MKTG 300 Chapter 4: Managing Marketing Info to Gain Customer Insights Notes
11 Feb 2017
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Document Summary
Big data huge & complex data sets generated by sophisticated info generation, collection, storage, & analysis technologies. Customer insights fresh mktg info-based understandings of customers & marketplace that become the basis for creating customer value, engagement, & relationships. Marketing information system (mis) ppl & procedures dedicated to accessing info needs, developing the needed info & helping decision makers to use the info to generate & validate actionable customer & market insights. Internal databases collections of consumer & market info obtained from data sources within the company network. Accessed more quickly & cheaply, but can be incomplete or in wrong form. Competitive market intelligence systematic monitoring, collection, & analysis of publicly available info about consumers, competitors and developments in the marketplace. Goal = improve strategic decision making by understanding the consumer environment, assessing & tracking competitors" actions & providing early warning of opportunities & threats. Marketing research systematic design, collection, & reporting of data relevant to a specific mktg situation.
