COMM 223 Study Guide - Midterm Guide: Marketing Intelligence, Focus Group

• School: Concordia University
• Department: Commerce
• Course: COMM 223
• Professor: Robby D.Saks

Document Summary

Although customer insights are important for building customer value and relationships, it"s hard obtain them. Customers sometimes don"t even know what they need, and why they buy. Tomato sauce video: didn"t know that of americans preferred extra chunky sauce. Customer insights: understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships. Like coca cola who hired people to not just find data on customers insights, but the story behind the data, and what we gain from these insights. Marketing information system (mis) : people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers sue the information to generate and validate actionable customer and market insights. A good mis balances information wants, needs, and feasibility. It has limitations, but it is costly (consider roi) Internal databases: electronic information from sources within the company.