chapter 4: Managing Marketing Information

marketers must use the information to gain what?
powerful customer and market insights
big data
the huge and complex data sets generated by today’s sophisticated information generation, collection, storage , and analysis technologies
marketers don’t need more information they need…
better information and to make better use of the information they already have
customer insights
fresh marketing information based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and relationships
management information systems (MIS)
people and procedures 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.
a good MIS balances the information users would like to have against what?
what they really need and what is feasible to offer.
marketers can obtain the needed information from who?
internal data, marketing intelligence, and marketing research
internal databases
collections of consumer and market information obtained from data sources within the company network
what are some problems with internal databases
1. it is often collected for other purposes so it may be incomplete or in the wrong form for making marketing decisions.
2. data ages quickly, keeping the data updated requires major effort.
3. managing the information requires highly sophisticated equipment and techniques
competitive marketing intelligence
the systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketplace.
what is the goal of competitive marketing intelligence
to improve strategic decision making by understanding the consumer environment, assessing and tracking competitor’s actions, and providing early warnings of opportunities and threats
what are some ways to gather competitive marketing intelligence
1. monitor a competitor’s web and social media sites.
2. collect info from executives, engineers, agents, and sales force
3. collect info from retailers, suppliers, resellers, and key customers
marketing research
the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
what are the four steps to the marketing research process?
1. defining the problem and research objectives 2.developing the research plan,
3.implementing the research plan,
4. interpreting and reporting the findings
what is the hardest part of the research process?
defining the problem and research objectives
exploratory research
to gather preliminary information that will help define the problem and suggest hypotheses
descriptive research
research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers.
causal research
research to test hypotheses about cause and effect relationships.
research plan
outlines sources of existing data and spells out the specific research approaches, contact methods, sampling plans, and instruments that researchers will use to gather new data.
research objectives must be translated into what?
specific information needs
secondary data
consist of information that already exists somewhere, having been collected for another purpose.
primary data
consists of information collected for the specific purpose at hand.
commercial online databases
put an incredible amount of information at the fingertips of marketing decision makers.
internet search engines
can be a big help in locating relevant secondary information sources
secondary data can be obtained more quickly and a lower cost that primary data…true or false
true
observational research
gathering primary data by observing relevant people, actions, and situations.
ethnographic research
a form of observational research that involves sending trained observers to watch and interact with consumers in their natural environments
netnography
observing consumers in a natural context on the internet and mobile space
survey research
the most widely used method. The gathering of primary data by asking people question about their knowledge, attitudes, preferences, and buying behavior.
what is the major benefit of survey research?
its flexibility. it can be used to obtain many different kinds of information in many different situations.
experimental research
best suited for gathering causal information and tries to explain cause and effect relationships. Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.
mail questionnaires
used to collect large amounts of information at a low cost per respondent
telephone interviewing
one of the best methods for gathering information quickly and it provides greater flexibility than mail questionnaires.
individual interviewing
talking with people in their homes or offices on the street or in shopping males. Very flexible
group interviewing (focus group interviewing)
consists of inviting 6 to 10 people to meet with a trained moderator to talk about a product, service, or organization
immersion groups
small groups of consumers who interact directly and informally with product designers without a focus group moderator present
online marketing research
collecting primary data online through internet surveys, online focus groups, web-based experiments, or tracking of consumers’ online behavior.
online focus groups
gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior
behavioral targeting
marketers use the online data to target ads and offers to specific consumers. tracks consumer movements across online sites.
social targeting
mines individual online social connections and conversations from social networking sites.
sample
a segment of the population selected for marketing research to represent the population as a whole.
answers who, how many, and how
neuromarketing
measuring brain activity to learn how consumers feel and respond
touch points
include customer purchases, sales force contacts, service and support calls, web and social media site visits, satisfaction surveys, and market research studies, every contact between a customer and company.
customer relationship management (CRM)
managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty.
data warehouse
to gather information and place it together into a central, accessible location.
marketing information has no value until what?
until it is used to gain customer insights and make better marketing decisions.
intranet/ internal CRM systems
provide ready access to research and intelligence information, customer contact information, reports, shared work documents, and more