Textbook Notes (362,901)
Canada (158,095)
MGMA01H3 (184)
Chapter 5

Chapter 5-Managing Marketing Information to Gain Customer Insights

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University of Toronto Scarborough
Management (MGM)
Alison Jing Xu

Chapter 5 Customer insights: fresh understandings of customers/ marketplace to get new marketing info MIS ( marketing information systems): people and procedures for assessing info needs, developing the needed information, and helping decision makers to use the info to generate and validate actionable customer and market insights A good MIS balances info users would like to have against what they really need and what is feasible to offer. Internal databases: electronic collections of consumer and market info obtained from data sources within the company's network. Competitive marketing intelligence: the systematic collection and analysis of publicly available info about consumers, competitions and developments in marketing environment. May face ethnical issues for privacy. Marketing research: the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization Marketing research project objectives ( one of the three): Exploratory research: marketing research to gather preliminary info that will help define problems 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 Casual research: " " to test hypotheses about cause and effect relationships Market Research Process: defining problem and research objectives> developing research plan for collecting info> implementing research plan-collecting and analyzing data> interpret and report findings Secondary
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