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MARKETING AND SALES MANAGEMENT
CHECK POINT 83: MARKETING INFORMATION AND RESEARCH

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But You Can Still Check Out The Menu Below.

1. why is marketing information so important?
2. sources of marketing information
3. the marketing information system
4. how does the marketing information system function?
5. the primary sources for the marketing information system
6. inputs and outputs of the marketing information system
7. marketing research
8. steps in the marketing research process
9. Data Mining And Predictive Analytics
10. Sources Of Statistical Information
11. For Serious Business Owners Only
12. The Latest Information Online
 

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MARKETING AND SALES MANAGEMENT
CHECK POINT 83: MARKETING INFORMATION AND RESEARCH

Please Select Any Topic In Check Point 83 Below And Click.

1. why is marketing information so important?
2. sources of marketing information
3. the marketing information system
4. how does the marketing information system function?
5. the primary sources for the marketing information system
6. inputs and outputs of the marketing information system
7. marketing research
8. steps in the marketing research process
9. Data Mining And Predictive Analytics
10. Sources Of Statistical Information
11. For Serious Business Owners Only
12. The Latest Information Online
 

DO I NEED TO KNOW THIS CHECK POINT?

 

WELCOME TO CHECK POINT 83

TUTORIAL 1 General Management TUTORIAL 2 Human
Resources Management
TUTORIAL 3 Financial Management TUTORIAL 4 Operations Management TUTORIAL 5 Marketing
And Sales Management
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2 7 12 17 22 27 32 37 42 47 52 57 62 67 72 77 82 87 92 97
3 8 13 18 23 28 33 38 43 48 53 58 63 68 73 78 83 88 93 98
4 9 14 19 24 29 34 39 44 49 54 59 64 69 74 79 84 89 94 99
5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100
 

HOW CAN YOU BENEFIT FROM CHECK POINT 83?

 
The main purpose of this check point is to provide you and your management team with details about Marketing Information and Research and how to apply this information to maximize your company's performance.
 
In this check point you will learn:
 
• Why is marketing information so important?
• About sources of marketing information
• About the marketing information system.
• About the main functions of the marketing information system.
• About the primary sources for the marketing information system.
• About the inputs and outputs of the marketing information system.
• What is marketing research?
• About marketing research tasks.
• About six steps in the marketing research process
• About private and public sources of statistical information. and much more.
 

LEAN MANAGEMENT GUIDELINES FOR CHECK POINT 83

 
You and your management team should become familiar with the basic Lean Management principles, guidelines, and tools provided in this program and apply them appropriately to the content of this check point.
 
You and your team should adhere to basic lean management guidelines on a continuous basis:
 
Treat your customers as the most important part of your business.
Provide your customers with the best possible value of products and services.
Meet your customers' requirements with a positive energy on a timely basis.
Provide your customers with consistent and reliable after-sales service.
Treat your customers, employees, suppliers, and business associates with genuine respect.
Identify your company's operational weaknesses, non-value-added activities, and waste.
Implement the process of continuous improvements on organization-wide basis.
Eliminate or minimize your company's non-value-added activities and waste.
Streamline your company's operational processes and maximize overall flow efficiency.
Reduce your company's operational costs in all areas of business activities.
Maximize the quality at the source of all operational processes and activities.
Ensure regular evaluation of your employees' performance and required level of knowledge.
Implement fair compensation of your employees based on their overall performance.
Motivate your partners and employees to adhere to high ethical standards of behavior.
Maximize safety for your customers, employees, suppliers, and business associates.
Provide opportunities for a continuous professional growth of partners and employees.
Pay attention to "how" positive results are achieved and constantly try to improve them.
Cultivate long-term relationships with your customers, suppliers, employees, and business associates.

1. WHY IS MARKETING INFORMATION SO IMPORTANT?

MARKETING INFORMATION

Business owners and marketing managers must be familiar with various procedures related to collecting marketing information and conducting market research to succeed in a competitive market environment.

Marketing Information is particularly important because business owners and marketing managers often experience uncertainty regarding trends and their implications in the environment and in the marketplace. Updated marketing information therefore plays a vital role in effective planning, problem solving, and control of marketing activities. Some questions about these activities are summarized below. (12)

MARKETING INFORMATION QUESTIONS

1. Planning Questions:

  • • What is the current economic situation in the marketplace?
  • • What is the expected trend in the marketplace for the next six to twelve months?
  • • What is the expected effect of the competition in the marketplace?
  • • What are the expected changes in the government regulations in the marketplace?

