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MODULE 3

MARKET SEGMENTATION, TARGET

MARKETING AND POSITIONINGAnd

INDUSTRIAL MARKETING

RESEEARCH

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Introduction

STP is one of the important strategic decision in marketing.

Objective is to identify, select, analyse, and evaluate

attractive market segments and position the product

favourably in the minds of the target customers.

It enables the firm maximize the returns on investment

It is directly linked to achieve the organizational goals.

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STP-A FrameworkMARKET SEGMENTATION TARGET MARKETING POSITIONING

1. Identify measurable,

relevant and operational

variables for segmenting the

market

2. Define macro profiles of

resulting segments

3. Define micro profiles of

the resulting macrosegments

1. Evaluate resulting

macro/micro segments:

a. Profitability analysis

b. Competitive analysis

2. Decide on market

coverage

a. Undifferentiated

b. Differentiated

c. Concentrated

3. Select the target segments

1. Develop product/market

positioning for each of the

target market selected.

2. Develop marketing mix

for each target market

selected.

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Market Segmentation

Selection of markets to serve effectively

It enables the marketing firm to allocate resources

effectively

It is a process of dividing the total market into severalsegments or groups of buyers.

The firm identifies different ways to segment the market,

develop profiles of each resulting segment, and evaluate

each segment's attractiveness.

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Market Segmentation

For example, an auto company may identify four broad

segments: car buyers who are primarily seeking

transport or high performance or luxury or safety.

Precision steel tubes was done based on thesegmentation variables of end users such as bicycles,

2wheelers, furniture's, boilers, bus body builders.

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Requirements of Effective

Market SegmentationThe Variables selected for analysis must be

Measurable- Information on the variables of interest should

exists and be obtainable

Relevant- the variables chosen should impact on decisionmaking to marketing programs

Operational- the variables chosen for evaluation should be

related to buying behaviour and differences in customer

requirements.

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Benefits of Market

Segmentation

It enables the industrial marketer to compare marketing

opportunities to different market segments.

Industrial firms with availability of adequate resources

can develop separate marketing programs or plan tomeet the specific customer needs

Budget allocation of resources can be done effectively to

various segments.

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Criteria Used for Selection of

Segmentation Variables Measurable-The variables used should measure sales

potential or quantity of product required by customers.

Differentiable-the segments should be distinguishable

and should respond to separate marketing plans.Ex: Ifscooter, motorcycle, and moped manufacturers respond

similarly while purchasing steel, they do not form

separate segments.

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Criteria Used for Selection of

Segmentation Variables Sustainable-The segments should be large enough in

terms of sales potential and profits.

Ex- By using company size as the segmentation variable, alarge company manufacturing and marketing electric

motors, segmented the market into small, medium, and

large segments, and the company selected medium and

large sized customers as their target markets.

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Identifying Variables used for

Segmenting Industrial Markets

Industrial market segmentation is approached on the basis

of:

Macro-variables

Micro-Variables

In some instances after using one variable, it may be

necessary to sub divide the market by using another

segmentation variable in order to obtain a detailed

scheme-sequential segmentation process

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Major Variables used for

Segmenting Industrial MarketsMacro-Variables

Type of Industry-

Which industry should we market our product or

services. Mining, Chemical, Textile, Rubber,

Automobile, etc.

Types of customers include Govt., institutional,

commercial, co-operative

Company Size-

What size of company should we focus on? Based on

the sales potential market is segmented as small,

medium and large.

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Customer Location-

What geographic area should we concentrate

on?

Customers located nearer to factory, or

customers located near urban areas like

Bangalore, Mumbai, Kolkata, Delhi, Chennai

End-use or application of products-

Should we focus on certain end users or

application of products instead of all the users Ex:Aluminium extrusions are used for doors

and window frames, TV antennas, electronic

equipment as heat sinks, etc.

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0 Micro-Variables

Customer Interaction Needs-

Should we serve customers who need moreinformation, help or discussions in decision makingprocess from the supplier?

Organizational Capabilities- Should we concentrate on customers who need

financial support or technical support, like moreservice or more credit?

Purchasing policies-

Should we focus on customers who prefercompetitive bidding, market based negotiated price,turn-key contracts or service contracts?

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Purchasing Criteria-

Should we serve the customers who seek

quality, service or price?

Personal Characteristics

Should we focus on customers based on the

personal characteristics of buying centre

members such as risk takers, risk avoiders, or

personal motives.

