chapter 4 Flashcards
managing marketig information to gain customer insight
objectives
1- explain the importance of info to gain insight about the marketplace and customer
2- define the marketing information system and discuss its parts
3- outline the marketing research and the steps in the marketing process
4- explain how companies analyze and use marketing information
5- discuss the special issues some marketing researces face
Marketing Information and Customer Insights
to create value and meaningful relationships marketers need to gain insight about what the customers want and need. often customers themselves cant tell what they need an why they buy, so to gain customer insight you have to manage marketing information from a range of sources
big data and existing information
Big data = The huge and complex data sets generated by today’s sophisticated information generation, collection, storage, and analysis technologies.
Insights can be difficult to obtain; marketers must manage marketing information from a wide range of sources– in fact there is information overload & paralysis
Marketers don’t need to more information; they need better information, better use of existing information
customer insight
deep understanding of customers stated and unstated needs and wants that become the basis for creting and enduring customer value, engagement, and relationships
marketing information ecosystem
people process and assets dedicate to assessing managers information needs, developing the needed information and helping managers and decision makers apply that information to generate and validate actionable customer and market insights
Assessing Information Needs and Developing Data
why is information important
information helps to assist the strategic planning, in terms of competitiors, customers, environmental scan, opportunities / threats
assist on decision making
Assessing Information Needs and Developing Data
how do we optain this information
- internal data
- marketing intelligence
- marketing research
marketing information systems ( MIS )
MIS provides information to the companies marketing and other managers and external partners such as suppliers, resellers, and marketing service agencies
Developing marketing information
marketers obtain information form:
internal databases, marketing intellicence, marketing research
<Developing> Internal databases
</Developing>
definition = Collections of consumer and market information obtained from data sources within the company network.
many companies build internal databases
internal databases are colections and market information obtained from data sources within the company network
The customer service department keeps re- cords of customer satisfaction, inquiries, or service problems. The accounting department provides records of sales, costs, and cash flows. Operations reports on production, ship- ments, and inventories. The sales force reports on reseller reactions and competitor activi- ties, and marketing channel partners provide data on sales transactions. Such information can provide powerful customer and market insights
Developing marketing information
competitive marketing intelligence
definition = The systematic monitoring, collection, and analysis of available information about competitors and developments in the marketing environment.
Competitive marketing intelligence
is the systematic collection and
analysis of publicly available
information about consumers,
competitors, and developments in the
marketing environment.
observing consumers firsthand
quizzing the company’s own employees
benchmarking competitors’ products
researching the internet
monitoring internet buzz
Can help marketers gain insights into how
consumers talk about & connect with their
brands. Many companies send out teams of
trained observers.
The goal is to improve strategic decision making by understanding the consumer environment, tracking and assessing competitors’ actions, and providing early warnings of opportunities and threats.
Marketing research
definition = marketing research is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situations facing an organization
marketing research gives marketers insights into customer motivations, purchase behavior, and satisfaction. It can help them to assess market poten- tial and market share or measure the effectiveness of pricing, product, distribution, and promotion activities.
Marketing research process
1- types of research = exploratory, descriptive, causal
2- types of data = primary versus secondary
3 - types of research approach = observational, qualitative, survey, behavioral, experimental
types of research
Defining the Problem and Research Objectives
Types of Research
⚫ Exploratory research = gathers preliminary information that will help define the problem and suggest hypothesis
⚫ Descriptive research = marketing research to better describe market and consumer characteristics, such as the market potential for a product or demographics and attitudes of consumers who buy the product
⚫ Causal research = Marketing research to test hypotheses about cause-and-effect relationships.
defining the problem and research objectives
The research plan should be presented in a written proposal,
which should cover:
- problems with the management
- research objectives
- needed information
- budget
- how the results will help management decisions