2. Product  And Service Strategy Questions:

  • • How effective are our existing product or service ranges in the marketplace?
  • • Which of several alternative new product designs is most likely to be successful?
  • • What specific features should new products or services have?
  • • What action should we take to support the existing position in the marketplace?

3. Price Strategy Questions:

  • • How effective is the existing pricing structure of our products and services?
  • • How should we price new products and services?
  • • Should we use a penetration price strategy or a skimming price strategy?
  • • Should we consider quantity discounts to be offered to customers?

4. Promotion Strategy Questions:

  • • What should our promotion budget be for the next fiscal period?
  • • Do we need to spend more money on advertising or keep it on the existing level?
  • • Do we need to employ additional sales people to secure our promotional efforts?
  • • Do we need to use additional promotional methods, such as coupons, special discounts, and   promotional literature?

5. Distribution Strategy Questions:

  • • What should our distribution budget be for the next fiscal period?
  • • Do we need to increase, decrease, or keep the same number of distribution outlets for our   products and services?
  • • Do we need to use independent sales agents in addition to our existing distribution network?
  • • Do we need to increase, decrease, or keep the same number of distribution outlets?

6. Control Questions:

  • • How effective is our current sales performance in the marketplace in terms of planned sales   objectives?
  • • How effective is our current standing in the marketplace in comparison to the competition?
  • • How effective is the distribution of our products and services in terms of the   planned distribution objectives?
  • • What is our corporate image among present customers, potential customers, distributors,   and suppliers?

ADDITIONAL INFORMATION ONLINE

7 Questions That Will Improve RE Marketing Plan By Matt Padgett.
Some Coaching Questions For Your Marketing Plan By Stan Hustad.
How To Define Your Product Or Service By Steve Johnson, CopyWriting101.
4 Questions To Ask Before You Do A Legal Marketing Plan By David Lorenzo.
The 18 Strategic Marketing Questions You Have To Answer By Granison Shines.

2. SOURCES OF MARKETING INFORMATION

IMPORTANCE OF MARKETING INFORMATION

Good market intelligence is of critical importance to the success of every business organization. Accurate marketing information provides a sound foundation for an effective marketing plan and helps the company’s management to achieve overall business objectives. It is essential, therefore, to develop a strong market intelligence team within the organization and to utilize appropriate Sources Of Marketing Information.

Several sources of marketing information are usually available to business owners and marketing managers as illustrated below.

SOURCES OF MARKETING INFORMATION

1.

Commercial and trade publications.

2.

Commercial data services.

3.

Statistical data from the U.S. government online.

4.

Market research companies.

5.

Online database services.

6.

Internet data sources.

7.

Information provided by sales people.

8.

Information provided by the existing customers.

9.

Information provided by business associates.

Each member of the company’s marketing management team must get into the habit of looking for and collecting important marketing information relevant to their business on a continuous basis, and utilize all available sources in order to develop an effective marketing information system.

ADDITIONAL INFORMATION ONLINE

Top 5 Free Internet Marketing Information Sources By Biztraining.
Finding The Best Sources Of Marketing Information By Weallthsecrets.
How To Find Good Sources Of Marketing Information By Weallthsecrets.
Sources Of Information For Your Affiliate Marketing - Part 1 By Sebastian.
Sources Of Information For Your Affiliate Marketing - Part 2 By Sebastian.

3. THE MARKETING INFORMATION SYSTEM

THE MARKETING INFORMATION SYSTEM

The marketing management team must develop an effective Marketing Information System (MIS) to ensure the successful performance of the entire organization.

The marketing information system is defined as:

"A set of procedures and methods for the consistent planned collection, analysis, and presentation of information for use in making marketing decisions. (13)

A more elaborate definition describes the marketing information system as:

“A structured system which is designed to collect, sort, evaluate, and store relevant information from various sources and distribute this information to marketing decision-makers in a timely manner to ensure the most effective performance of the marketing department.” (14)

This system has a wide range of applications within the organization, including preparation of the company’s sales analysis and sales forecasting reports, development of sales budgets and sales performance ratios by sales person, determination of sales potential by territory, development of sales quotas per sales person, maintaining customer profiles and many more.

ADDITIONAL INFORMATION ONLINE

Marketing Information System By 1957Rajiv.
Marketing Research And Information Systems By PDT.
Marketing Information System That Works By ProfitTools.
What Is A Marketing Information System By B2BWhiteBoard.
Marketing Information System And Marketing Research By 3GVideo.

