Chapter 5.docx

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15 Apr 2012
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Chapter 5 managing marketing information to gain customer insights
Marketing information and customer insights
Other marketing information considerations
- Customer & market insight helps build customer value and relationships
- Customer insights: fresh understandings of customers and the marketplace derived from
marketing information that become the basis for creating customer value and relationship
o Don’t become customer controlled -> where you basically give everything customers
want
- Marketing information system (MIS): ppl 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
o Assess information needs
o Develop needed info
Assessing marketing information needs
- Consider the need of all users when designing an IS
- Good MIS balances info users would like to have against what they really need and what is
feasible to offer
Developing marketing information
Internal data
- Internal databases: electronic collections of consumer and market information obtained from
data sources within the company’s network
o Assessed cheaply and quickly
o Can be incomplete/ wrong form for making marketing decisions
o Data ages quickly
Marketing intelligence
- Marketing 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 environment
Assessing and tracking competitors’ actions
Providing early warnings of opportunities
o Competitive intelligence = get early warnings or competitor moves and strategies, new-
product launches, etc
Strategic thinking
o Ethical issues
Marketing research
- Marketing research: the systematic design, collection, analysis, and reporting of data relevant to
a specific marketing situation facing and org
o Provides insight into customer motivations, purchase behaviours, satisfaction
o Can assess market potential & market share
o Measures the effectiveness of pricing product, distribution, promotion
o FOUR steps
Defining the problem and research objectives
Developing the research plan for collecting info
Implementing the research plan collecting and analyzing the data
Interpreting and reporting the findings
Defining the problem and research objectives
- Exploratory research: marketing research to gather preliminary information that will help define
problems and suggest hypotheses
- Descriptive research: marketing 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: marketing research to test hypothesis abt cause-and-effect relationships
Developing the research plan
- Research plan in the form of a written proposal
- Secondary data: information that already exists somewhere, having been collected for another
purpose
- Primary data: information collected for the specific purpose at hand
Gathering secondary data
- Researches start with this
- Can buy secondary data from outside suppliers
- Commercial online databases: computerized collections of information available from online
commercial sources or via the internet
- Obtained more quickly and at a lower cost
- Can provide info that is either not directly available or would be too expensive to collect
- Sometimes needed information is non-existent
- Evaluate secondary info to be
o Relevant
o Accurate
o Current
o Impartial
Primary data collection
- Primary data must be
o Relevant
o Accurate
o Current
o Unbiased
Research approaches
- Observational research: gathering primary data by observing relevant ppl, actions, and
situations
o Sometimes the only way to get needed info
o Ethnographic research: a form of observational research that involves sending trained
observers to watch and interact w/ consumers in their “natural habitat”
o Fresh customer and market insights
- Survey research: gathering primary data by asking ppl questions abt their knowledge, attitudes,
preferences, and buying behaviour
o *descriptive information*
o Flexible
- Experimental research: gathering primary data by selecting matched groups of subjects, giving
them different treatments, controlling other factors and checking for differences in group
responses
o For causal information
o Tries to explain cause-and-effect relationships
Contact methods
- Mail, telephone, and personal interviewing
o Mail questionnaires -> collects large amnts of info at LOW cost
Not flexible
o Telephone interviewing = greater flexibility
Interview bias
o Personal interviewing
Individual interviewing
Flexible
Group interviewing(6-10 ppl)
Focus group interviewing: personal interviewing that involves inviting 6-
10 ppl to gather for a few hrs with a trained interviewer to talk abt a
product, service, or org. The interviewer “focuses” the group discussion
on important issues
o A qualitative marketing research tool for gaining new insight
into consumer thoughts and feelings