KEY CONCEPTS FOR WEEK 5

PRINCIPLES OF MARKETING

MELC: Define marketing research, its importance to business enterprise and identify the steps in marketing research:
1. To know the components of a marketing information system;
2. To be able to put together a market research plan

INTRODUCTION:
Marketing Information System (MIS)
The people, equipment, and procedures used to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate
information to marketing decision-makers
A Framework of a Company’s MIS

KEY CONCEPTS:

Components of an MIS
1. Internal Records - refers to documents in the company’s Order-to-Payments cycle, such as invoices, shipping orders, etc.
Avails documents and resources that comprise the sales information system, such as sales forecasts, information from sales personnel,
and information culled from automated sales system.
2. Marketing Intelligence - the set of procedures and sources used by managers to obtain everyday information about developments in the
marketing environment. Includes newspapers, intermediaries, social networks, trade conferences, suppliers, ad agencies, the reverse
engineering of competitor products, published reports, purchased information, etc.
3. Market Research - primarily concerned with understanding the nature of a market. The systematic design, collection, analysis, and
reporting of data and findings relevant to a specific marketing situation facing the company. Includes taking surveys or conducting
exploratory studies of a market. Scientific in nature, utilizing the scientific method in order to gain insights on how to solve real world
problems
Some of the Questions That a Market Research Typically Seeks to Answer
1. Prepared by: Who are our typical buyers?
2. Where do our buyers come from?
3. How big is our market?
4. What are our customers’ aspirations?
5. How do our customers shop and with whom?
6. What do our customers buy?
7. Why do customers refuse to buy our products?
Processes Involved in Conducting Market Research
1. Define the problem and research objectives.
2. Develop the Research Plan.
Components:
 Data sources Research approaches
 Research instruments Sampling plan
 Contact methods
3. Collect the information.
4. Analyze the data.
5. Present the findings.

KEY CONCEPTS:

WEB READING

HOW COMPANIES LEARN YOUR SECRETS ( http://goo.gl/aAzZgF )

Make a brief summary about the topic and give your own reflection.