Textbook Notes (368,528)
Canada (161,957)
MGMA01H3 (184)
Chapter 5

Week 2 - Chapter 5

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Department
Management (MGM)
Course
MGMA01H3
Professor
Alison Jing Xu
Semester
Fall

Description
1 P a g e M G T B 0 4 W e e k 2 Chapter 5 Managing Marketing Information to Gain Customer Insights (pg. 140 171) - Dove gathered good customer information and used this information to gain powerful .:894207,32,7N09L38LJK98 708:O90L3K:J08:..088419K0.,25,LJ314770,O-0,:9 Marketing Information and Customer Insights - In order to create value for customers, marketers must gain fresh, deep insights into what customers need and want - ,394,8K507.42509L9L;0Z47O9K07,.0147.42509L9L;0,;,39,J0L870,OO,7,.0for customer and market insights which comes from good marketing information Other Marketing Information Considerations - Customer and market insights are important for building customer value and relationships but is difficult to obtain (even consumers can990OO4:0[,.9OZK,947ZK9K030094-: - To gain good customer insights, marketers must effectively manage marketing information from a wide range of sources - %4,82,7N09078K,;070,,..088945O039412,7N09L3JL31472,9L43-:99K043930ed more information, they need better information that they can use and put into action - Real value and information lies in how it is used and the customer insights it provides - Customer insights are the fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value & relationships - Customer insight groups collect customer and market information from a wide variety of sources traditional marketing research studies, mingling with and observing consumers - Companies must be careful not to go too far and become customer controlled where they give customers everything they request, should only give them what they need - Marketing information system (MIS) consists 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 insights - MIS begins and ends with information users who assess information needs followed by interacting with the marketing environment to develop needed information through internal company databases, marketing intelligence activities, and marketing research. Finally the MIS helps users analyze and use the information to develop customer insights, make marketing decisions, and manage customer relationships www.notesolution.com
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