BMGT 350 Chapter Notes - Chapter 4: Scale-Invariant Feature Transform, Focus Group, Customer Insight

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01:05: marketing information and customer insights, to create value for customers and build meaningful relationships with them, marketers must first gain fresh deep insights into what customers need and want. Companies use these customer insights to develop a competitive advantage. Customer needs and buying motives are often anything but obvious-consumers themselves usually cant tell you exactly what they need and why they buy. To gain good customer insights, marketers must effectively manage marketing information from a wide range of sources. Companies that tap into information from digital platforms can gain rich, timely customer insights at a lower cost. Customer insight teams: headed by a vp of customer insights and composed of representative from all of the firm"s functional areas. Collect customer and market information from a wide variety of sources (traditional marketing research studies to mingling with and observing customers to monitoring social media conversations about the company and its products)

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