BSBMKG501B Presentation 1 V2 Essay

Submitted By Leonardo-Beling
Words: 2687
Pages: 11

Identifying marketing opportunities BSBMKG501B Identify and evaluate marketing opportunities
Session 1

Purpose of this presentation
At the end of this session, you should be able to analyse information on markets and business needs to identify opportunities.
Key discussion:
 information

 market research
 evaluation of data
 information systems  environmental factors
 opportunity and threat

 assessment of markets
 customer and consumer trends. Purpose of this presentation (cont.)
Key discussion:

Pareto principle analysis techniques research methods
4 Market strategies  calculating break even
 techniques and sources that

are used to generate new ideas and concepts
 creative thinking techniques. Many types of information are needed.
There are various ways of gathering information to make marketing decisions:Marketing Information Systems:

internal reporting system – gathering information from inside the company

market research system – this is general information about the market you sell in 

market intelligence system – this is information specific to the market you sell to

marketing models – these are various diagrams and processes that can help you make decisions Information systems

Components of a Marketing Information systems

The Marketing Information System has 4 components:
Internal Reporting systems
The internal processes system catalogues all internal marketing processes within a business. All businesses which have been in operation for any period of time have a wealth of information. However, this information often remains under-utilised because it is unknown:
either in the ownership of the individual owner, manager or staff member or hidden in the functional departments of larger businesses.
The information is categorised according to its nature and type so that there are different types of data eg:
• financial
• production
• human Resources
• marketing
• stockholding
• logistical data.

Components of a Marketing Information systems 

Often the staff working in these departments holding this data, do not see how it could help decision makers in other areas.
Internal records that are of immediate value to marketing decisions are:
Orders received, Stockholdings, Sales invoices
These internal records can be used by marketing managers and are capable of providing and generating a great deal of information.
As an example, information that can be derived from sales invoices include: product type, size and pack type by territory product type, size and pack type by type of account product type, size and pack type by industry product type, size and pack type by customer average value and/or volume of sale by territory average value and/or volume of sale by type of account average value and/or volume of sale by industry average value and/or volume of sale by sales person.
By comparing orders received with invoices a business can establish the extent to which it is providing an acceptable level of customer service. In the same way, comparing stockholding records with orders received helps a business determine whether its stocks are in line with current demand patterns.

Components of a Marketing Information systems 

Marketing research system
This section of the overall system contains data from a business’s marketing research activities.
Marketing research is a proactive search for information which can be done in house or externally and guides marketing decisions.
Marketing research has two purposes:
Data is collected in a purposeful way to address a well-defined problem or a problem which can be defined and solved within the course of the study.
Marketing research is undertaken to continuously monitor the marketing environment.
Marketing intelligence system
This system stores information gathered from business marketing intelligence