Textbook Notes (368,214)
Canada (161,710)
MGMA01H3 (184)
Angela Xu (6)
Chapter 5

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Management (MGM)
Angela Xu

Chapter 5managing marketing information to gain customer insights Marketing information and customer insights Other marketing information considerationsCustomermarket insighthelps build customer value and relationshipsCustomer insights fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationship o Dont become customer controlledwhere you basically give everything customers wantMarketing information system MIS ppl and procedures for assessing information needs developing the needed information and helping decision makers touse the information to generate and validate actionable customer and market insights o Assess information needs o Develop needed infoAssessing marketing information needsConsider the need of all users when designing an ISGood MIS balances info users wouldlike to have against what they really need and what is feasible to offer Developing marketing information Internal dataInternal databases electronic collections of consumer and market information obtained from data sources within the companys network o Assessed cheaply and quicklyo Can be incomplete wrong form for making marketing decisions o Data ages quicklyMarketing intelligenceMarketing intelligence the systematic collection and analysis of publicly available information about consumers competitors and development in the marketing environment o To improve strategic decision making by Understanding the consumer environmentAssessing and tracking competitors actionsProviding early warnings of opportunities o Competitive intelligenceget early warnings or competitor moves and strategies newproduct launches etcStrategic thinking o Ethical issues
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