MKT 101 Chapter 4: Managing Marketing Information to Gain Customer Insights

• School: Westchester Community College
• Department: Marketing
• Course: MKT 101
• Professor: Phyllis Fein

Document Summary

4: managing marketing information to gain customer insights. Big data: huge and complex data sets generated by today"s sophisticated information generation, collection, storage and analysis technologies. Customer insights: fresh marketing information-based understandings of customers and the marketplace that become the basis for creating customer value, engagement and relationships. Marketing information system: people and procedure dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights. Internal data: many companies build collections of consumer and market information obtained from data sources within the company"s network. Competitive marketing intelligence: the systematic monitoring, collection, and analysis of publicly available information about consumers, competitors and developments in the marketplace. Marketing research: the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization. Marketing research to gather preliminary information that will help define problems and suggest hypotheses.