not to pursue. Valuable Source of Information. When these systems are in place in a company, and data is being systematically gathered, it becomes a precious source of information for the company as it collects, building up a history for the company that it can learn from, that warns it of both future challenges and opportunities, and that can be used intelligently for increasing company profits. More Consumer-Relevant Marketing. From an individual point of view, people will find that using these systems, the ways they are marketed to and the products they see are far more tailored and feel less like spam marketing. What individuals are exposed to becomes more relevant for them with good use of these systems and might expose them to products and services they need or are interested in. HAYEL ABABNEH – Al al-Bayt University Requires Time, Money, and Expertise. On the downside, good MkIS can require time, money, and expertise for companies. As with putting any system into place, there will be costs involved. After the upfront cost of the hardware or software required to run these systems, the largest investment is likely to be in staff – learning, operating, maintaining, and optimizing these systems to be able to take full advantage of them. This can require organization and training, which can be time and cost-intensive. Adoption Issues and Resistance. Further, people in the marketing decision-making roles need to have an open mind to using these systems. When the system presents data, results, or insights that are counter-intuitive or not what the decision-maker expected, the decision-maker has a choice about whether to trust the system and follow its recommendation or not. Sometimes there needs to be a blend of rational judgment and trust in the system. There may be resistance from the users or adoption issues implementing such systems, particularly if the results are surprising or the outcomes are not as expected. HAYEL ABABNEH – Al al-Bayt University System Errors. Aside from mental blocks in adopting such systems, there can also be genuine errors in the systems, with the weighting of factors being incorrect or parts of the system giving skewed results. Once again, this is where the time investment for the running and optimization of these systems comes into play, and ensuring that the company has people who can select the correct data to be inputted into the system, the correct metrics to measure by and other factors that determine the analysis of information and operation of these systems is vital. Reinforces Preferences. For the individual, these systems use your preferences and data you volunteer to be better able to sell to you. You can end up reinforcing your existing preferences and not exposing yourself to new products or services. Instead, similar products and services to those you have already purchased or expressed interest in will be shown to you, and you may end up missing out on newness, as your exposure could lack variety. HAYEL ABABNEH – Al al-Bayt University There are many different ways that marketing information management systems can help companies drive growth. Key benefits include: ensuring you understand your business better, gaining important guidance for designing successful products, and improving company operations. HAYEL ABABNEH – Al al-Bayt University Marketing Information Management can help to ain a better understanding of the following elements: Customers: Depending on the internal reporting inputs you use, a marketing information system can ensure you keep track of customer demographics, attitudes, and behavior. Tracking sales on a customer level can provide important insights into buying cycles as well as different taste profiles. Meanwhile, social media tracking and consumer-based research can help you understand how potential customers perceive your brand and products. Markets: The marketing intelligence included in marketing information systems helps ensure decisions are based on a strong understanding of the specific market niche or industry where you operate, as well as within the overall competitive landscape. When you combine these insights with economic forecasts and macro trends, you can use them to size your market and predict growth trends for your business. HAYEL ABABNEH – Al al-Bayt University Outside Forces: Other outside forces that can be tracked through marketing information systems include regulatory and legal risks. For example, privacy and data collection may be something you need to monitor if your marketing information system includes insights about individual customers. Or, if you sell a product that is heavily regulated (such as pharma or medical devices) or impacted by government trade policies (such as agricultural or energy products), you can also make sure you stay on top of any new developments. HAYEL ABABNEH – Al al-Bayt University The insights that can be developed from a robust marketing information system are invaluable for product marketing teams. Sector and competitive information, along with consumer research, can help drive the process of analyzing your competitive niche, setting product positioning, messaging, and pricing, and determining your product’s value proposition. When you include insights regarding your sales trends and company capabilities, you have a solid foundation for developing ideas for new products, features, packaging, and delivery. HAYEL ABABNEH – Al al-Bayt University A marketing information system can provide valuable guidance for many parts of your organization: Marketing Teams: This group is the initial beneficiary of a marketing information system. They can use it to develop product messaging and positioning (as noted earlier), generate with ideas for specific campaigns and track success for those campaigns, and determine the right marketing mix based on