Various Business Essays
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1. Describe a marketing information system (MIS). From what sources is the MIS developed. Please provide an example.
2. The seven characteristics of good marketing research are:
Scientific Method
Research Creativity
Multiple Methods
Interdependence of Models and Data
Value and Cost of Information
Healthy Skepticism
Ethical Marketing
Please provide examples of each.
3. Today, companies are increasingly concerned about customer defection. There are five main steps a company can take to reduce the defection rate. Characterize those five steps.
4. Compare and contrast the traditional organizational chart for an organization against the modern-oriented organization chart.
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Solution Summary
Marketing information systems sources, seven characteristics of good marketing research, five steps at reducing customer defection, and modern day organizational charts are discussed at length.
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1. A marketing information system is one where data is collected, sorted, and retrieved in a manner where data is the most useful relative to the task at hand. Sources of an MIS include point of sale data, supply chain data, and geographic data. An example includes a coupon system initiated by XYZ corp. The company buys third party data from retailers that tracks the movement of coupons from source to point of sale, and demographic data collected from credit card companies and banks pertinent to the sale. From this data, a firm can identify core demographics and geographic preferences of certain consumers.
2. Scientific Method-A firm considering testing the marketability of a product considers that it may appeal better to young females if the package is redesigned in red. The company test markets the product in metro Atlanta and seems to prove the theory. However, when launched nationwide, the product flops. The firm later realizes that the product was so well received in Atlanta because of the package's similarity to a local university's team colors. Using the scientific method would have caused the firm to test their theory more methodically and to have revealed the truth before millions of dollars were wasted.
Research Creativity-a software development firm attempting to research different methods of buying and selling items online begins to think creatively and explores payment options of such arrangements as well. During their research, they discover a ...
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