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Macro Segmentation

This approach consists of identifying the macro-variables

on the basis ofIndustry characteristics and

organizational characteristics such as size, type,

geographical location or product application.

Industry Characteristics-Industrial firms market their

product or service to industries classified by Standard

Industries Classification(SIC)

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0 Ex:A MR firm decides to segment its market

based on industry type, to develop industry

knowledge and information to give better valuein the competitive market. The company uses

the SIC codes to club different industries into

homogenous groups like, engineering, chemical,

fertilizers, agricultural and food processing

industries; service organizations like hotels

banks, trade associates and tourism

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Organizational Characteristics

The size of the customer is an important macro variable

used to segment the market.

Large organizations avoid purchases from small firms, and

differ in their marketing strategies. Customer location-the geographical locations of customer

is an important factor in serving the needs of on time

delivery.

Ex:transportation time, inventory control, availability ofwarehouse facilities, aftersales service.

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Market segmentation by end use of product is

used by the firm who market product or service

to the end use markets.

0 Ex: Market segment for aluminium observed are

doors, windows, partitions in factories, offices,

and commercial establishments. And other enduser segments are electrical control panels, bus

body builders, electronic sinks, dish antennas

etc.

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Micro Segmentation

Micro segments are homogenous group of customers

within the macro segments.

Industrial marketers subdivide macro-segments into

micro-segments only if necessary, and mainly based onpurchase decision.

Information and data required for developing micro

segmentation is gathered by sales persons and market

surveys.

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Micro-variables in Micro-

segmentation

Buy Phases-buy situations are used to segment the

customer group. Mainly done on the basis of customer

interaction needs. Ex-computarized numerically

controlled machines. Organizational Capabilities-factors include financial,

technical, or operational Ex-financially week companies

are attracted by long credit terms than on product quality

or delivery.

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Purchasing Policies-used to segment customerbased on the purchasing practices. Ex: Govt.Customers have standard purchasing policy of

tender bidding.

Purchasing Criteria-used to segment customersbased on the criteria used by buyingorganizations.Ex-criteria such as price, paymentterms, inventory carrying cost, rejection cost, andinspection cost, dominate the purchase decisions.

Personal Characteristics of individual buyers within

an organization is an important variable as theultimate decision makers are individuals.Ex-personal attributes like willingness to take risk,need of social relationship, education, age, andpersonal motives.

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Overview

The degree of market segmentation depends on how

detailed the customer knowledge is for effective

utilization.

More the market is segmented more it becomes costly andtime consuming.

Emphasis more on macro-segmentation, and only if

necessary move to micro-segmentation

Segmentation may even be based on the purchasesituation and the power structure in the organization.

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Target Marketing

Evaluating the Market Segments-

Size and Growth- Indicates the size and market

growth in each of the segment. Forecasting methods

are used to obtain the market demand and Growth. Profitability Analysis- 3 elements involved in

analysing the profitability are:

Market Potential

Sales forecast

Profitability

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Competitive Analysis-Profit potential depends

on the careful analysis of the competitor's

strengths and weakness w.r.t manufacturing,R&D, finance, technical, service product quality,

delivery performance, sales force, advertising,

distribution, technology, and organizational

reputation.

Company Objectives and Resources- Check

whether each potential segment is in line with

firm's long term objectives, if not eliminate the

segment. Ex:success factors for automotiveindustry are quality and after sales service.

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0 Target Market Strategies

0 After deciding the target segments, the firm has toadopt certain strategies to enter the market:

0 Concentrated Marketing:

The firm carefully defines a single or few segments

Then focus all the marketing efforts

The focus is on narrow range of products/servicesaccompanied by high quality, high price and highlyselective promotional and distributional products.

Done by firms whose resources are limited.

0 When the firm increases its focus and gain betterinformation than the competitors, its reputation andshare in business increases.

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0 Ex:the company decided to segment the market

based on the customer location, and

concentrated its marketing efforts only on thosecustomers who were located near to the

manufacturing plant, so as to give a superior

pre sales and post sales services than the

competitors. Although the company had limited

resources and was in small scale sector, it was

able to gain good profits.

0 Concentrated marketing strategy may be a risk ifthe market declines or competitor may invade

the selected segments.

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0 Differentiated Marketing

The firm decides to target several market

segments whose needs, product usage, marketresponses are different.

