Entrepreneurship-Ch 10
factors affecting the value of a marketing information system
Data reliability, Data usefulness or understandability, Reporting system timeliness, Data relevancy, System cost
areas of market research
The company's major strengths and weaknesses Market profile, Current and best customers, Potential customers, Competition, Outside factors, Legal changes
market segmentation
The process of identifying a specific set of characteristics that differentiate one group of consumers from the rest through demographic variables and benefit variables
consumer behavior
The types and patterns of consumer characteristics including personal and psychological characteristics
social media marketing
The use of social networks, online communities, blogs, wikis, and other online collaborative media tools for marketing purposes.
convenience goods
consumers will want these foods and services but will not be willing to spend time shopping for them -staple goods, emergency goods, impulse goods (checkout counter)
determining who the customers are, what they want, and how they buy
current marketing research
promoting and distributing products according to marketing research findings
current sales analysis
creates value, enables customers, and encourages participation
effective social media
1. Current marketing research 2. Current sales analysis 3. Marketing information system 4. Sales forecasting 5. Evaluation
elements of the marketing plan
identifying and assessing deviations from marketing plans
evaluation
new goods
items that are unknown due to lack of advertising or are new products that take time to be understood
collecting, screening, analyzing, storing, retrieving, and disseminating marketing information on which to base plans, decisions, and actions
marketing information system
the process of determining a clear, comprehensive approach to the creation of customers
marketing plan
disadvantages of secondary data
outdated, lacks specificity, questionable validity
shopping goods
products consumers will take time to examine carefully and compare for quality and price
specialty goods
products or services consumers make a special effort to find and purchase
coordinating personal judgment with reliable market information
sales forecasting
surveys and experimentation
sources of primary data
marketing research
the gathering of information about a particular market followed by analysis of that information
unsatisfied needs that exist within a market
what do benefit variables identify
a geographic and demographic profile of the consumers and their purchasing potential
what do demographic variables determine
co-created, communities, customizable, choice
4 Cs of Marketing
1. Convenience goods 2. Shopping goods 3. Specialty goods 4.Unsought goods 5. New goods
5 major consumer goods classifications
market
A group of consumers (potential customers) who have purchasing power and unsatisfied needs.
demographic variables
Age, marital status, sex, occupation, income, and location
benefit variables
Convenience, cost, style, trends (depending on the nature of the particular new venture)
secondary data
Information that has already been compiled
primary data
Information that is gathered specifically for the research at hand
advantages of secondary data
Less expensive and available
unsought goods
items consumers do not currently need or seek-insurance, encyclopedias, cemetery plots