COMM 2401 Chapter Notes - Chapter 5: Customer Relationship Management, Data Mining, Focus Group
29 Oct 2018
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Document Summary
Chapter 5: managing marketing information to gain customer insights. Customer insights: fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating value and relationships. Marketers can obtain needed information from internal data, marketing intelligence and marketing research. Internal databases: electronic collections of consumer and market information obtained from data sources within the company network. Competitive marketing intelligence: the systematic collection and analysis of publicly available information about consumers, competitors and developments in the marketing environment. Goal is to improve strategic decision making by understanding the consumer environment, assessing and tracking competitors" actions and providing early warnings of opportunities and threats. Marketing research: the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. Gain insights into customer motivations, purchase behaviour and satisfaction: measure effectiveness of pricing, product, distribution and promotional activities.