Develops seperate marketing strategies for

some chosen segments and avoid somesegments in the same market.

Gains higher sales volume and strongerposition in the chosen market

Leads to higher costs in product development,promotion, production and administration.

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0 Ex: an electrical engineering company decided

to market its medium range motors to cover

entire domestic market. To succeed in thecompetitive market, the company decided to

segment its whole market into OEMs, large

users, and dealers. Different marketing

strategies were developed on these focusing on4Ps.

0 The strategy helped the company to increase

sales and profits.

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0 Undifferentiated Marketing

Lack of effective market segmentation.

Ignores different marketing strategies for

different segments.

Develop a single marketing plan common to allthe segments.

Strategy used in market where there is a lack of

differentiation among the customers Strategy used if there is a lack of management

planning or analysis

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0 Advantage is to keep the marketing costs low,

i.e.., MR, inventory, production, advertising.

0 Sales persons face a tough job if the competitor

follows differentiated marketing strategy.

0 If the products are similar, the sales person has

to use 4Ps to differentiate among the

competitors

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Criteria in Choosing Target Market

Strategy

If the company resources are limited then the firm can

choose concentrated marketing strategy

If a new product is in the introduction stage of PLC, then

the firm can adopt concentrated or undifferentiated

marketing strategy, and when it reaches the mature stage,differentiated marketing strategy is advisable.

If the competitor follow differentiated marketing strategy,

the firm should also follow the same.

If the competitor uses undifferentiated marketingstrategy, then the firm can use differentiated or

concentrated marketing strategy.

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0Niche Marketing

A customer group that seeks product or servicetailored specially to the individual needs,desires and preferences.

Its objective is to reach unsatisfied potential

customers more effectively than competitors.

A selective approach to find a market nichewhere the company's strengths and capabilities

best match the customers' need. A strategic approach to gain increased

acceptance in individual market.

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0 Ex: A company focuses its services on training

field sales ad service persons to suit the needs

of each individual customers.

0 Ex:Toyota was one of the first companies to

realize there was a group of car buyers who

would be very interested in environmentallyfriendly cars. To answer this need, it came up

with the legendary Prius, the Hybrid Electric car.

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0 Overview

Niche Marketing is followed when the customer has a

complex and unique set of needs. Niche marketing strategy achieves high profits, as the

customers are willing to pay for their special needs.

Difficult for a competitor to attack a niche market

leader.

In the mature stage of the PLC the company should bein top 3 positions or adopt niche marketing strategy.

Major advantage is to attain high profits and sales may

decline due to low demand or large competitor attack.

To be safe in market, the firm has to concentrate todevelop two or more niche markets.

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0 Ways to achieve Niche specialization

Geographic location- the firm sells only in certaingeographic location.Ex-UPS manufacturers market locally.

End User- the organization decides to specialize in one typeof end use customer-Management B-Schools, Educational

Institutional. Customer size-many small scale firms prefer to market their

products/services to small size customers.

Product line-a firms manufacturers only one product tofocus on a particular need of the customer.Ex:lighting

Customer- firms specialize in marketing theirproducts/services to one or few customers.Ex:automobilecomponent suppliers sell entire products to TVS or Yamaha.

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Positioning

A distinct place a product/service occupies in the mindsof the target customers. or

How the firm wants its products/services to be perceived

by the target customers.

It should clearly differentiate its company and itsproducts from that of its competitors.

Ex:Infosys Technologies is positioned as a leading software

company, L&T positioned as a leading engineering

company. TATA positioned for the best quality in theminds of the customer

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0 Procedure for Developing a PositioningStrategy:

Identify the target customers' needs in terms of

major attributes or benefits. Conduct MR tounderstand major attributes, which the targetcustomer consider important factor in decisionmaking. Variables used to differentiate productsare:

0 Product Variables:ISO certification

0 Service Variables:Pre sales service, during sales serviceand after sales service.

0 Personal Variables: arranging training programmes at alllevels.

0 Image Variables: the way buyers perceives a company-competitive edge.

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Select one or more major attributes for differentiation based on company'sstrengths.

Selection of the attributes like best quality, best service or mostadvanced technologyto differentiate from competitors.

JK tyre has positioned as No.1 in Quality, No.1 in R&D, No.1 inTechnology, No.1 in Car Radials, No. 1 in Exports

Siemens Healthcare has positioned as Answers for life.

0 While deciding promotion strategy:

the marketer has to keep in mind which are the factors that customerconsider while selecting suppliers.

