MARKETING 5-7.docx

18 Pages
177 Views

Department
Business
Course Code
BADM*1040
Professor
Jim Higginson

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Description
CHAPTER 5 MANAGING MARKETING INFORMATION TO GAIN CUSTOMER INSIGHTSMARKETING INFROMATION AND CUSTOMER INSIGHTSMarketers must first gain fresh deep insights into what customers need and wantThe real value of marketing research and marketing information lies in how it is usedwhat customer insights provideCustomer insightsfresh understanding of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationshipsDont give customers everything they request give them what they needMarketing Information System MISconsists of 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 insightsAsses information needs and develop needed information though internal company databases marketing intelligence activities and marketing researchAnalyze and use information to develop customer insights make marketing decisions and manage customer relationshipsASSESING MARKETING INFORMATION NEEDSAlso provide information to external partners such as suppliers reseller or marketing services agenciesA good MIS balances the information users would like to have against what they really need and what is feasible to offerMIS must monitor the marketing environment to provide decision makers with information they should have in order to better understand customers and make key marketing decisionsValue and cost of information are hard to assesInformation has no worth its value comes from its usefrom the customer insights it provides and their impact on decision makingDEVELOPING MARKETING INFORMATIONINTERNAL DATAMany companies build extensive internal databases electronic collections of consumer and market information obtained from data sources within the company networksHarnessing such information can provide powerful customer insights and competitive advantages Internal databases can be accessed more quickly and cheaply than other information sourcesCOMPETITIVE MARKETING INTELLIGENCECompetitive market intelligencesystematic collection and analysis of publically available information about consumers competitors and developments in the marketing environmentImprove strategic decision making by understanding the consumer environment assessing and tracking competitors actions and providing early warnings of opportunities and threatsInformation about competitors can be found through people in the company from supplies resellers key customers internet search engines and online databasesMost companies are taking steps to protect their own information from competitorsAlthough most of the preceding techniques are legal and some are considered to be shrewdly competitive some may involve questionable ethicsCompanies should take advantage of available information and not stoop to snoopMARKETING RESEARCHMarket insights provide information about certain situation and decisionsMarketing researchthe systematic design collection analysis and reporting of data relevant to a specific marketing situation facing an organizationHelp them to asses market potential and market share or to measure the effectiveness of pricing product distribution and promotional activitiesCompanies frequently hire outside research specialists to consult with management on specific marketing problems and conduct marketing research studies DEFINING THE PROBLEM AND RESEARCH OBJECTIVESResearch processExploratory researchgathers preliminary information that will help definethe problem and suggest hypothesesDescriptive researchmarketing research to better describe marketing problems situations or markets such as the potential for a product or the demographics and attitudes of consumersCasual researchmarketing research to test hypotheses about causeandeffect relationships
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