MARKETING RESEARCH & MARKETING INFORMATION

SYSTEM

Marketing research is a systematic method of collecting, recording & analysing of data. It is used to

solve marketing problems.It finds out d needs & expectations of d consumers. So

d co. makes it products according to the needs & expectation of the consumers. It helps co. to make it

production & marketing policies

NATURE / CHARACTERISTICS

• Marketing research has a wide scope• Systematic, scientific and objective• Continuous and dynamic process• Tool for decision making• Benefits to the co. and consumers• Similar to military intelligence• Applied research• Closely connected with marketing information system (MIS)• Reduces the gap between producers and consumers• Use different methods• Limitations• Importance to accurate data collection & critical analysis

MARKETING INFORMATION SYSTEM

• Unified and centralized• Facilitates decision making• Provide quick and accurate information• Economical• Selective• Future oriented• Supply information regularly• New techniques• Basic obj• Used by all levels• information

IMPORTANCE of marketing research and MIS IN MARKETING DECISIONS

• Consumer needs and wants

• Competitors products• Effectiveness of

channels Of distribution• Studies the sales

promotion techniques• Packaging design• Forecasting design• Pricing decisions

• Helps to take advantage of business opportunities

• Marketing intelligence• Co. to recognize change• Quick supply of information• Quality of decision making• Facilitates marketing

planning and control• Recognise trends• Integration of information

Market opportunity anlysis

• Systematic examination & evaluation of the companies external environment

• Study the companies external environment

• Find out d customers unsatisfied needs and wants

• Potential demand• Developing new

products• Fixing the price• Customer delight• Keep legal limits• Competitors strategies• Channel of distribution• Promotion tools