MKTG 301 Chapter Notes - Chapter 4: Neuromarketing, Behavioral Targeting, Mail Online
Document Summary
Marketers must first gain fresh, deep insights into what customers need and want. Companies use these customer insights to develop a competitive advantage. Ex: pinterest had to differentiate itself from the dozens of other existing social network options. To gain good insights, marketers must effectively manage marketing information from a wide range of sources. Companies can now generate and find marketing information in great quantities. With technology, consumers now volunteer a tidal wave of bottom-up information to companies and to each other. Big data: the huge and complex data sets generated by today"s sophisticated information generation, collection, storage, and analysis technologies. Big data presents marketers with both big opportunities and big challenges. Marketers do not need more information, they need better information, and they need to make better use out of information that they already have. Customer insights: fresh marketing information-based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and relationships.
