LEARNING OUTCOMES
Learners should be able to:
Explain the information needed by marketing management in
order to make effective decisions.
Explain the components of a marketing information system and
the interaction between these components.
Illustrate the use of marketing research
Explain...
LEARNING OUTCOMES
Learners should be able to:
Explain the information needed by marketing management in
order to make effective decisions.
Explain the components of a marketing information system and
the interaction between these components.
Illustrate the use of marketing research
Explain the meaning of market potential sales forecasting and the
methods to carry these out.
, INTRODUCTION
Marketing managers need more and better information to make wise
judgments in the complicated and continuously changing market of
today. Businesses need to know how to manage mountains of marketing
data successfully if they want to succeed in today's market.
INFORMATION NEEDS OF MARKETING MANAGEMENT
In order to achieve above-average customer benefit and satisfaction,
companies need information on almost every corner. With the recent
explosion of information technologies, companies can now generate
information in bulk. Businesses must develop effective marketing
information systems that provide managers with the right information,
in the right form, at the right time to help them make better marketing
decisions.
MARKETING RESEARCH'S IMPACT ON DECISION MAKING
Marketing research can be defined as the process of collecting, analyzing
and reporting information that can be used to solve specific marketing
problems. Businesses use market research in a variety of situations, e.g.
market research can help marketers understand customer satisfaction
and buying behavior. It can help them assess market potential and
market share, or measure the effectiveness of pricing, product,
distribution, and promotions. Marketing management requires
information on the following areas:
The target market's needs and marketing opportunities
Information about the most effective marketing mix technique
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