what’s succeeding and what’s already being used within the industry. The right marketing information management system can take a lot of the guesswork out of marketing and ensure decisions are based on a strong understanding of return on investment (ROI). Customer - Facing Teams: Sales and account teams can benefit from better understanding the competitive landscape and customer needs, so they can speed up the sales cycle and win more customers, provide better service to customers, and provide ongoing support throughout the customer relationship management (CRM) cycle. HAYEL ABABNEH – Al al-Bayt University Financial Teams: A marketing information system can help drive integration of accounting systems into the broader business. The internal data within the system can help manage product inventory and distribution, and can also help track and manage customer churn. Having a strong understanding of product sales and industry factors can also help financial teams analyze profit margins and drivers. Enterprise-Wide: Throughout the organization, marketing information systems can ensure all managers have a strong understanding of their sector and business and provide broad inputs into strategy development. Companies can also use a marketing information system to understand which parts of the business are doing the most to support the bottom line and which parts are contributing the most resources toward growth. HAYEL ABABNEH – Al al-Bayt University Storing essential data and making it easy to access is a core aspect of any marketing information system, by definition. The tools that make up the marketing decision support system can be used to facilitate data access throughout an organization. HAYEL ABABNEH – Al al-Bayt University Marketing information management systems help improve your bottom line. By providing a solid analytical basis for everything from product development to marketing initiatives to customer relationship management, they can help you create products that clients want to buy and help you control costs. HAYEL ABABNEH – Al al-Bayt University With their extensive external data inputs, these systems can help you avoid getting caught unprepared by competitors or changes in your industry. They can also help you maintain solid control over your marketing systems, so you can spend marketing budgets wisely and minimize risk. HAYEL ABABNEH – Al al-Bayt University Marketing decision-makers require information about the evolution of issues related with the marketing context (markets, goals, channels, competitors, public relations and macroeconomic possibilities) in order to perform analyses, planning, integration and control. For these reasons, the management of marketing information through the corresponding information systems has become one of the most vital issues for effective marketing. HAYEL ABABNEH – Al al-Bayt University A marketing information system can be beneficial for multiple types of marketing decisions, such as: Control decisions: Middle-level marketing manager decisions related to corrective actions based on deviation from strategic plans implemented by higher-level marketing managers. Operational decisions: Decisions related to the day-to-day activities of marketing professionals, especially related to accomplishing specific tasks. Strategic decisions: High-level marketing manager decisions about matters that affect the entire organization, such as organizational policies, objectives and structure. HAYEL ABABNEH – Al al-Bayt University Marketing information systems handle different types from multiple sources. The common types of data in a data marketing system are: Acquired databases Databases often store large amounts of marketing and sales data and customer information, and some companies may purchase access to these databases for little to no cost. Businesses may enter the data they purchase into their marketing information system to help them make better, more informed decisions. For example, there are companies that specialize in gathering data related to business trends and consumer behavior and business trends and generating reports to sell. Similarly, companies may purchase information from government databases to learn about the demographic or economic information of companies, groups or specific individuals. HAYEL ABABNEH – Al al-Bayt University Internal company data Marketing information systems allow you to turn internal company data into valuable insights. For example, you may input data related to marketing activities or sales to generate reports. Also, you may integrate your marketing information system with an internal company communications network or intranet to gather information about certain employees, departments or business units. HAYEL ABABNEH – Al al-Bayt University 3. Marketing intelligence Marketing information systems allow you to gain insights from the marketing intelligence data you gather about your target market. For example, explore options to gather marketing intelligence data from your competitors' websites or industry trade publications. You may also explore options that are less automated and more manual, such as talking with distributors, making observations, attending trade shows or testing products. HAYEL ABABNEH – Al al-Bayt University 4. Marketing research Marketing information systems allow you to integrate the marketing research and data you gather from custom and syndicated research reports and primary or secondary research. It's important to find as much specific and unique information as possible, especially regarding your customers, competitors and overall business environment. This will help you gain more valuable insights to make better decisions. HAYEL ABABNEH – Al al-Bayt University Marketing information systems use a sequential process to synthesize data and share findings to influence decision-making. Here are the steps of the marketing information system process: Determine the appropriate marketing metrics. Gather relevant data from external and internal sources. Graph the data to visualize trends. Distribute the trend information to the appropriate departments. Use the data to determine the right course of action to take. HAYEL ABABNEH – Al al-Bayt University HAYEL ABABNEH – Al al-Bayt University HAYEL ABABNEH – Al al-Bayt University HAYEL ABABNEH – Al al-Bayt University The processing of information is performed by the four subsystems of the marketing information system, which are described below. 