How Companies Analyze and Use Marketing Information
Marketing information is vital for companies to understand customer needs, make informed decisions, and stay competitive. This content explores marketing research steps, the use of Marketing Information Systems (MIS), and the value of analyzing data for better decision-making.
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Presentation Transcript
Libyan International Medical University Faculty of Business Administration How to Analyze and Use Marketing Information Mohamed A.A Eldeep Student Number : 2754 EMAIL : mohamed_2754@limu.edu.ly
Table of content . Definition of marketing research . Marketing research steps . Marketing information system MIS . How companies use and analyze marketing information . Conclusion . References 2
Definition of marketing . consists of collecting information relevant to a specific marketing problem faced by the company . MIS helps users analyze the information to develop customer insights, make marketing decisions and manage customer relationships 3
Marketing research steps First step: defining the problem and setting the research objectives Second step: developing a research plan for collecting data from primary and secondary sources Third step: Implementing the marketing research plan by gathering, processing and analyzing the information Fourth step: interpreting and reporting the findings. 4
Marketing information system MIS consists of People and procedures for assessing information needs Developing the needed information Helping decision maker use the information to generate and validate actionable customer and market insights 5
How companies use and analyze marketing information -Information gathered in internal databases and through marketing intelligence and marketing research usually requires more analysis. - To analyze individual customer data many companies have now acquired or developed special software analysis techniques called: -CALLED CUSTOMER RELATIONSHIP MANAGEMENT (CRM) which integrate, analyze and apply the mountains of individuals customer data contained in their databases. - Marketing information has no value until it is used to make better marketing decisions. MIS must make the information available to managers and others who make marketing decisions or deal with customers 6
Conclusion - The marketing process starts with a complete understanding of the marketplace and consumer needs and wants. - Thus, the company needs information to produce superior value and satisfaction for its customers. - Company also requires information on competitors, reseller and other actors and forces in the marketplace. - Marketers are viewing information not only as an input for making better decisions but also as an important strategic asset and marketing tool. 7
References Blog, F. (2019, November 14). 7 Types of Data Measurement Scales in Research. Formplus. https://www.formpl.us/blog/measurement-scale-type. 8
