MANAGING MARKETING INFORMATION SYSTEM

Market Information System (M.INFO.SYSTEM) Market Intelligence System (M.INTEL.SYSTEM) Market Research System (MR) Market Decision Support System (MDSS) Market Information System: M.Info.System is a system in which we Gather Sort Analyze Evaluate Disseminate/ distribute General information/ overall information which should have Correct information Relevant information Timely information for the managers to make decisions Market Intelligence System: M.Intel.System is a system in which we Gather Sort Analyze Evaluate Disseminate/ distribute Specific/ required information which should have Correct information Relevant information Timely information for the managers to make decisions Market Research System: M.R System is a system in which we Gather Sort Analyze Evaluate Disseminate/ distribute Problem related/ short/ lack of information areas which should have Correct information Relevant information Timely information for the managers to make decisions Market Decision Support System: MDSS System is a system in which we Gather Sort Analyze Evaluate Disseminate/ distribute Software, tools, techniques & equipments which should have Correct information Relevant information Timely information for the managers to make decisions

CHAPTER 4

Page 1

MANAGING MARKETING INFORMATION SYSTEM

RESEARCH APPROACHES/ METHODS FOR CONDUCTING MARKETING RESEARCH (DIFFERENT TYPES OF RESEARCH): Research approaches for gathering primary data include observation, survey and experiment a. Observational Research: Observational research involves gathering primary data by observing relevant people, action & situations. Observational research can obtain information that people are unable to provide. In some cases, observation may be the only way to obtain the needed information b. Survey Research: Survey research, the most widely used method for primary data collection, is the approach best suited for gathering descriptive information. A company that want to know about peoples knowledge, attitude, preferences or buying behavior can often find out by asking them directly The major advantage of survey research is its flexibility. It can be used to obtain many different kinds of information in many different situations c. Experimental Research: Whereas observation is best suited for exploratory research & survey for descriptive research, experimental research is best suited for gathering casual information. Experiments involves selecting matched groups of subjects giving them different treatments, controlling, unrelated factors & checking for differences in group response. Thus experimental research tries to explain cause & affect relationship d. Contact Method: Information can be collected by mail, telephone, and personal interview or online Mail: Mail questionnaires can be used to collect large amount of information at a low cost per respondent Telephone Interviewing: This is the best methods for gathering information quickly & it provides greater flexibility than mail questioners Personal Interviewing: Two types of personal interviewing Individual interviewing involves talking with people in their homes or offices on the street or in shopping malls, such interviewing is flexible Group Interviewing it consists of inviting 6 to 10 people to meet with a trained moderator to talk about a product, services or organization Online Market Research: Advances in communication technologies have resulted in a number of high-technology contact methods. The latest technology to hit marketing research is the internet. Increasingly marketing researchers are collecting primary data through online marketing research

CHAPTER 4

Page 2