Global competition intensifies the need for effective MIS and business intelligence that are accessible throughout the company. How can IT provide valuable tools in fulfilling this need as well as conducting global marketing research? Answer: There are different IT programs that can provide valuable tools for marketing. EDI (Electronic data interchange) links with vendors to enable retailers to improve inventory management and restock popular products in a timely, cost-effective manner.
Also, effective consumer response (ACRE) is another program which allows management to work more loosely with vendors on stock replenishment. ACRE systems utilize electronic point Of sale (EPOSES) data gathered by checkout scanners that help retailers identify product sales patterns as well as record consumer preferences separated by geographical areas. All these tools are also helpful in improving the ability of businesses to target consumers and increase loyalty. Customer relationship management (CRM) is another method by which a relationship is developed with the customer.
It helps in determining which customers are most valuable and to react in a timely manner with customized product and Irvine offerings that closely match customer needs. It also makes employees more productive and enhances corporate profitability. It also benefits customers by providing value-added products and services. Data warehouses store a company’s CRM system as well as other IT systems. These data warehouses can provide multiple uses such as helping retailers with multiple store locations fine-tune their product assortments.
In addition to internet, intranet can be a valuable tool, which can connect individuals within a company on a private basis. 2- Authors Michael Contain and Ilk Romaine identified four specific environmental factors that may require international research efforts to be conducted differently than domestic research. Describe those factors to outline the differences. Answer: The four specific environmental factors that may require international research efforts to be conducted differently than domestic research are: (1 ) researchers must be prepared for new parameters for doing business.
The requirements and ways in which rules are applied may differ from country to country. (2) A “cultural mega-shock” may occur as company personal come to grips with a new set of culture-based assumptions about inducting business. (3) a company entering more than one new geographic market faces a burgeoning network of interacting factors. Research may help prevent psychological overload in that case. (4) Company researchers may have to broaden the definition of competitors in international markets to include competitive pressures that would not be present in the domestic market. – The vice presidents of finance and marketing of a cosmetic company were traveling around the world to estimate the market potential for their products. They came to a busy metropolitan area in India and noticed that cost of the women were not using mascara and false eyelashes. The vice president of finance said, “There is no evidence of any market for our products and let us not waste time. ” However the vice president of marketing remarked, “We have a great opportunity to market our products. ” What is meant by this, and how will you suggest testing the instinct of either vice president?
Answer: This is a classic example which demonstrates the need to identify the information required to do market research. To formally confirm the assumptions, organized research is necessary. Identification of the need will arm the first step for conducting this marketing research in a different country. The need for research also arises when there is a problem, crisis or opportunity. Local taste preferences vary based on several factors ranging from social, cultural to economic reasons. Unless a research is conducted formally or informally it is impossible to arrive at a conclusion.
Also, it IS quite possible that a potential market can be missed or lost to competitors on false assumption or instincts. Thus, research should be undertaken to determine the potential market and how it can be converted into actual market. This would lead to a stepwise process for conducting marketing research. 4- How can observational studies and focus groups be used in marketing research? What are the different methods by which these studies are conducted? Answer: The four SSP research are: (1) rest from etc court personal r. Mom TN grill car-ducting business. Arrest faces a burger prevent psychological include competitive market traveling around the products, They carne mast of the envenom president: CB finance profile, and let us n reliance. Have meant this, and Hal information required assumptions, organic cairn:rye. Need or opportunity. Local TA: from social, cultural t tartar,ally or intramural possible paten assumption AR instill the potent’ try. Arrest should step a- How can observation Answer: In observation method one or more trained mechanical device watch and record the behavior of I buyers.
The research results are used to guide marker decision making. For example, obese/actions are done female customers open the door of cars and sit. This tremendous help in designing the doors of cars and Similarly, observing how consumers are picking item observing the items in shopping carts can give better actual purchase behavior of consumers. It should be consumers are unaware of being watched, actual bet and interpreted. Marketers can also observe the eater observation or the plate wastage after dinner to ass’ consumers.
Companies using observation as a eraser be sensitive to public concerns about privacy issues, subjects know that they are being watched. In focus E moderator facilitates discussion of a product concept personality, advertisement, social trends, or other reel comprised of 6 to 10 people. Selection of focus group done very carefully since the number of participants should also meet the criteria which closely fit the eve study. Usually focus group meetings are conducted IR room in an undisturbed environment.