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MKTG 3310 Test 3 Hanning Auburn || Questions and 100% Verified Answers.
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Marketing Information System (MIS) correct answers people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights MIS begins and ends with infor...

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  • August 23, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • marketing information system mis

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  • MKTG 3310
  • MKTG 3310

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MKTG 3310 Test 3 Hanning Auburn || Questions and 100%
Verified Answers.
Marketing Information System (MIS) correct answers people and procedures dedicated to
assessing information needs, developing the needed information, and helping decision makers to
use the information to generate and validate actionable customer and market insights

MIS begins and ends with information users correct answers marketing managers, internal and
external partners, and others who need marketing information

Customer insights correct answers fresh understandings of customers and the marketplace
derived from marketing data that becomes the basis for creating customer value and relationships

Marketer's don't necessarily need more "data", but more, ___ ... AND they need to make better
use of the information correct answers actionable "information"

Customer Insight Teams correct answers dedicated, cross-functional, and set aside, part of the
organization that is dedicated to the identification, interpretation, and dissemination of the
marketing information system.

Customer Insight Groups correct answers collect customer and market data from a wide variety o
sources and use this data to "sift out" important customer insights

Marketing Information System Key attributes: correct answers 1, a good MIS balances the
information users would like versus what they really need
2. Collecting and storing information using a MIS is expensive (but much less than it used to be)
3. Firms must decide whether the value of the insights gained from more information is worth
the cost (ROI!)

Marketers can obtain the needed information from 3 key sources: correct answers 1. Internal
Data Bases
2. Completive Marketing Intelligence
3. Marketing Research

Internal Data Bases correct answers the electronic collections of consumer and market
information obtained from data sources within the company network

What are some internal data bases? correct answers customer characteristics
sales transactions
customer service data
records of sales, costs, profitability, and operations reports (production, shipments, inventories)

Internal Data Bases
~ can be ___ more ___ and cheaply than other information sources
~ ___ and may be incomplete

,~ ___ and storage of data is ___ correct answers ~ accessed, quickly
~ ages rapidly
~ maintenance, expensive

An extensive ___ is more feasible if it is more than just a passive storage bank of data, but is
leveraged to create competitive advantage in the marketplace! correct answers Internal Data Base

Competitive Marketing Intelligence correct answers the systematic collection and analysis of
publicity available information about consumers, competitors, and developments in the
marketing environment.

Techniques of competitive marketing intelligence examples: correct answers "observing"
customers
benchmarking competitors & their products
quizzing your company's employees
internet research
monitoring social media
voice-of-the-customer interviews

Marketing research correct answers the formal and systematic design, collection, analysts of data
"relevant" to a "specific" market situation and then reporting the resultant customer and market
insights to the rest of the organization

Market research gives marketers insight into (customer focused) correct answers customer
motivations
purchase behavior
customer satisfaction

Market research gives marketers insight into (market focused) correct answers market potential
market share
pricing effectiveness
desired marketing mix for your target market

The Marketing Research process 4 key steps: correct answers 1. defining the problem and
research objectives
2. developing the research plan for collecting the data
3. implementing the plan- collecting and analyzing the data
4. interpreting and reporting the gained insights

The marketing research process step 1: correct answers defining the problem & research
objectives
exploratory research
descriptive research
casual research

, Exploratory Research correct answers Gather preliminary information that will help define the
problem and suggest hypothesis

Descriptive Research correct answers generating information to better describe marketing
problems, situations, or markets

Casual Research correct answers testing hypothesis about cause-and-effect relationships

The Marketing Research Plan outline includes: correct answers 1. the defined problem
2. the selected research objective
3. sources of existing data
4. methods to obtain new data
5. estimated research costs
6. type of data required (secondary and/or primary)

... all in a written plan for management

Secondary Data correct answers the data that already exists somewhere, having been collected
for another purpose. This data is often cheaper and easier to obtain than primary data

Secondary sources can include: correct answers company's internal data base

purchase data from outside suppliers

commercial on-line data bases

internet search engines (downside is required filtering & aged information)

Key to successful use of secondary data is to ensure the data is ___, ___, ___, and ___! correct
answers relevant, accurate, current, and impartial

Primary Data correct answers data collected for the specific purpose at hand

Designing a primary data collection plan involved making decisions about: correct answers a. the
research approach
b. contact methods
c. the sampling plan
d. research instruments

Observational research correct answers involved gathering primary data by observing relevant
people, actions, and situations

Ethnographic research correct answers a form of observational research that involves sending
trained observers to watch and interact with consumers in their "natural environments"

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