LESSON 3: MARKETING INFORMATION 1. Marketing information system
A market information system (MIS) is the structure put in place to manage information gathered during the usual operations of the organisation.
Marketing information systems play a vital role in linking the customer to the marketer. For example, Myer, a leading Australian department store, used its MIS to understand that for every
$50 voucher given, $125 of sales result.5 Armed with this knowledge, Myer could respond by promoting its gift vouchers more.
2. Marketing research process
• Define the research problem
• Designing the research methodology
• Collecting data in accordance with the research design
• Analysing data and drawing conclusions
• Presenting the results and making recommendations
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Market research is an ongoing process and is constantly evolving-
In practice, a market research project does not always occur in a strict sequence.-
Market research should result in a course of action-
Upon implementation of any market research recommendations, careful monitoring is necessary to ensure the organisation’s marketing goals are being achieved as a result.3. Types of research
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Exploratory researchExploratory research, as its name suggests, is research intended to gather more information about a loosely defined problem.
Exploratory research is required when management is uncertain about what actions should be taken and has little knowledge about the research problem
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Descriptive researchDescriptive research is used to solve a particular and well‐defined problem by clarifying the characteristics of certain phenomena. eg. Describing target market
When management is aware of the problem but lacks some important piece of knowledge, descriptive research is undertaken.
LESSON 4: BUYER BEHAVIOUR
Consumer behaviour is the term used to describe the analysis of the behaviour of individuals and households who buy goods and services for personal consumption.
1. Factors influencing buyer behaviour
Situational factors:
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PhysicalCharacteristics of the location in which the purchase decision is made e.g. fashion retailers should install flattering lighting in the fitting rooms
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SocialThe interactions with others at the time the purchase decision is made e.g. the product knowledge and/or persuasiveness of a salesperson
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TimeThe time available for a purchase decision e.g. a person who has left all of their Christmas shopping until Christmas Eve may not have the time to contemplate many options
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MotivationThe reasons for the purchase
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MoodThe mood of a person at the time of the purchase decision (e.g. a person in a tired or emotional state may make a more impulsive decision).
Group factors:
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SocialReference groups
