Managing marketing information Flashcards
(Marketing Information and Customer Insights)
Customer insights
fresh marketing information based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and relationships.
• Fresh and deep insights into customer needs and wants
• Important but difficult to obtain
= Needs and buying motives not obvious
= Customers usually can’t tell you what and why
• Better information and more effective use of existing
information
(Managing Marketing Information)
customer insights teams
• Companies are forming customer insights teams
= Include all company functional areas
= Collect information from a wide variety of sources
= Use insights to create more value for their customers
(Managing Marketing Information)
Marketing information system (MIS)
refers to the people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.
(Assessing Marketing Information Needs)
A marketing information system (MIS) provides …
information to the company’s marketing and other managers and external partners such as suppliers, resellers, and marketing service agencies.
(Assessing Marketing Information Needs)
Characteristics of a Good MIS
Balancing the information users would like to have
against what they need and what is feasible to
offer
(Developing Marketing Information)
Marketers obtain information from
= Internal data
= Marketing intelligence
= Marketing research
(Developing Marketing Information)
Internal Data
Internal databases are collections of consumer and market information obtained from data sources within the company network.
(Developing Marketing Information)
Competitive Marketing Intelligence
is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.
Marketing Research
Marketing research is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
(Marketing Research)
Developing the Research Plan
Management problem
↓
Research objectives
↓
Information needed
↓
How the results will help
management decisions
↓
Budget(Marketing Research)
Gathering Secondary Data
ads and disads
advantages
= lower cost
= obtained quickly
= cannot collect otherwise
disadvantages data may not be = relevant = accurate = current = impartial
(Marketing Research)
Primary Data Collection
research approaches
= observation
= survey
= experiment
contact methods = mail = telephone = personal = online
sampling plan
= sampling unit
= sample size
= sampling procedure
research intruments
= questionnaire
= mechanical instruments
(Marketing Research)
Primary Data Collection
Research Approaches
Observational research = involves gathering primary data by observing relevant people, actions, and situations.
Ethnographic research = involves sending trained observers to watch and interact with consumers in their “natural environments.”
Survey research = involves gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.
Experimental research = involves gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.
(Marketing Research)
Focus Group – Personal Contact Method
- Six to 10 people
- Trained moderator
- Challenges
- Expensive
- Difficult to generalize from small group
- Consumers not always open and honest
(Marketing Research)
Online Contact Methods
advantages
- Low cost
- Speed
- Higher response rates
- Good for hard to reach groups
