MKT 311 Chapter 4: MKT 311 Chapter 4
Chapter 4
Marketing 311
4.1: Explain the importance of information in gaining insights about the marketplace and
customers.
-Most marketing managers are overloaded with data and often overwhelmed by it. Marketers
don’t need more information; they need better information. And they need to make better use
of the information they already have.
-The real value of marketing research and marketing information lies in how it is used—in the
customer insights that it provides.
-Big data presents marketers with both big opportunities and big challenges. Companies that
effectively tap this glut of big data can gain rich, timely customer insights
-Big data: The term "big data" refers to the huge and complex data sets generated by today's
sophisticated information generation, collection, storage, and analysis technologies.
-Fresh marketing information-based understandings of customers and the marketplace
-become the basis for creating customer value, engagement, and relationships
-Customer insights teams collect customer and market information from a wide variety of
sources
-Marketing Information Systems (MIS)
-Consists of people and procedures to:
-Assess information needs
-Develop the needed information
-Help decision makers use the information to generate and validate actionable customer
and market insights
-A marketing information system (MIS) consists of people and procedures dedicated to
assessing information needs, developing the needed information, and helping decision
makers use the information to generate and validate actionable customer and market
insights.
4.2 Define the marketing information system and discuss its parts.
-The MIS diagram begins and ends with information users.
-The information users are marketing managers, internal and external partners, and others
who need marketing information. Marketers start by assessing user information needs. Next,
they develop needed information using internal company databases, marketing intelligence
activities, and marketing research.
-Finally, the MIS helps users to analyze and use the information to develop customer insights,
make marketing decisions, and manage customer engagement and relationships.
-A good MIS balances the information users would like to have against
-What they really need
-What is feasible to offer
-Obtaining, analyzing, storing, and delivering information is costly.
-Firms must decide whether the value of the insight is worth the cost.
-Too much information can be as harmful as too little. Some managers will ask for whatever
information they can get without thinking carefully about what they really need. Other
managers may omit things they ought to know, or they may not know to ask for some types of
information they should have.
-The MIS must monitor the marketing environment to provide decision makers with information
they should have to better understand customers and make key marketing decisions. It is
important for firms to decide whether the value of the insights gained from the additional
information is worth the cost of providing it. However, it is difficult to assess the value and
costs
-Internal databases are collections of consumer and market information obtained from data
sources within the company network.
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