Market Segmentation and Target Markets
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E-commerce businesses tend to have very sophisticated Marketing Information Systems. In the online environment, it is easier to collect and track information on visitors and purchasers than with brick and mortar enterprises. Keep in mind, nowadays companies give you "membership card" or ask for a phone number to track what you buy. Also many sales people will ask you how you heard of the business. These types of techniques may give you a hint as to companies with good MKT Information Systems.
Research a traditional company that uses a good Marketing Information System to gather data. Describe how they gather information, the type of information gathered, and how that information helps the company market its products.
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Solution Summary
The solution provides research for a traditional company that uses good marketing information systems to gather data.
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I will give example of the company to which I was associated SRF Ltd, which will help in explaining the marketing information systems:
This company is using Customer Relationship Management (CRM) database to track historical sales. Instead of manually recording and analyzing the sales and marketing data it is much more convenient through use of a new information system. Thus organization can record valuable historical data about sales orders, product information, and customer sales information, including prices paid, costs, margins, and discounts given to make important decisions. It will help in understanding the customer and providing in good service. Using CRM Companies would be wise to consider the different sub-groups of customers they have and how they differ in terms of types of purchase, cost of purchases, servicing needs, communication methods, total purchase transaction time, post-purchase needs, complaint issues, and others. Even more important to identify may be the commonalities between these same customers, and the characteristics that seem to be present for most or all of them.
This type of analytical dissection of a company's existing customer base will allow for customer profiling. Profiling is key to eventually understanding everything from how to best service the customer to delineating the best methods for marketing, selling, and retaining these customers (and more just like them). The rule of the thumb is to never assume anything about your customers.
Sales department manager will require the information on the credit worthiness of the customer. She will require credit analysis of each customer, information on outstanding from each customer, information on what performance ...
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