Key concepts of importance for utilising market information and market research:
CASE CONCEPTS
The article discusses the continued opportunities that exist for no-frills air travel, allowing examination of market segmentation opportunities and the processes that may be involved in gathering qualitative and quantitative data on business and leisure travelers. Further, there is opportunity to discuss the different research methodologies that could be employed and the arguments for the creation of an effective marketing information system.
CHAPTER CONCEPTS
Marketing Information System
The system consists of people, technology, and processes to gather, sort, analyse, and disseminate information in a timely and accurate form for marketing decision makers. Interestingly the elements identified for a marketing information system are the same as for any other type of management information system. The uniqueness of a marketing information system is the focus on marketing orientated information.
Developing Information
The information required by marketing professionals from a marketing information system, as described in Figure 8.1 on p.317, emphasizes internal company records, marketing intelligence, and market research. The information analysis system, typically driven by specialist computer technology, processes data to produce meaningful and useful information.
Defining the Market
A market is termed by many as a place where buyers and sellers communicated in the process of buying and selling goods. Traditionally the place of such exchanges would be physical in nature but due to developments in technology the location for many markets is also becoming virtual.
Assessing Current Market Demand
Marketing professionals need to be able to assess three aspects of current market demand: total market demand; area market demand; and actual sales and market share. The measurement process is currently driven by on-line marketing database systems which are developed through dedicated market assessment organisations or by the actual buyers and sellers within an industry. The gathering and distribution of information is now becoming more timely and responsive due to computer networks and buyer/supplier networks in both consumer and business markets.
Forecasting Future Demand
Market estimates are needed in order to judge future sales and market potential in countries, regions, cities and towns. This enables many organisations to allocate marketing budgets more cost effectively amongst chosen locations.
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