4. HOW DOES THE MARKETING INFORMATION SYSTEM FUNCTION?

THE PRIME PURPOSE OF THE MARKETING INFORMATION SYSTEM

As the definition implies, the prime purpose of the Marketing Information System is to collect, sort, evaluate, and store relevant information from various sources to ensure the most effective performance of the marketing department. Four major functions performed in the operation of the MIS are summarized below. (15)

MAIN FUNCTIONS OF THE MARKETING INFORMATION SYSTEM

1. Organize Information Into Suitable Categories.

The first important function of MIS is to collect and categorize a broad range of marketing information on a continuous basis.

2. Store Information And Make It Available As Needed.

The second function of MIS is to store the collected marketing information in a convenient fashion, e.g. on a computer or in a file, and make this information available to your company employees whenever required.

3. Analyze Information On A Continuous Basis.

The third function of MIS is to analyze the available marketing information on a continuous basis and to use the results of this analysis in preparing short- and long-term market demand forecasts and sales potential forecasts.

4. Transmit Information On A Continuous Basis.

The fourth function of MIS is to ensure the continuous transmission of marketing information to all decision-makers who may require such information at any time.

5. THE PRIMARY SOURCES FOR THE MARKETING INFORMATION SYSTEM

EFFECTIVE MARKETING INFORMATION SYSTEM

In order to develop an effective Marketing Information System, business owners and marketing managers must gather relevant information from various sources presented below.

THE PRIMARY SOURCES FOR THE MARKETING INFORMATION SYSTEM

   
Marketing
Intelligence
  Internal
Accounting
  Market
Research
  • Reports from sales    people.
  • Trade journals.
  • Reports from customers.
  • Reports from suppliers.
  • Reports from business    associates.
  • Reports about    competitors.
  • Press clippings.
  • Trade show data.
  • Information about tax and    law.
 
  • Accounts receivable    report.
  • Accounts payable report.
  • Inventory status report.
  • Product and service cost    reports.
  • Sales and profitability    reports per product,    service, customer, sales    area, and sales person.
  • Monthly budget and    variance reports.
 
  • Marketing surveys.
  • Census data.
  • Local Chamber of    Commerce.
  • Small Business    Administration.
  • Small Business    Development Centers.
  • Direct Marketing   Association research data.
  • Specialized marketing    forecasts.
  • Stock market data.
  • Online marketing    information.
  • Yellow Pages.
  • Electronic Yellow Pages.
 

ADDITIONAL INFORMATION ONLINE

What Is Marketing Intelligence By B2B WhiteBoard.
Marketing Research And Information Systems By MKT230GroupT.
The Handbook Of Market Intelligence By Hans Hedin, GIAChannel.
Turning Market Intelligence Into Competitive Advantage By MicroStrategy.
The Difference Between Market, Business And Strategic Intelligence By I. Maassen.

6. INPUTS AND OUTPUTS OF THE MARKETING INFORMATION SYSTEM

THE IMPORTANCE OF THE MARKETING INFORMATION SYSTEM

A well-maintained Marketing Information System enables the marketing manager to provide the most updated information to the executive management team. This information plays a critical role in the pending success or failure of the company's efforts in the marketplace.

Depending on the specific requirements and size of the organization, the MIS may be maintained on a manual basis or in a computerized form. The MIS is generally utilized in a broad variety of applications, some of which are outlined below.

MARKETING INFORMATION SYSTEM (MIS) INPUT

   
Marketing
 Intelligence
  Internal 
Accounting
  Marketing
 Research
   
MIS Data Base (Manual Or Computerized)

MARKETING INFORMATION SYSTEM (MIS) OUTPUT

MIS Application

1.

Prepare company sales analysis reports.

2.

Prepare sales forecasting reports.

3.

Develop sales budgets.

4.

Develop sales performance ratios by sales person.

5.

Determine sales potential by territory.

6.

Develop sales quotas per sales person.

7.

Maintain customer profiles.

8.

Manage sales inquiries and leads.

9.

Maintain products, pricing, promotion, and distribution information.

10.

Maintain information on sales employees.

11.

Measure return on time invested by sales people.

12.

Generate customized graphics for sales presentations.

13.

Prepare reports about competition.

14.

Generate customized presentation reports for sales calls.

15.

Monitor sales call costs.

16.

Maintain customer mailing lists.

17.

Maintain a data base of all key sales-related activities.

18.

Maintain control over the sales representatives' call routes.

7. MARKETING RESEARCH

MARKETING RESEARCH

Although the role of MIS has increased substantially during the recent years, the need for traditional Marketing Research has not diminished.  A new definition of marketing research, adopted by the American Marketing Association is outlined below.