How does the target customers perceive the company's products/servicesw.r.t important attribute.

How does the target customers perceive the competitor's products/servicesw.r.t same attribute.

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The customer perception is mapped by statistical

analysis calledperceptual map.

High product quality

A1

strong customer service weak customer service

A

Low product quality

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Communicate the company's positioning to thetarget market.

Its not only important to position but alsoimportant to communicate to the target market

Communication of the positioning is done by salesforce, exhibitions, trade shows, advertising intechnical or trade journals

0 Ex: if the firm chooses TQM as the positioningstrategy, the firm displays superior quality in all theactivities like submission of quotations, salespresentation, packaging, dispatch, installation, after

sales service.

0 Some times customers perceive, high quality comeswith high price

n us r a ar e ng

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n us r a ar e ngIntelligence and Marketing

ResearchIntroduction Industrial marketing research is one of the components of

the industrial marketing intelligence

Marketing Intelligence is an on-going activity to providecontinuous information for decision making.

MR consists of systematic design, collection, analysis, and

reporting of data and findings relevant to the marketing

situations. The firm has to carry out external environmental analysis

to respond to opportunities and threats.

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Role of MR in Strategic Decision

Making

Its one of the basis for strategic marketing plan.

To analyse, plan, implement and control

marketing strategy effectively, information must

be gathered, organized, analysed.

Its also used to conduct market surveys,

experiments involving buying attitudes, and

practices in case of new product development.

erence e ween onsumer

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erence e ween onsumerand Industrial Marketing

Research Technical Orientation- Industrial marketingresearchers are more technically oriented thanconsumer marketing researcher as they interact morewith engineers, production and purchasing personnel.

Concentrated access to Information-due to asmaller concentration of industrial buyers,information sources tend to be concentrated. There isa greater reliance on secondary data sources,exploratory studies and expert judgement.

Survey techniques-personal interviewing ispreferred than telephone or mail, as it is easier toidentify specific respondents with small sample base

Respondent Cooperation-data from an industrialrespondents are very difficult to obtain than from theconsumer market.

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Survey methods between consumer

and industrial marketing research

Areas of Survey Methods Industrial Research Consumers Research

Sample Size

Small sample due to small

market size and concentratedbuyers

Large samples due to large

universe, and individual or

house hold buyers and are

geographically dispersed

Respondent cooperation and

accessibility

More difficult due to time

constraint; accessibility is

limited to working time

Less difficult to obtain data

accessibility is easier

Defining respondent

More difficult, as buying

decisions are made by several

members of buying committee

and not by purchase executives

Simple, as individuals and

house hold users are generally

the buyers

S f I d t i l M k ti

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Scope of Industrial Marketing

Research

Development of Market Potential-Industrial marketers

need to gather information on sales and profit potential

and should optimally allocate resources such as sales

people, advertising, budget, capital expenditure, so as todecide which product should be dropped or which

product should enter the market.

Ex:A marketing manager of electric motors need

information on sales and profit potential of fractional hp

motors, small range motors, medium range motors and

large AC motors.

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0 Market Share Analysis-Market share of a productfor a firm changes due to change in the competitivestrategies, change in customer requirements and

change in economic and political environment.

0 Market share is an important performanceparameter in setting future goal of a firm.

0

Sales Analysis-Sales, expenses and contributionare evaluated by each product line, territory, salesperson, market segment, customer.

0 Actual performance is compared on monthly,quarterly and yearly basis w.r.t above parameters.

0 This analysis is important to identify problemareas in market segment.

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0 Forecasting-Its an important input in preparingmarketing plan.

0

Its important factor to analyse businessenvironment(opportunities and threats andstrengths and weakness) and help the firm to takedecision on new products, diversify market, changein distribution channel etc.

0 Competitor Analysis-A market analysis isundertaken to understand the customers'perception to competitors' product quality, service,pricing and promotion as compared to the firm.

0 In the highly competitive market the industrialmarketer has to satisfy the target customers' needsbetter than its competitors.

0 B h ki I d fi d h d h f h

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0 Benchmarking-Its used to find out how and why some of thecompetitors perform better marketing tasks than other firms.

0 It aims to improve the firms performance by comparing andmeasuring the firms against business leaders anywhere in theworld.

0 It includes success factors for the industry in which the firmoperates like customer service, on time delivery, or effectivesales force.

