Lecture 03 Creating Marketing Insights Essay

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Capturing Marketing Insights

Week 3

Lecture 3:
Capturing Marketing
Insights

Topic Outline
1. Collecting information and forecasting demand

(Chapter 2)
2. Conducting marketing research (Chapter 3)

1
Collecting Information and Forecasting Demand

200737 Marketing Systems

1

Capturing Marketing Insights

Week 3

Questions
§ What are the components of a modern marketing

information system?
§ What are useful internal records?
§ What makes up a marketing intelligence system?
§ What are some influential macro environment

developments?
§ How can companies accurately measure and

forecast demand?

What is a
Marketing Information System?
§ A marketing information system consists of people,

equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers.

Table 3.2 Information Needs
Probes
§ What decisions do you regularly make?
§ What information do you need to make these

decisions?
§ What information do you regularly get?
§ What studies do you periodically request?
§ What information would you want that you are not

getting now?
§ What are the four most helpful improvements that

could be made in the present marketing information system? 200737 Marketing Systems

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Capturing Marketing Insights

Week 3

Internal Records and
Marketing Intelligence
§ Order-to-payment cycle
§ Sales information system
§ Databases, warehousing, data mining
§ Marketing intelligence system

What is a
Marketing Intelligence System?
§ A marketing intelligence system is a set of

procedures and sources that managers use to obtain everyday information about developments in the marketing environment.

Steps to Quality Marketing
Intelligence
§ Train sales force to scan for new developments
§ Motivate channel members to share intelligence
§ Hire external experts to collect intelligence
§ Network externally
§ Utilize a customer advisory panel
§ Utilize government data sources
§ Purchase information

200737 Marketing Systems

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Capturing Marketing Insights

Week 3

Sources of Competitive
Information
§ Independent customer goods and service review

forums
§ Distributor or sales agent feedback sites
§ Combination sites offering customer reviews and

expert opinions
§ Customer complaint sites
§ Public blogs

Needs and Trends
Fad

Trend

Megatrend

Major Forces in the Environment
Demographic

Political-legal

Economic

Technological

Socio-cultural

Natural

200737 Marketing Systems

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Capturing Marketing Insights

Week 3

Population and Demographics
§ Population growth
§ Population age mix
§ Ethnic markets
§ Educational groups
§ Household patterns

Perspective on the Global
Demographic Environment

Economic Environment
Consumer Psychology

Income Distribution

Income, Savings, Debt, Credit

200737 Marketing Systems

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Capturing Marketing Insights

Week 3

Income Distribution
§ Subsistence economies
§ Raw-material-exporting economies
§ Industrializing economies
§ Industrial economies

Social-Cultural Environment
§ Views of themselves
§ Views of others
§ Views of organizations
§ Views of society
§ Views of nature
§ Views of the universe

Most Popular
American Leisure Activities
§ Reading

§ Computer activities

§ TV Watching

§ Gardening

§ Spending time with

§ Renting movies

family
§ Going to movies
§ Fishing

§ Walking

200737 Marketing Systems

§ Exercise

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Capturing Marketing Insights

Week 3

Natural Environment
§ Shortage of raw materials
§ Increased energy costs
§ Anti-pollution pressures
§ Governmental protections

Consumer Environmental
Segments
§ Genuine Greens
§ Not Me Greens
§ Go-with-the-Flow

Greens
§ Dream Greens
§ Business First Greens
§ Mean Greens

Technological Environment
§ Pace of change
§ Opportunities for innovation
§ Varying R&D budgets
§ Increased regulation of change

200737
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