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Chapter 5

Comm131 - Chapter 5 Notes.docx

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Queen's University
COMM 131
Jacob Brower

Marketing Chapter 5: Managing Marketing Information March 5, 2013 Marketing Information and Customer Insights - Customer Insights: fresh understandings of customers and the marketplace derived from marketing information that become the basis for creasing customer value and relationships - Companies must be careful not to become customer controlled (not give customers everything they request) - 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 - MIS begin and end with information users (marketing managers, internal and external partners, etc.)  Interacts with information users to assess information needs  Interacts with marketing environment to develop needed information (through company databases and market research) Assessing Marketing Information Needs - MIS primarily serves the company’s marketing and other managers - Provides information to external partners (suppliers, resellers, marketing agencies) Developing Marketing Information Internal Data - Internal Databases: electronic collections of consumer and market information obtained from data sources within the company network - Provides a strong competitive advantage - Information comes from a variety of sources (marketing, operations, accounting, etc.) - Accessed more quickly and cheaply than other sources - Information may be incomplete or in the wrong form for making decisions - Data ages quickly, must be kept up to date Marketing Intelligence - Competitive Marketing Intelligence: the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment - Goal: to improve strategic decision making by understanding the consumer environment, assessing competitors’ actions, and providing warnings of threats - Helps marketers gain insights on how consumers connect with their brands Marketing Research - Market Research: the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization - Gives marketers insights to customer motivations, purchase behaviour, and satisfaction Market Research 1. Defining the Problem and Research Objectives - Three types of objectives: Exploratory Research: to gather preliminary information that will help define the problem and suggest hypotheses Descriptive 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: to test hypotheses about cause-and-effect relationships 2. Developing the Research Plan - Determine exact information needed, develop a plan to gather it, and present the plan to management - Research objectives translated into specific information needs - Research might call for specific information: Demographic, economic, and lifestyle characteristics Characteristics and usage patterns of the broader population Retailer reactions to the proposed new product line Forecasts of sales of new and current products - Research plan presented in a written proposal 3. Gathering Secondary Data - Secondary Data: information that already exists, collected for another purpose - Commercial Online Databases: computerized collections of information available from online commercial sources or the internet - Web search engines, internal databases, etc. - Obtained quicker and at a lower price than primary data - Provide data an individual company cannot collect on its own - Evaluate data to be sure it is relevant, accurate, current, and impartial 4. Primary Data Collection Research Approaches  Observational Research - Gathering primary data by observing relevant people, actions, and situations - Observe what consumers do and what they are saying - Obtain information that people are unwilling or unable to provide - Ethnographic Res
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