MKTG 2201 Lecture Notes - Lecture 4: Customer Insight, Marketing Intelligence, Customer Relationship Management

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Marketing chapter 4 marketing information to gain customer insights
Customer insights
Companys must gain fresh, deep insights on to what customers want in order to
give them a competitive edge
Customer insight fresh understandings of customers and the marketplace
derived from marketing information that become the basis for creating customer
value and relationships
Customers often cant tell you what they want to buy and why, which makes
gaining insights harder for marketers
With the recent explosion of technology, it makes it easier to generate market
information in great quantities
With emails, blogs, Facebook and other social media network cites, individuals
are giving their information to companies and each other
Marketers have access to a lot of information that is out there, but they dont
make the best use of it
The value of marketing information lies in the information that is used and the
customer insights it gives marketers
Companies are now restructuring market research teams to form customer
insight teams to provide now what answers based on information gained
They collect information from a wide variety of sources
o Traditional marketing strategies
o Mingling with and observing customers
o Monitoring social media cites
o Monitoring conversations about the company and the products
They give this information to managers at the right time, in the right form to help
them build customer value
Marketing information system (MIS) is developed and consists of people and
procedures dedicated
o Assessing information needs
o Developing the needed information
o Helping decision-makers use the information
MIS helps users analyze and use the information
Assessing marketing information needs
MIS can also provide information to external partners like
o Suppliers
o Resellers
o Marketing services agencies
A good MIS balances the information the managers would like to have vs what
they need and what is affordable
The MIS team must monitor the market environment and provide marketing
managers with better information to understand customers decisions
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Developing marketing information
Internal data
Companies build internal databases information gained from data sources
within the company
o Marketing department customer characteristics, sales transactions,
and website visits
o Customer service department customer satisfaction and customer
problems
o Accounting department sales, costs and cash flows
o Operations production, shipments and inventories
o Sales force reports reseller reactions, competitor activities, marketing
channels
Internal databases can usually be accessed more quickly and cheaply than other
information systems
The problems with internal data
o It may be incomplete
o Wrong form for making marketing decisions
o Data ages quickly
o Managing mountains of information requires sophisticated equipment
and techniques
Competitive marketing intelligence
Competitive marketing intelligence systematic collection and analysis of
publicly available information about consumers, competitors and developments
in the marketplace
The goal is to improve strategic decision making by understanding the consumer
marketing intelligence is to improve strategic decision making by
o Understanding the consumer environment
o Assessing and tracking competitors actions
o Providing early warnings of opportunities and threats
Many companies have also appointed a chief listening officer, who sift through
online customer conversations and passing along key insights to marketing
decision makers
Companies monitor competitors activities to gain early warnings of their moves
and strategies
Competitor information can also be gained from the organization itself
Intelligence companies within the US provide financial information about
organizations within the US which makes it easy to access information
Marketing intelligence also raises ethical questions.
o Companies should use the information available to them but they should
not go snooping for more information
Marketing research
The systematic design, collection, analysis and reporting of data relevant to a
specific marketing situation facing an organization
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