Some people will say that determining the value of marketing
efforts and return on investment is nearly impossible, however in many
marketing environments, a marketing information system (MIS) can be used. A MIS, “consists of people, equipment,
and procedures to gather, sort, analyze, evaluate, and distribute needed,
timely, and accurate information to marketing decision makers.” (Kotler 34).
Marketing
professionals use the information in the MIS to conduct market research. There
is a process used when conducting market research. The first step is to define
the problem or research objectives. Secondly, the research plan needs to be
developed and thirdly, begin collecting the information. After the information
is gathered, then it is analyzed and presented to the company’s leadership.
Finally, the leadership makes a decision.
The
information collected through research can also be used to forecast a market
demand or an estimated plan of how many units will be sold within a particular
customer group or demographic. There are six major factors that affect a
marketing environment; they are demographic, economic, sociocultural, natural,
technological, and political-legal. Concerns such as income distribution and
debt and credit availability are examples of the economic factors that affect a
marketing demand and trends. Laws and regulations must also be kept in mind
when evaluating a market demand.
Source: Kotler, Philip, and Kevin Lane Keller. A Framework for Marketing Management.
5th ed. Boston: Prentice Hall, 2012.
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