Chapter 4 Marketing (Information)

Companies need information about their…
customers’ needs, marketing environment, competition, evaluation -ROI
Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships
customer insights
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
marketing information system (MIS)
Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty
customer relationship management (CRM)
Sources of marketing information
internal databases, marketing intelligence, marketing research
Electronic collections of consumer and market information obtained from data sources within the company network.
internal bases
Systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.
Competitive marketing intelligence
Techniques of competitive marketing intelligence
Observing consumers
Quizzing employees
Benchmarking competitors’ products
Monitoring Internet buzz
Actively monitoring competitors’ activities
Some details/outcomes of customer relationship management
better customer service
identify high-value customers
develop offers tailored to customers
Systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
Marketing research
What are the steps to the Marketing Research Process?
Defining the problem and research objectives, developing research plan for collecting information, implementing the research plan– collecting and analyzing the data, interpreting and reporting the findings
marketing research to gather preliminary information that will help define problems and suggest hypothesis (define the problem, suggest research)
exploratory research
marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers (describes things)
descriptive research
marketing research to test hypotheses about cause-and-effect relationships (cause and effect relationships)
casual research