Textbook Notes (363,062)
Canada (158,169)
MGMA01H3 (184)
Chapter 5

Chapter 5 Notes

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University of Toronto Scarborough
Management (MGM)
Alison Jing Xu

Chapter 5 Managing Marketing Information to Gain Customer Insight Notes Marketing Information and Customer Insight Other Marketing Information Considerations customer insights fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships customer insight groups collect customer and market info from a wide variety of sourcesranging from traditional marketing studies to mingling with and observing consumers to monitoring consumer online conversations about company and its products they use the marketing info to develop important customer insights from which company can create more value for its customers in gathering and using customer insights, however, companies must be careful not to go too far and become customer controlled 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 Assessing Marketing Information Needs a good MIS balances the information users would like to have against what they really need and what is feasible to offer the MIS must monitor the marketing environment to provide decision makers (usually, managers) with information they should have to better understand customers and make key marketing decisions Developing Marketing Information Internal Data internal databases electronic collections of consumer and market inf
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