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Busi 2204 29.01.doc

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BUSI 2204
Les Melamed

Busi 2204 Jan 29 2013TA Emailgracevalentine9gmailcommarissawesleycarletoncaManaging Marketing Information to Gain Customer Insights contCustomer Insights teams are formed from all areas within a company no only marketing Data sourcescontent areasInternal recordsMarketing information systems Marketing IntelligenceCustomerexternal Marketing researchSometimes the term marketing research is used to describe all three content areasMISInternal dataInformation collected from different sources within the company and stored within the organizations information systemAccounting system OperationsproductionSales reporting systemPast research studiesInternal data is cheap quick and easyMay not be in a usable form for the decision to be madeMay be incomplete or inappropriate to a particular situationA loyalty program identifies you as an individual eg Air Miles these companies know what you buy and may sell this information they can do the marketing research to target youThis is called Data mining A mail route can be boughtAn assumption isyour future purchase behaviour is predictable because of what you have purchased in the pastIn 2008 recession some credit card companies offered bankrupt individuals credit card They charged a higher interest rate to increase profitThere are people in every organization who are not your customers another assumption is if you get a hold of the new customers they will behave in the same way that past customers have behavedExisting customers are indicative of what you will find among new customersMarketing IntelligenceSystematic collection and analysis of publicly available information about consumers competitors and developments in the marketplace spying
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