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05 - Information - CHAPTER 5 MARKETING INFORMATION...

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CHAPTER 5 MARKETING INFORMATION
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MARKETING INFORMATION Definition and Use of Information Data Bases in Marketing Types of Data Marketing Research Process
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DEFINITION OF INFORMATION Information is data that is judged useful by a decision maker
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THE “ME” INFORMATION AGE “I can now work and communicate from anywhere to anywhere with anything at any time” Cell phones E-mails Internet
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USE OF INFORMATION Information is power Information is not neutral Information can be used strategically
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STRATEGIC INFORMATION Far better an approximate answer to the right question, which is often vague, than an exact answer to the wrong question.
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DATA BASES IN MARKETING Scanning Data Customer Data Data Mining CRM
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DATA MINING WalMart Amazon.com Richmond Police
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CUSTOMER RELATIONSHIP MANAGEMENT (CRM) Develop Customer Data Base Identify Individual Customer Preferences Contact Most Important Customers
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TYPES OF DATA Secondary Internal Data Secondary External Data Primary Observation Data Primary Questioning Data
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SECONDARY INTERNAL DATA Accounting Data Financial Data Sales Data
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SECONDARY EXTERNAL DATA Census Data Libraries Courthouses
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PRIMARY OBSERVATION DATA Retail price shopping Satellite images Observing kids play with toys
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