Chapter 5 Notes

28 views3 pages
Published on 13 May 2011
School
UTSC
Department
Management (MGM)
Course
MGMA01H3
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 sources—ranging 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 info obtained from data sources within company’s network
information in the database can come from many sources
internal databases can be accessed more quickly and cheaper than other info sources, but they also present several problems
because of the costs of updating and maintaining internal databases, many companies are buying services from other firms
Marketing Intelligence
marketing intelligence the systematic collection and analysis of publicly available information about consumers, competitors,
and developments in the marketing environment; helps improve strategic decision making by understanding the consumer
environment, assessing and tracking competitors’ actions, and providing early warnings of opportunities and threats
good marketing intelligence can help marketers gain insights into how consumers talk about and connect with their brands
firms use competitive intelligence to gain early warnings of competitor moves and strategies, new-product launches, new or
changing markets, and potential competitive strengths and weaknesses
competitors often reveal intelligence information through their annual reports, business publications, trade show exhibits, press
releases, advertisements, and web pages; which have become an invaluable source of competitive intelligence
Marketing Research
marketing research systematic design, collection, analysis, and reporting of data relevant to marketing situation facing a firm
companies use marketing research in a wide variety of situations
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Document Summary

Chapter 5 managing marketing information to gain customer insight notes. Customer relationship management (crm) customer relationship management (crm)  managing detailed information about individual customers and carefully managing customer touchpoints to maximize customer loyalty. Crm analysts develop data warehouses and use sophisticated data mining techniques to unearth riches hidden in customer data. Reviewing objectives and key terms: explain the importance of information in gaining insights about the marketplace and customers. The marketing process starts with a complete understanding of the marketplace and consumer needs and wants. Thus, the company needs sound information to produce superior value and satisfaction for customers. The company also requires information on competitors, resellers, and other actors and forces in the marketplace. Increasingly, marketers are viewing information not only as an input for making better decisions, but also as an important strategic asset and marketing tool: define the marketing information system and then discuss its parts.

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