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Chapter 5

Chapter 5.docx

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Department
Marketing
Course
MARK 201
Professor
All Professors
Semester
Fall

Description
Marketing Management I COMM 223Winter 2013Chapter 5 Managing Marketing Information1Marketing Information and Customer InsightsaCustomer insights fresh understandings of customers and the marketplace derivedfrom marketing information that become the basis for creating customer value and relationshipsiYou dont want to be customer controlled customers should not always get everything they want You want them to keep needing the firm in the futuresbMarketing information systems People and procedures for assessing information needs developing the needed information and helping decision makers to use the information to generate and validate actionable customer and market insightsiCompanies dont need more information they need better informationiiMarketing information systems begin and end with information users1Assess information needs2Develop needed information2Assessing Marketing Information NeedsiA good MIS balances the information users would like to have against what they really need and what is feasible to offeriiThe company must also decide whether the costs to maintain the MIS are worthwhile for the benefits the company gets in use of the systemaDeveloping Marketing InformationiInternal databases Electronic collections of consumer and market information obtained from data sources within the companys networkaBased on customer transactions demographics psychographics and buying behaviour customer service keeps track of satisfaction etcbProblems with internal databasesiBecause internal information was often collected for other purposes it may be incomplete or in the wrong form for making marketing decisionsiiData ages quicklyiiiThe mountains of information must always be easily accessible and properly categorizedstoredbMarketing Intelligence The systematic collection and analysis of publicly available information about consumers competitors and developments in marketing environments
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