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Chapter One
A Decision Making Perspective on Marketing Intelligence
Business Intelligence
BI is the ability to access data from multiple sources within an organization for the purpose of analysis. It links the disparate operation systems to the end users of the data, thus creating an environment with free flow of information. It offers a reliable barometer of the business performance. The applications of BI tools are huge and can be profitable across different functions of an organization.
Marketing Research 8th Edition Aaker, Kumar, Day
Business Intelligence
Marketing Intelligence
HR Intelligence
Operations Intelligence
Marketing Research
Design study
Back-End Analysis
MI focuses on the use of information as a source of strategic advantage. Need to have a thorough knowledge of customers, their attitudes, tastes and preferences. Need to analyze competition for benchmarking and making price, product, market and segment decisions.
Marketing Research 8th Edition Aaker, Kumar, Day
Marketing Research
Marketing Research, a critical part of Marketing Intelligence helps by providing accurate, relevant and timely (ART) information.
Specifies information required Designs method for collecting information Manages and implements data collection process Interprets results & communicates findings
A continuing and interacting structure of people, equipment and procedures designed to gather, sort, analyze, evaluate, and distribute pertinent, timely and accurate information to marketing decision making MIS Uses 3 Types of Information
Recurring market and accounting data from market analysis and accounting activities Intelligence relevant to future strategy of business Marketing research studies not of a recurring nature
Marketing Research 8th Edition Aaker, Kumar, Day
Situation Analysis
Analysis of
Market environment Market characteristics Consumer behavior Organize information obtained from prior studies (secondary) Focus groups
Marketing Research 8th Edition Aaker, Kumar, Day
Research Approaches
Strategy Development
Market Research Provides Information to Assist Management With Three Critical Decisions
What business should we be in? How will we compete? What are the objectives for the business?
Implementation
Starts with decision to proceed to a new program or strategy Commitment to objectives, budgets and timetables
Specific measurable objectives must be set for all elements of marketing program
"Did the elements achieve their objectives?" Should the marketing program be continued, discontinued, revised or expanded?"
Marketing Research 8th Edition Aaker, Kumar, Day
Cost-benefit Analysis
Marketing Research 8th Edition Aaker, Kumar, Day
Respondents Abuse
Situation Analysis
Strategy Development
Understand the environment and the market Identify threats and opportunities Assess the competitive position Define the business scope and served market segments Establish competitive advantages Set performance objectives. Product and channel decision Communication decisions Pricing Personal selling decisions Performance monitoring Refining strategies and program
Marketing Research 8th Edition Aaker, Kumar, Day
Implementation