1. Internal reporting subsystem: This subsystem includes all the information that lie within orders, sales, products' cost, products' quality, inventory, cashing, payments, and any other type of reports that circulate within the enterprise. These information are scattered in the various departments of the enterprise. 2. Marketing information search subsystem: The decision-makers are able to catch on the actions of the competitors or the needs of their consumers and make on time decisions. HAYEL ABABNEH – Al al-Bayt University 3. Market survey subsystem: They are primarily conducted for analysing the market shares, analysis of sales, study of the market trends, analysis of the characteristics of the market, study of the pricing policy, etc. 4. Marketing decision analysis and support: This subsystem consists of a statistical models database (descriptive statistics procedures, data analysis models) and of a decision models database (pricing models, consumer behaviour models, product design models, etc). HAYEL ABABNEH – Al al-Bayt University 1. The information collection module. The information is acquired from: External sources (secondary sources, competitors, distribution channels, interesting markets, etc). Internal sources (existing information, sales time series, cost of products, financial dimensions of the enterprise, etc). Primary information collected through the conduction of market surveys. HAYEL ABABNEH – Al al-Bayt University 2. The information processing module: It consists of: The database management subsystem in which the data is saved. Prior to the storage, data should be codified in order to allow the effective elaboration of the information by the system. The statistical processing subsystem (descriptive statistics, data analysis methods. 3. The user-marketing information system interface subsystem, which is used for the presentation to the decision maker of: General reports on the existing data. Answers to the questions posted by the decision-maker (what-if). HAYEL ABABNEH – Al al-Bayt University A marketing information system should include the following components: A system for recording internally generated data and reports A system for collecting market intelligence on an ongoing basis Marketing analytics software to help managers with their decision making A system for recording marketing research information HAYEL ABABNEH – Al al-Bayt University Internally Generated Data and Reports An organization generates and records a lot of information as part of its daily business operations, including sales and accounting data, and data on inventory levels, back orders, customer returns, and complaints. Firms are also constantly gathering information related to their Web sites, such as clickstream data. Clickstream data is data generated about the number of people who visit a Web site and its various pages, how long they dwell there, and what they buy or don’t buy. Companies use clickstream data in all kinds of ways. They use it to monitor the overall traffic of visitors that a site gets, to see which areas of the site people aren’t visiting and explore why, and to automatically offer visitors products and promotions of their browsing patterns. Software can be used to automatically tally the vast amounts of clickstream data gathered from Web sites and generate reports for managers based on that information. Netflix recently awarded a $1 million prize to a group of scientists to plow through Web data generated by millions of Netflix users so as to improve Netflix’s predictions of what users would like to rent. HAYEL ABABNEH – Al al-Bayt University Internal reports or records include the data from within the company. Referencing this data can provide you with valuable insights, particularly regarding a company's capabilities, successes and opportunities for improvement. Some examples of data internal reports may include are: Cash flows Inventories Marketing personnel costs Payables Product costs Receivables Sales records Stocks HAYEL ABABNEH – Al al-Bayt University Big companies with multiple products, business units, and databases purchased and installed in different places and at different times often have such vast amounts of information that they can’t post it all on an intranet. Consequently, getting hold of the right information can be hard. Data mining: A process of extracting the right information from the right places. Data Warehousing: Combining data into one location that makes analysis easier. Then the information is captured and displayed t in dashboards: screens on the computer that make the data easily understood so that managers can detect marketing trends. While a dashboard may display a piece of information, such as the number of carloads sold in West Virginia, the manager can click on the number and get more detail. HAYEL ABABNEH – Al al-Bayt University Increasingly, companies are purchasing analytics software to help them pull and make sense of internally generated information. Analytics software allows managers who are not computer experts to gather all kinds of different information from a company’s. The software incorporates regression models, linear programming, and other statistical methods