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Lecture 7

MKT 304 Lecture Notes - Lecture 7: Market Intelligence, Marketing Intelligence, Customer Satisfaction


Department
Marketing
Course Code
MKT 304
Professor
Matthew Wilson
Lecture
7

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Market research
Once a marketer determines their info needed, info can be obtained in 3 ways.
Internal database
Market intelligence
Marker research
Internal database:
Are electric collections of consumers and market information obtained from data sources within
the company network.
-Include information on demographics, sales transactions, website visits.
Benefits:
Can be accessed more quickly and cheaply than others
Limitations:
May be incomplete or in the wrong form of marketing decisions
Internal databases also age quickly
Marketing intelligence:
Competitive marketing intelligence: a collection and analysis of publicly available information
about consumers, competitors, and developments in the marketing environment.
-Ex. Annual reports, discussions on blogs.
It’s the easiest form of research you can do.
Limitations:
The info you want may not be available
The info may not be perfectly accurate
Competitors know this information as well
It may not solve the problem I am researching
Its available to everyone
Market Research:
The systematic design, collection, analysis, and reporting of relevant data for specific situations.
Gives insight into:
Customer motivations
Customer purchase behavior
Customer satisfaction
How is market intelligence from market research?
Market intelligence is typically more general and already available.
Market research focuses on specific needs relative to your company and you typically have to
collect this data yourself.
Limitations
Time consuming
Expensive
Primary and Secondary data
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