DEFINITION OF THE MARKETING RESEARCH

Marketing Research is the function which links the consumer, customer, and public to the marketer through information which is used to accomplish the following objectives:

1.

To identify and define marketing opportunities and problems.

2.

To generate, refine, and evaluate marketing actions.

3.

To monitor marketing performance.

4.

To improve understanding of marketing as a process.

In addition, marketing research helps the marketing manager to accomplish a number of important tasks outlined below. (16)

MARKETING RESEARCH TASKS

1.

To specify information related to marketing issues.

2.

To design methods for collecting marketing information.

3.

To manage and implement the marketing data collection process.

4.

To analyze the results related to marketing data.

5.

To communicate the findings and their implications.

 

ADDITIONAL INFORMATION ONLINE

What Is Market Research By Tony Marino.
Market Research By Graham Archbold, Gradua Limited.
What Is Market Research By MarketResearchReports,Inc.
Marketing, Research And Segmentation By ClassroomVideo.
Top 10 Mistakes To Avoid In Market Research By MarketResearchDotCom.

8. STEPS IN THE MARKETING RESEARCH PROCESS

The Marketing Research Process entails a number of steps outlined below.

THE MARKETING RESEARCH PROCESS

Step 1: Define The Problem.

Define a range of variables that need to be investigated for various types of marketing and sales reports.

Step 2: Select A Marketing Research Method.

Select the most cost-effective method of marketing research to meet specific needs of the company.

Step 3: Evaluate The Cost-Effectiveness Of The Marketing Research.

Make sure that the marketing research is cost-effective. If not, then revise the original plan or drop the research project.

Step 4: Implement Results Of The Marketing Research.

Make sure that the marketing research is carried out according to a specific time schedule.

Step 5: Evaluate Results Of The Marketing Research.

Summarize the preliminary results of the marketing research project and provide a suitable interpretation in terms of the original managerial problem.

Step 6: Prepare The Final Report.

Prepare the final report in accordance with the original managerial problem and provide recommendations for specific action.

 

ADDITIONAL INFORMATION ONLINE

Best Marketing Research Tools By Perry Belcher.
How To Do Basic Market Research By John Edmonds.
Market Research Techniques And Tools By Victor Holman.
How To Do Your Market Research By BasicBananasDotCom.
The Technique Of Market Research By Paul Green, Wharton School Of Business.

9. DATA MINING AND PREDICTIVE ANALYTICS

WHAT IS DATA MINING?

Data Mining is the process of identifying large amount data from various sources, analyzing this data from different perspectives, and combining this data into a useful source of information.

Data mining software is used as an analytical tool for analyzing data in various industries, discovering specific patterns in large sets of data and transforming this data into an understandable structure for further use by business owners and organizations.

WHAT IS PREDICITVE ANALYTICS?

Predictive Analytics includes several statistical methods designed to evaluate current and historical information to make predictions of future events.

Predictive analytics includes various methods, such as statistical analysis, modeling, data mining and machine learning. Predictive analytics and data mining may provide important information to small business owners regarding future market demands for products and services in the marketplace.

ADDITIONAL INFORMATION ONLINE

What Is Data Mining? By Stephan P. Kudyba, NJIT School Of Management.
Data Mining With Statistica By Jennifer Thompson, StatSoft Inc.
Manage The Data Deluge With Data Mining By SAS Software.
Machine Learning And Data Mining By LemiffeLearning.
Machine Learning And Data Mining By Pier Luca Lanzi.

10. SOURCES OF STATISTICAL INFORMATION

STATISTICAL INFORMATION

Proper research and evaluation of various Markets usually provides the company’s management team with the basic information required for the development of new marketing strategies, policies, plans, and budgets. 

A great variety of private and public sources of Statistical Information is available to marketing managers online. In addition, several Research Agencies compile specialized data and provide standardized marketing information service on a continuous basis. Some of these sources of marketing information are described below. (17)

PRIVATE RESEARCH SOURCES OF INFORMATION ONLINE

 
 

PUBLIC RESEARCH SOURCES OF INFORMATION ONLINE

 

11. FOR SERIOUS BUSINESS OWNERS ONLY

ARE YOU SERIOUS ABOUT YOUR BUSINESS TODAY?

Reprinted with permission.

12. THE LATEST INFORMATION ONLINE

 

LESSON FOR TODAY:
It Does Not Matter How Good Your Product Is
If You Don't Find The Right Market For It!

Joe Griffith

Go To The Next Open Check Point In This Promotion Program Online.