Marketing Chapter 4: Managing Marketing Information to Gain Customer Insights

Customer Insights
marketing managers do not need more information, they need better environment
Marketing Information System
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
Internal Data
-can be accessed more quickly and cheaply than other information sources
-ages rapidly and may be incomplete
-maintenance and storage of data is expensive
Competitive Marketing Intelligence
the systematic collection and analysis of publicly available information about consumers, competitors and developments in the marketing environment
Research Plan
-management problems addressed
-research objectives
-information to be obtained
-how results will help decision-making
-estimated research costs
-type of data required (primary or secondary)
Secondary Data
information that already exists somewhere, having been collected for another purpose
-less expensive than primary data
Primary Data
designing a primary data collection plan involves making decisions about:
-research approach
-contact methods
-sampling plan
-research instruments
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 environment
Survey Research
gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior
Experimental Research
gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses
Focus Groups
involve inviting six to ten people to gather for a few hours with a trained interviewer to talk about a product, service, or organization
Online Marketing Research
the internet is well suited to quantitive research
-low costs
-better for smaller businesses
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 insight about consumer attitude and behavior
Sample
a segment of the population selected for marketing research to represent the population as a whole
-who is to be studied: sampling unit
-how many people should be included: sampling size
-how the people in the sample should be chosen: sample procedure
Implementing the Research Plan
-collecting data: most expensive phase and subject to error
-processing the data: check for accuracy and code for analysis
-analyzing the data: tabulate results and compute statisical measures
Customer Relationship Management (CRM)
managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty
Public Policy and Ethics in Marketing Research
-intrusions on consumer privacy
-misuse of research findings