to help managers answer “what if” types of questions. For example, “If we spend 10 percent more of our advertising on TV ads instead of magazine ads, what effect will it have on sales?” HAYEL ABABNEH – Al al-Bayt University The company uses the analytics software to help analyze sales transactions, market research, and demographic data associated with its large database of customers. It combines the information with Web browsing data to gain a better understanding of the individual customers marketing channel preferences as well as other marketing decisions. It helps employees understand these relationships and make high-impact data- driven marketing decisions. HAYEL ABABNEH – Al al-Bayt University Marketing intelligence refers to the data or information from external sources, such as industry associations or trade journals. It includes data related to the general marketing environment outside of the organization and the specific data within the market. Leveraging this information helps the company better understand their specific marketing and competitors within the market. Some examples of what marketing intelligence may include are: Changes in customer preferences and tastes Competitors' pricing strategies Competitors' promotion strategies Marketing trends New products in the market HAYEL ABABNEH – Al al-Bayt University A good internal reporting system can tell a manager what happened inside his firm. But what about what’s going on outside the firm? What is the business environment like? Are credit-lending terms loose or tight, and how will they affect what you and your customers are able to buy or not buy? How will rising fuel prices and alternate energy sources affect your firm and your products? Do changes such as these present business obstacles or opportunities? Moreover, what are your competitors up to? HAYEL ABABNEH – Al al-Bayt University Not gathering market intelligence leaves a company vulnerable. when fuel prices hit an all-time high in 2008, unlike other passenger airline companies, Southwest Airlines was prepared. Southwest had anticipated the problem, and early on locked in contracts to buy fuel for its planes at much lower prices. Other airlines weren’t as prepared and lost money because their fuel expenses skyrocketed. Collecting market intelligence can also help a company generate ideas or product concepts that can then be tested by conducting market research. Gathering market intelligence involves a number of activities, including scanning newspapers, trade magazines, and economic data produced by the government to find out about trends and what the competition is doing. Some companies subscribe to news service companies that regularly provide them with this information. LexisNexis is one such company. It provides companies with news about business and legal developments that could affect their operations. HAYEL ABABNEH – Al al-Bayt University Marketing research includes project-based research aiming to answer specific marketing questions. It may include internal and external data and often uses a variety of statistical tools. Processing marketing research includes collecting, organizing, analyzing and interpreting the data. Some examples of what marketing research may pertain to include: Changes in the marketing environment Competitor strategies Customer preference or taste changes New product launches HAYEL ABABNEH – Al al-Bayt University Search Engines and Corporate Web Sites An obvious way to gain market intelligence is by examining your competitors’ Web sites as well as doing basic searches with search engines like Google. If you want to find out what the press is writing about your company, your competitors, or any other topic you’re interested in, you can sign up to receive free alerts via e-mail by going to Google Alerts. Suppose you want to monitor what people are saying about you or your company on blogs, the comment areas of Web sites, and social networks such as Facebook and Twitter. You can do so by going to a site like WhosTalkin.com, typing a topic or company name into the search bar. All the good (and bad) things people have remarked about the company or topic turn up. What a great way to seek out the shortcomings of your competitors. It’s also a good way to spot talent. Radian6 (a similar company) also provide companies with sentiment analysis. Sentiment analysis is a method of examining content in blogs, tweets, and other online media (other than news media) such as Facebook posts to determine what people are thinking at any given time. Some companies use sentiment analysis to determine how the market is reacting to a new product. HAYEL ABABNEH – Al al-Bayt University HAYEL ABABNEH – Al al-Bayt University HAYEL ABABNEH – Al al-Bayt University HAYEL ABABNEH – Al al-Bayt University Marketing intelligence element of the MkIS is concerned with data relating to the firm's market environment and competitors. The distinction is that intelligence is concerned with the environment. Intelligence relies on a constant scanning or monitoring rather than the intensive, one-off survey or market test. HAYEL ABABNEH – Al al-Bayt University Marketing intelligence system: the way in which company executives are kept current and informed about changing conditions in the macro-environment and task environment‘. It is the evaluation of information and piecing it together to form an over-all picture of enemy potentialities and probable intentions. HAYEL ABABNEH – Al al-Bayt University Environmental Scanning: Searching for and receiving information from an environment with economic, political, societal and international dimensions, as the foundation for marketing strategy and organisation. The prime importance of such environmental information has been identified as: (a) providing the basis for a company to adapt to other systems in the