Capturing Marketing Insights

In: Business and Management

Submitted By germein
Words 1593
Pages 7
Capturing Marketing Insights and Forecasting Demand

Learning Objectives 1. What are the components of a modern marketing information system? 2. How can companies collect marketing intelligence? 3. What constitutes good marketing research? 4. How can companies accurately measure and forecast market demand? 5. What are some influential developments in the macroenvironment?

Modern Marketing

Information System (MIS)

A marketing information system (MIS) consists of people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers. It relies on internal company records, marketing intelligence activities, and marketing research. The major responsibility for identifying market change relies on marketers but they have two advantages for the task: disciplined methods for collecting information and time spent interacting with customers and observing competitors and other outside groups.

MIS relies on internal company records, marketing intelligence, activities and marketing research.

Internal Records and database systems

To spot important opportunities and potential problems, marketing managers rely on internal reports of orders, sales, prices, costs, inventory levels, receivables, and payables.

* Order-to-payment cycle: heart of the internal records system. Sales representatives, dealers, and customers send orders to the firm. The sales department prepares invoices, transmits copies to various departments, and back-orders out-of-stock items. Shipped items generate shipping and billing documents. Customers value a firm that can promise timely delivery so this functions must be done quickly and accurately.

* Sales information systems: Marketing managers need timely and accurate reports on current sales. Walmart operates a sales and…...

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