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Chapter 5

MKTG 341 Chapter 5: Marketing Info & Customer Insights
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Department
Marketing
Course
MKTG 341
Professor
Xianfang Zeng
Semester
Spring

Description
Chapter 5: Managing Marketing Information to Gain Customer Insights Marketing Information & Customer Insights • Companies use customer insights to develop a competitive advantage • Marketers don’t need more information, they need better information & make better use of the information they already have Customer Insights = fresh understandings of customer & the marketplace derived from marketing information that become the basis for creating customer value & relationships • Need to “tell the stories behind the data” answering the “now what” questions created from insights Marketing Information System (MIS) = people & procedures dedicated to assessing info needs, developing the needed info, & helping decision makers use the info to generate & validate actionable customer & market insights Assessing Marketing Information Needs • Good MIS balances info users would like to have against what they really need & want is feasible to offer • MIS must monitor marketing environment to provide decision makers with info they need to better understand customers & make key marketing decisions • Cost of obtaining, analyzing, storing, & delivering info can get costly Developing Marketing Information • Marketers can obtain needed info from internal data, marketing intelligence, & marketing research Internal Databases = electronic collections of consumer & market info obtained from data sources within the company network • Info can come from many sources (customer characteristics, sales transactions, website visits, records of customer satisfaction, records of service problems, reports on production, shipments, inventories, reseller reactions, competitor activities, point-of-sale transactions) • Accessed more quickly & cheaply than other info sources • Keeping info up to date is large undertaking because data ages quickly • Managing/interpreting info requires sophisticated equipment & techniques Competitive Marketing Intelligence = systematic collection & analysis of publicly available info about consumers, competitors, & developments in the marketing environment • Goal  improve strategic decision making (understanding consumer environment, tracking competitors, early warnings of opportunities & threats • Good marketing intelligence should help gain insight to how consumers talk about & connect with brand • Sometimes chief listening officers, sit in on online conversations, pass key info to marketers • While monitoring competitor info, must also protect own • Growing intelligence raises ethical issues (take advantage of public info but stick to legal info databases, don’t break privacy laws) Marketing Research Marketing Research = systematic design, collection, analysis & reporting of data relevant to a specific marketing situation facing an organization • 4 steps: 1. Define the problem & research objectives 2. Develop research plan 3. Implement research plan 4. Interpret & report findings Defining the Problem & Research Objectives • Defining problem often hardest step (know there’s a problem, don’t know the cause) • After carefully defined, set research objectives (3 types) Exploratory Research = marketing research to gather preliminary info that will help define problems & 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 & attitudes of consumers Causal Research = marketing research to test hypotheses about cause & effect relationships Developing the Research Plan • Objectives must be translated into specific information needs • Should be written proposal • Can call gathering of primary/secondary info, or both Secondary Data = info that already exists somewhere, having been collected for another purpose Primary Data = info collected for the specific purpose at hand Gathering Secondary Data • Usually start by gathering secondary data (can be purchased from outside suppliers) • Can also cause external info sources • Commercial online databases—researchers can conduct own searches of secondary data sources (ex. Dialog, ProQuest, LexisNexis) • Internet search engines—can be useful or frustrating & inefficient • Can be obtained quicker, cheaper & easier • Info sometimes not possible to achieve same data primarily • Make sure info is relevant (fits project’s needs), accurate (reliably collected & reported), current (up to date enough for current decisions) & impartial (objectively collected & reported) • Can rarely obtain all needed info from secondary sources Primary Data Collection • Number of decisions: research approaches, contact methods, sampling plan, & research instruments • Approaches: observation, surveys, & experiments Observational Research = gathering primary data by observing relevant people, actions, & situations • When can’t obtain info from asking (ex. Children testing toys) Ethnographic Research = form of observational research that involves sending trained observers to watch & interact with consumers in their “natural environments” • Netography research—observing consumers in natural context on Internet • Limitations  can’t observe motives, attitudes, primitive behaviour, long-term infrequ
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