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Chapter 5

Chapter 5-Managing Marketing Information

12 Pages

Management (MGM)
Course Code
Alison Jing Xu

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CHAPTER 5: MANAGING MARKETING INFORMATION TO GAIN CUSTOMER INSIGHTS MARKETING INFORMATION AND CUSTOMER INSIGHTS o To create value for customers and to build meaningful relationships with them, marketers must first gain fresh, deep insights into what customers need and want Other Marketing Information Considerations (Please look at Diagram 5.1) Insights are important building customer value and relationships, these insights can be very difficult to obtain Nowadays with the advanced technology there is no lack of information but marketers often complain of a lack of the right information CUSTOMER INSIGHTSFresh understandings of customers and the marketplace derive from marketing information that become the basis for creating customer value and relationships Now companies are creating customer insights team These groups collect customer and market information from a wide variety of sources-ranging from traditional methods to monitoring online convos on the companys products They then use marketing information to develop important customer insights from which the company can create more value for its customers It is noted to not go overboard and become customer controlled, the idea is to give them what they need to create the value MARKETING INFORMATION SYSTEM consists of people and procedures for assessing informational needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights. It begins and ends with the information users Assessing Marketing Information Needs A good marketing information system balances the information users would like to have against what they really need and what is feasible to offer Too much info can be just as harmful as too little information Managers often omit information they ought to know and they dont ask for information they should have Some information may not be available and hard to obtain Also costs of obtaining, analyzing, storing and delivering information can mount quickly www.notesolution.com Therefore the costs of obtaining this information must be weighed against the value of the insight gained DEVELOPING MARKETING INFORMATION Internal Data INTERNAL DATABASES Electronic collections of consumers and market information obtained from data sources within the companys network Marketing department furnishes information on customer transactions, demographics, psychographics, and buying behaviour o All the departments hold information that impacts the marketing process and harnessing this information will become a very powerful tool for the marketing dept Internal databases can be accessed with less costs and be more available But the data has to be kept current and there might be problems with the information not being made for marketing purposes o The marketing team must be able to interpret the information made for the accounting department, the customer service department etc. Marketing Intelligence MARKETING INTELLIGENCE The systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment The goal of marketing intelligence is to improve strategic decision making by understanding the consumer environment, assessing and tracking competitors actions, and providing early warnings of opportunities and threats Marketing intelligence gathering has grown dramatically, now companys put extended effort in finding information about competitors Good marketing intelligence can help marketers gain insights into how consumers talk about and connect with their brands Companies also need to actively monitor competitors activities to be able to detect the early warnings of competitors moves and strategies, new-product launches, new or changing markets, and potential competitive strengths and weaknesses An analysis from PwC indicated that companies that had competitive intelligence as part of their strategic thinking grow 20 percent faster www.notesolution.com
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