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Marketing Intelligence Systems - Essay Example

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Marketing Intelligence Systems (MIS) are a set of procedures and sources used by managers to obtain everyday information about the marketing environment (Kotler, 2002). The fast changing business world has changed the marketing industry forever. Customer taste and preferences…
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Download file to see previous pages Some of the topics that are going to be covered in the MIS presentation include:
The value and quality of a marketing intelligence system depends on the input data the system receives. A five-step process that can help improve the quality of a marketing intelligence system is: 1) Train and motivate the sales force to spot and report new developments; 2) Motivate, retailers, intermediaries, and distributors to pass information along; 3) Collect intelligence by purchasing competitor’s products; 4) Create advisory panel composed of important stakeholders; 5) Purchase information from outside suppliers such as A.C. Nielsen Corporation (Kotler, 2002).
The five step quality control process improves marketing intelligence systems to make them more valuable. When the sales force acts as intelligence gatherers they must be trained to recognize the type of information that is useful for managerial purposes. Obtaining product samples from the competition is useful to compare in terms of quality, value, and packaging presentation. Customer advisory panels provide valuable information concerning customer needs. External research firms are able to provide marketing information at a lower cost than what most companies can produce in-house.
There are many benefits associated with the implementation of a MIS. The use of an MIS can assist a manager in the sales forecasting process. The system can be used by a start-up company to determine the optimal target markets to penetrate. An MIS system allows a company to monitor behavioral changes in consumer buying patterns. This type of information is useful to adapt the company’s product offering. For example a company in the food industry could utilize data concerning the tendency of a marketplace to consume salty foods to determine the chances its new potato chips brand have to succeed in a region. Marketing intelligence systems can be ...Download file to see next pagesRead More
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