Managing Marketing Information for Customer Insights Flashcards
VALUE
value is in the customer insights gained from the information and how the marketers use these insights to make better decisions
How do you create value?
Gain fresh deep insights into customer needs and wants. Comes from good marketing information. It is a competitive advantage.
Are insights easy to obtain?
No. Often needs and motives are not obvious. You have to manage information from multiple sources to gain insights.
Where is Data collected from?
The company marketing research, internal customer transaction data, social media monitoring, connected devices and digital websites.
How do customers themselves generate marketing information?
Via smartphones, Tablets, online browsing, social media, texting, geolocation data
What is BIG DATA?
huge, complex data sets generated by todays information generation, collection, storage, and analysis technologies
Example of BIG DATA
Coca-cola monitors online discussions about its brand. The hard part is sifting through information efficiently.
Marketing Information Systems
Serve the company marketing groups and managers but also provides information to external partners (suppliers, resellers, and agencies)
Marketers can obtain information from:
Internal data, competitive marketing intelligence, marketing research
What is internal data?
Collections of consumer and market information obtained form data sources within the company’s network
Quickly received and less expensive but can quickly be outdated
Examples of Internal Data
Marketing department, accounting, customer service, operations, sales force, marketing channel partners
What are some marketing intelligence techniques?
Observing customers first hand, benchmarking competitors products, conducting online research, monitoring social and mobile media in real time
What does marketing intelligence accomplish?
Helps marketers gain insight into how to talk to customers and engage with their brands. Actively monitor competitors
Example of Marketing Intelligence involving competition
Samsung routinely monitors real time social media activity surrounding the introduction of apples latest iPhones, iPads, and other devices to quickly share marketing responses for its own smartphone and tablets.
What is marketing research?
Involves more focused studies to gain customer insights related to specific marketing decisions. Sometimes hold more formal studies for insights on specific marketing situations and decisions.
Newer, more agile, more immediate and more cost effective digital data methods:
Real time social media, websites, online feedback monitoring, mobile device tracking
What is the market research process
Defining the problem and research objectives, developing the research plan for collecting information, implementing the research plan collecting and analyzing data, interpreting and reporting the findings
Manager vs Market researcher
Work together closely to define the problem and agree on research objectives
What is the most difficult step in the marketing research process?
Defining the problem and research objectives (the 1st step)
What are the 3 types of research objectives?
Exploratory research, descriptive research, causal research
What is exploratory research?
Gathers preliminary information that will help define the problem and suggest hypotheses
What is Descriptive Research?
Describe things, such as market potential for a product or the demographics and attitudes of consumers who buy the product
What is causal research?
testing a hypothesis about cause-effect relationships
What is to be determined after the objectives are defined?
The exact information needed, a plan for gathering info efficiently, presenting the plan to management
What should be included in a proposal?
The management problems to address, the research objectives, the information obtained, how the results will be used to make a decision, the estimated cost.
Primary vs Secondary Data
Primary = information collected a specific purpose at hand
Secondary = information that already exists somewhere, having been collected for another purpose
Sources of primary research contact methods
Mail, telephone, personal, online
Sampling Plan
sampling unit, sampling size, sampling procedure
What are some research instruments?
Questionnaire, Mechanical Instruments
How do companies distribute and use Marketing information?
Intranets or CRM systems help with the process. Allows access to internal data, intelligence, shared reports and documents.
What are the best marketing research techniques for a small business?
Observation, secondary data, informal surveys, small samples
What are the best marketing research techniques for a small business?
Observation, secondary data, informal surveys, small samples
3 major public policies and ethic issues
Intrusions on consumer privacy, consumer data security and protection, misuse of research findings
