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Chapter 5

Principles of Marketing_Chapter 5.docx

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Management Core
MGCR 352
Sameer Mathur

Chapter 5: Managing Marketing Information to Gain Customer Insights Marketing Information and Customer Insights  Marketing information considerations: picture of Apple iPod o Key customer insights, plus a dash of Apple’s design and usability magic, have made the iPod a blockbuster. It now captures more than 75% of market share  Customer insights: fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships.  Marketing information system (MIS): 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 insights  Internal databases: electronic collections of consumer and market information obtained from data sources within the company’s network o Picture: HBC and Vancouver 2010  Internal databases: Hbc’s database of over 8.5 million Canadian consumers is one of the most comprehensive customer databases in Canada  Marketing intelligence: systematic collection and analysis of publicly available information about consumers, competitors and developments in the marketing environment o Picture: printscreen of Nielson online (“bringing clarity to the online world)  Many companies routinely monitor consumers’ online chatter with the help of monitoring services like Nielsen Online o Picture: P&G, “dumpster diving”  Marketing intelligence: Proctor and Gamble admitted to “dumpster diving” at rival Unilever’s Helene Curtis headquarters. When P&G’s top management learned of the questionable practice it stopped the project, voluntarily informed Unilever, and set up talk to right whatever competitive wrongs had been done Marketing Research  Marketing research: systematic design, collection, analysis ,and reporting of data relevant to specific marketing situation facing an organization  Marketing research process: o Defining the problem and research objectives  Exploratory research: marketing research to gather preliminary information that will help define problems and suggest hypotheses  Descriptive research: marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers  Causal research: marketing research to test hypotheses about cause-and-effect relationships o Developing the research plan for collecting information  Secondary data: information that already exists somewhere, having been collected for another purpose  Primary data: information collected for specific purpose at hand  Commercial online databases: computerized collections of information available from online commercial sources or via the Internet o Implementing the research plan – collecting and analyzing the data o Interpreting and reporting the findings  Picture: Axe o The decision by the Axe brand to offer a new cologne line that would give maturing customers a new “edge in the dating game” might call for marketing research that provides lots of specific information  Picture: Dialog o Online database services, such as Dialog, put an incredible wealth of information at the keyboards of marketing decision makers. Dialog puts “information to change the world, or your corner of it” at your fingertips  Research approaches: o Observational research: gathering primary data by observing relevant people, actions and situations o Ethnographic research: a form of observational research that involves sending trained observers to watch and interact with consumers in their “natural habitat”  Picture: Nokia  Teams of Nokia anthropologists “live with the l
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