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MER1401 S7
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MER1401 S7

Introduction to Marketing Information Systems

Overview of the Session

  • The session focuses on marketing information systems (SIM) and their key components.
  • Emphasis will be placed on understanding the elements of SIM and sources of information.

Elements of Marketing Information Systems

  • People: Essential for gathering information; consumers must provide data through surveys or questionnaires. Proactive consumers contribute significantly.
  • Machines: Refers to modern computing systems that store vast amounts of data, replacing traditional methods like notebooks due to globalization and online sales.
  • Data Collection Techniques: Various methods such as observation, interviews, focus groups, surveys, and social media monitoring are used to gather relevant information.

Sources of Information in SIM

  • Acquired Databases: Large databases can be purchased from market research firms or business associations for insights into consumer behavior.
  • Internal Data: This includes company records related to sales, production, returns, and purchases which help in analyzing performance metrics.
  • Market Research: Involves collecting data directly from sellers or hiring specialists for comprehensive studies to understand market dynamics better.

Business Intelligence vs Marketing Intelligence

  • Business Intelligence: Focuses on internal company data analysis to inform strategic decisions based on historical trends. It emphasizes quality data management processes rather than just raw data collection.
  • Marketing Intelligence: Encompasses external factors including competitor analysis and emerging technologies that influence consumer preferences and market strategies. For example, Netflix uses user ratings to tailor content recommendations in real-time based on viewer preferences.

Conclusion

  • The session aims to clarify concepts surrounding marketing information systems and their importance in effective marketing strategy development by leveraging both internal and external data sources effectively. The speaker encourages viewers to engage with these fundamental aspects of marketing intelligence for better learning outcomes in the field of marketing fundamentals.