Global Information Systems - Global Economics - Lecture Slides, Slides of Economics

Download Global Information Systems - Global Economics - Lecture Slides and more Slides Economics in PDF only on Docsity!

Chapter 6

Global Information Systems

and Market Research

Introduction

Understand the importance of information technology and marketing information systems Utilize a framework for information scanning and opportunity identification Understand the formal market research process Know how to manage the marketing information collection system and market research effort

Tools of MIS

Intranet Electronic Data Interchange (EDI) Efficient Consumer Response System (ECR) Electronic point of sale

Intranet

A private network Allows authorized company personnel (or outsiders) to share information electronically 24-hour nerve center Allows companies like Amazon.com and Dell to operate as real-time enterprises

Efficient Consumer Response (ECR)

A joint initiative by members of a supply chain to work toward improving and optimizing aspects of the supply chain to benefit customers This is in addition to EDI An effort for retailers and vendors to work closely on stock replenishment Utilizes electronic point of sale (EDI)

Customer Relationship Management

New business model Philosophy that values two-way communication between company and customer Every point of contact with a consumer is an opportunity to collect data Can make employees more productive and enhance corporate profitability

Privacy

Safe Harbor Agreement establishes principles for privacy protection for companies that transfer data to the United States from Europe Purposes of the information collected and used An “opt out” option to prevent disclosure of personal information Can only transfer information to third parties that are in compliance with Safe Harbor Individuals must have access to information

Data Warehouses

Help fine-tune product assortments for multiple locations Enhance the ability of management to respond to changing business conditions

Sources of Market Information

Personal sources Company executives based abroad who have contact with distributors, consumers, suppliers, and government officials Friends, acquaintances, professional colleagues, consultants, and prospective employees Direct sensory perception Using the senses to find out firsthand what is going on in a particular country

Formal Market Research

Global marketing research is the project-specific, systematic gathering of data in the search scanning mode on a global basis Challenge is to recognize and respond to national differences that influence the way information is obtained

Step 1: Identifying the Information

Requirement

What information do I need? Existing markets—customer needs already being served by one or more companies; information may be readily available Potential markets

• Latent market—an undiscovered market; demand would be there if product was there
• Incipient market—market will emerge as macro environmental trends continue Why do I need this information?

Step 2: Problem Definition and

Overcoming the SRC

Self-reference criterion occurs when a person’s values and beliefs intrude on the assessment of a foreign culture Must be aware of SRCs Enhances management’s willingness to conduct market research Ensures that research design has minimal home- country bias Increases management’s receptiveness to findings

Step 4: Examine Data Availability

Sources may be Company records Secondary sources

• Trade journals
• Government sources such as CIA World Factbook, Statistical Yearbook of the United Nations, World Bank
• Commercial sources such asThe Economist and Financial Times, Marketresearch.com

Step 5: Assess Value of Research

What is the information worth versus what it will cost to collect? What will it cost if the data are not collected? What will the company gain with this information?