0 The process involves-determine the tasks to benchmark-identify the critical performance factors of measurement-findout the best firm for the given tasks-measuring theperformance of the best firm and also the of the firm-collectingthe information on the process followed by the bestcompanies-analyse the data and determine which process of

the firm may work for the company-implement and monitorthe result.

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0 New Product Acceptance and Potential-After

the new product launch, industrial MR must

find out initial reaction from the customerregarding the buying decisions. It helps the firm

to decide on further investment in production,

thus reduce the risk of failure.

0 Business Trend Studies-As Industrial demand

is mostly derived from other industries

demand, its important to study the future

trends of the business of those industries onwhich the demand of the product depends.

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0 Sales Quota Determination-marketingresearch is conducted to evaluate the

performance of sales persons and territoriesand for setting sales goals.

0 The objective approach for deciding salesquota-

Breakdown the estimated market potential andmarket share into various geographical segments.

By multiplying the area market potential with

expected market conditions. Manager decides the sales quota for the individual

sales people and territories.

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Marketing Research Process

Defines the various tasks involved in the marketing

research.

STEP1. Identify the problem or opportunity and define the

research objectives.STEP2. Develop the research design.

STEP3. Collect the data.

STEP4. Process and analyse the data.

STEP5. Presentation/reporting the research findings.

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0 Identifying the problem and defining theresearch objectives

The first step is to identify the marketingproblem or opportunity and define theobjectives accurately.

Preparation of research brief-the backgroundinformation on the problem and the how thefindings will help the research process.

Its a very important step to avoid anycontingency at later stages

0

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0 Develop The Research Design/Plan

0 It indicates the procedure and the cost of

conducting the research study.

0 Decision Areas in Research Design-

Information type- preparation of the researchobjectives.

Sources of data- primary, secondary,commercial, or combination

Research methods- observational, descriptive,exploratory, experimental

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0 Sampling Plan- sampling procedure, sampling

unit, sample size

0 Methods of contact-mail, telephone or personal

interview

0 Data collection methods-questionnaire,

mechanical devices

0 D i i A i R h D i

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0 Decision Area in Research Design:

0 Information Type:

0 Based on the research objective the informationshould include

List of competitors

Their market share

Whether they are local national or multi-national

Whether any new competitor in future Competitors' SWOT analysis and pricing

policies

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0 Sources of Data-

Primary Data-consists of original information

gathered for specific purpose

Secondary Data-consists of data that is collected

earlier for some purpose

Commercial Data include the marketing informationoffered by some marketing research organizations

0 Research Methods for Primary Data Collection-

Observational Methods-information is recorded byobservation on the behaviour pattern of people,

without asking questions

0 E l t M th d Wh th bl i t

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0 Exploratory Methods-When the problem is notclearly defined and little information isavailable. Ex focus group and depth interviews

are used to gain the insight.

0 Survey Methods-Descriptive study are used byinterviewing people who are believed to

possess the desired information. It measurespeople's knowledge attitude and buyingbehaviour.

0 Experimental Method-The purpose is to

measure cause and effect relationship bysetting up a controlled situation.

0 S R h M th d

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0 Survey Research Methods:

0 In industrial marketing research, the most common

and the best primary data collection is the surveymethod.

0 Survey methods are classified into:

Structured direct and indirect interviews Unstructured direct and indirect interview.

0Structured Direct Interview-Its a formalquestionnaire approach to people, and instructedto respond to those questions only.

0 Since the responses are standardized, editing,tabulating, analysing is done easily.

0 It f d h th l i i l d

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0 Its preferred when the sample size is large andare geographically dispersed.

0Unstructured Direct Interview-It known as'depth interview' and often used forexploratory research.

0 Its conducted to obtain clear understanding ofthe problem and to discover information onhidden motives. Conducted usually in informaland casual manner to build rapport andencourage the respondent to express views.

0 It takes longer time and requires competentinterviewer.

0 St t d I di t I t i D l hi

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0Structured Indirect Interview- Delphi

Technique-

0 Its a structured communication technique,originally developed as a systematic, interactive

forecasting method which relies on a panel of

experts.

0 Delphi is based on the principle that forecasts

(or decisions) from a structured group of

individuals are more accurate than those from

unstructured groups.

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0 Unstructured Indirect Interview- Focus Group

Interview

0 A focus group is a form of qualitative

exploratory research in which a group of people

are asked about their perceptions, opinions,

beliefs and attitudes towards a product, service,concept, advertisement, idea, attitude or

packaging.

