Marketing Information Management 1.05 A – Flashcards

the process and methods used to gather information, analyze it, and report findings related to marketing goods and services.

1. Determine consumers' attitudes and preferences 2. Test product features 3. Determine market size and growth potential 4. Learn about competitive products 5. Determine buying cycles 6. Understand how the company is perceived by the public

1. Businesses that do not pay attention to what consumers are buying and why are likely to make costly marketing mistakes. 2. Information obtained from research helps businesses increase sales and profits.

1. What products to produce 2. At what price to sell the products 3. Who will buy the products 4. How the products will be promoted 5. Helps businesses solve marketing problems 6. Gauge the potential of new ideas 7. Keep track of current trends in the marketplace

1. Who are the company's major competitors? 2. What its competitors are offering 3. Which products its competitors are offering. 4. How satisfied customers are with its competitors products.

1. Most small businesses do not have separate marketing research specialists or a marketing research department. 2. Most of their research is done informally through owners, managers and employees. 3. Sometimes small businesses hire an outside firm to conduct marketing research.

1. Larger companies often have in-house research departments with marketing personnel to plan and conduct market research activities. 2. Sometimes it is still more cost-efficient for larger companies to outsource their market research to a firm that specializes in designing and conduct market surveys.

1. Trade Associations that represent larger groups such as manufacturers, wholesalers and retailers will often conduct industry related marketing research to offer to their members. 2. Non-profit organizations - such as hospitals - conduct customer satisfaction surveys to improve their programs and services.

a set of procedures and methods that regularly generates stores, analyzes and distributes information for use in making marketing and other business decisions.

1. Data about current customers 2. Overall product sales reports 3. Inventory levels

1. Design advertising campaigns 2. Develop promotional plans 3. Sell directly to customers

Customer profile data, such as: 1. Previous marketing studies regarding buying behavior 2. Shopping patterns 3. Customer demographics 4. Lifestyles research AND Company records, such as: 1. Sales results 2. Expenses 3. Supplier data 4. Production schedules AND Government data, such as: 1. Price trends 2. New regulations and laws 3. Future projections for the economy AND Marketing research reports that are produced and sold by research firms