Executive Summary CH3
Marketing managers need a marketing information system (MIS) to assess information needs, develop the needed information, and distribute it in a timely manner. An MIS relies on:
- an internal records system, including information about the order-to-payment cycle and sales infor-mation systems;
- a marketing intelligence system to obtain information about the marketing environment; and
- a marketing research system.
The marketing research process consists of six steps:
- define the problem and objectives,
- develop the plan,
- collect the data,
- analyze the data,
- present the findings, and
- make the decision.
Companies use forecasting and demand measurement to evaluate the size, growth, and profit potential of each new opportunity.
Marketers must monitor six major environmental forces:
- Demographic,
- Economic,
- Political-legal
- Environment/natural,
- Socio-cultural and,
- Technological.
In the demographic environment, they should examine worldwide population growth; mixes of age, ethnic composition, and educational levels; and household patterns.
In the economic arena, they should focus on consumer psychology, in-come distribution, and levels of savings, debt, and credit.
In the political-legal environment, marketers must work within the many laws regulating business practices and with various special-interest groups
In the environment/natural environment, marketers should be aware of increased concern about the natural environment and sustainability.
In the sociocultural arena, marketers must understand people’s views of themselves, others, organizations, society, nature, and the universe, as well as the role of core cultural values and subcultures.
In the technological arena, marketers should examine the accelerating pace of change, opportunities for innovation, varying R&D budgets, and increased regulation.
Remember the abbreviation –DEPEST– for the six major environmental forces in your SWOT.
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