0Questions are asked in an interactive groupsetting where participants are free to talk with

other group members.

0 S li Pl

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0Sampling Plan

0 A sample is a part of the population which is

selected to obtain the necessary information.

0 Sampling Plan consists of 3 decisions:

Sampling unit Sample size

Sampling procedure

0 Sampling Unit: The researcher should

determine the population to be surveyed.

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0 Sample Size-the researcher should determine

the sample size i.e., how many firms to be

selected for survey.

0 Sampling Procedure-the researcher has to

determine how the objects are to be selected.

0 Its classified into:

Probability Sampling- based on Random Selection

and statistical measurement of errors could be done.

Non Probability Sampling-based on non Random

Sampling and sampling errors cannot be estimated.

The cost and time of sampling is less.

0 M th d f C t t

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0 Methods of Contact

0 The 3 methods of contact in industrial

marketing research are:

PersonalInterview

Telephonic interview

Mail surveys

0 Personal Interviews: Its a most widely used method as

the sample size is small. Its time consuming, expensive

and needs more planning and supervision. When theproduct is more technical, this method is more

effective.

0 Telephonic Inter ie Generall the information

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0 Telephonic Interview- Generallythe information

gather is quicker, response rate is higher, and

expenses are minimal. The interviews are short

and not personal, such as measuring corporate

awareness, evaluating advertising recall.

0 Mail Survey- The contact is impersonal and can

expect the possibility of ambiguity, and the

responses are low. Therefore the wordings of

the questionnaire for data collection is

important. Its free from interviewer bias andcan reach the respondents, who are not easily

approachable

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0 Data Collection Methods(ResearchInstruments)

0 Questionnaire-most common method used whenthe sample size is large. It includes a number ofquestions in a proper sequence contributing to theresearch objectives. The questions can be closed

end or open ended. The questionnaire should bepre tested to bring out the weakness in wordingand sequencing of questions.

0 Mechanical Instruments-these are devices which

are used to collect the information directly like theeye camera, psycho-galvanometer, audiometer, andmotion picture cameras.

Processing and Analysing the

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Processing and Analysing the

DataProcessing of data includes: Editing, Coding, Classification

and Tabulation

Editing: consists of checking the completed questionnaires

for any errors or omissions and correcting, whenever

required to ensure consistency and accuracy.Coding: includes assigning symbols and numerals to

answers so that the answers can be put into limited

category, which is needed for efficient data analysis.

0 Classification consists of arranging the data in

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0 Classification-consists of arranging the data in

groups or classes based on common

characteristics. 2 types of classification

observed are: descriptive or qualitative and

numerical or quantitative.

0 Tabulation-Its an ordinary arrangement of data

into columns and rows so that further data

analysis can be done.

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0 Data Analysis is categorized into Descriptive and

0 Inferential.

0 Descriptive Analysis: Its a study of distribution of one

variable such as size, efficiency and performance.

0 Analysis of data w.r.t 2 variables is referred to bivariate

analysis, and analysis of more than two variables is calledmultivariate analysis.

0 Some of the multivariate analysis are:

0 Multiple Regression Analysis

0 Multi discriminant Analysis

0 Inferential Analysis

Presenting the Research

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Presenting the Research

Findings/Report

The final stage of the research is the report preparation

including communication of the research findings.

Report preparation:

The researcher has to collect information about theprofile of the executives of the user company.

The research findings should be relevant to the market

research objectives.

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The researcher should logically justify the

choice of research method, data collection

method, data analysis techniques etc., underResearch Methodology

The researcher must not try to satisfy the

personal likes and dislikes of the executives inthe user company.

The researcher should have clarity of thought

and expression.

Standard format of marketing

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Standard format of marketing

research report. Title Page

Table of Contents

Executive Summary

Introduction( or research brief) Problem Formulation and Research Objectives

Research Methodology

Findings of the Research

Conclusions and Recommendations Appendix

References

Bibliography

Industrial Marketing

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Industrial Marketing

Intelligent SystemMarketing intelligence system provides relevant,

accurate and timely information on continuousbasis to the industrial marketing manager tomake decisions.

Industrial marketing intelligence system isdefined as a broad spectrum of information thatis required to make decisions.

The components include:

Marketing Research Studies Internal Information System

Secondary Data Sources

Decision Support System