Chapter 4 Flashcards
Marketing Information
customer motives and needs are difficult to determine, marketing info provides some sort of knowledge on the matter. It provides marketing insights.
Customer Insights
understandings of consumer and marketplace, provided by market information, allows marketers to build strong customer relationships
Big Data
complex data sets generated by modern information technologies. big data = right data. rain example.
Marketing Information System (MIS)
people and procedures dedicated to assessing info needs, developing needed info and helping decision makers use info in order to generate customer and market insights.
Good MIS Balance
Info users would like to have vs what info users need. avoid having too much data.
How is Marketing Info Developed?
In 3 ways: Internal Data, Marketing Research and Marketing Intelligence
Marketing Environment
The marketing environment consists of target markets, marketing channels, competitors, publics and macro-environment forces
Internal Databases
Collections of consumer and market info obtained from sources within the company’s network. May be incomplete or provide wrong info.
Functions of Internal Databases
Marketing, Customer service, accounting, sales, channel, finance (slide 12, ch 4)
Marketing Intelligence
Systemic monitoring, collection and analysis of publicly available info
What are the Marketing Intelligence techniques?
- Observing customers
- Quizzing company employees
- Monitoring competitor moves
- Conducting online research
- Monitoring social media buzz
example: Mastercard digital intelligence
What does marketing intelligence bring?
Insights on consumers, early warnings of competitor strategies + strengths and weaknesses, helps protect firm, raises ethical issues.
Marketing Research
systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization
Approaches: use own research departments, hire outside research specialists
Marketing Research Process
- Defining problem and research objectives
- Developing the research plan for collection info
- Implementing plan: collection and analysis of data
- Interpreting and reporting findings
Exploratory research
to gather preliminary info, define problem; suggest hypotheses
Descriptive research
to better describe marketing issues, situations or markets
e.g. potential for a product or the demographics and attitudes of consumption
Casual research
test hypotheses about cause-and-effect relationships
How do we translate research objectives into specific information needs?
outline sources of existing data, spell out specific research approaches, contact methods, sampling plans and instruments that researchers will use to gather new data.
Secondary Data
Data that was previously collected for a different usage
How do we find secondary data?
Company’s internal database, commercial online databases, purchased from 3rd party suppliers, search engines (Google)
Gathering Primary Data
1) Research Approaches (observation, survey, experiment)
2) Contact Methods (mail, phone, personal)
3) Sampling Plan (sampling unit, sample size, sampling)
4) Research Instruments
Study them in notebook
Customer Relationship Management (CRM)
manage detailed information about individual consumers, carefully managing customer touch points to maximize customer loyalty, consists of software and analysis tools. These tools integrate customer info from all sources, analyze data in depth, apply results.
Marketing Analytics
Analysis tools, tech and processes by which marketers determine patterns in big data to gain insight and gage marketing performance. Differentiating right info from wrong and useful information from useless. e.g. Netflix keeps viewing profiles of its users and offers personalized recommendations based on what theyve watched and like/disliked. They also display the percentage by which movies and shows match your viewing tendencies and preferences. AI is also used to perform marketing analytics.
Distributing and using marketing info
MIS makes info available for decision making
- routine info for decision making
- non-routine info for special situations
Intranets, Internal CRM systems and Extranets
Facilitate sharing. Intranet is within the business, extranet connects the outside and the inside of the business.
