How can a marketer use real-time market information (ie: checkout scanner information on sales, customer buying habits, purchase methods, related product sales, etc.) as a competitive advantage?
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How can a marketer use real-time market information (ie: checkout scanner information on sales, customer buying habits, purchase methods, related product sales, etc.) as a competitive advantage?
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- Explain the role of secondary data in gathering customer insights. Where do marketers obtain secondary data, and what are the potential problems in using such data?What is a marketing information system (MIS), and what characteristics should it possess?What methods should a business/organization currently use to forecast sales?
- The marketing decision support system (DSS) is an interactive computerised information system. I need to explain the purpose of this DSS as well as the characteristics it needs to be effective.Market Segmentation and Your Purchase Habits In this learning activity, we will develop skills related to explaining market segmentation and segmentation variables, and their relevance to marketing. A market segment is a piece of the market. Market segmentation involves aggregating prospective buyers into groups that have common needs and who respond similarly to marketing programs. They are similar in their consumption behaviour, attitudes, and target market profiles. Find an example product category from your life or your purchasing habits that fits into each of these four segmentation categories. Mass marketing strategy: Marketing a product with a broad appeal to the entire market without any product or marketing differentiation This is uncommon and can be seen with utility companies. Segment marketing strategy: Marketing a range of different products and brands to specifically meet the needs of an organization's varied target markets. This is common with large companies such as car…"The systematic gathering, recording and analyzing of data about problems relating to the marketing of goods and services" is known as, Done Marketing intelligence Marketing mix Internal marketing information Marketing research
- Review the material in Chapter Ten on Gathering and Using Information. Why do companies gather market intelligence and conduct marketing research? What activities are part of market intelligence gathering? How do marketing professionals know if they have crossed the line in terms of gathering marketing intelligence?What is the reason that marketers have more access to reliable data?explain in detail why it is imperative for a business company to conduct a marketresearch and sequentially discuss marketing research process.
- Discuss the reasons why customer experience is getting more attention in marketing today and how marketers can use information from studying customer experience to make better marketing decisions. Also, what are some ways in which marketers can best study customer experience?Descriptive research is undertaken to collect data to examine the characteristics of consumers and or markets. What are the fundamental types of questions addressed by descriptive research and the different types of descriptive research?Explain the concept of segmentation, targeting and positioning for a product of your choice? How would evaluate the commercial attractiveness of market segment? You are newly appointed as a Marketing Managers in a publishing company and have been given specific responsibility for a new product launch. In this respect, you have been given a budget to conduct marketing research prior to launch. Explain how you would plan and conduct the marketing research by specifying the stages in your research plan? Describe briefly the five steps consumers go through when purchasing high-involvement products or services and what are the marketing implications of this purchase process?