Comm 296 - Chapter 5

Comm 296 - Chapter 5 - Comm 295 Managing Marketing...

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Comm 295 Managing Marketing Information to Gain Customer Insights MARKETING INFORMATION AND CUSTOMER INSIGHTS - To create value for customers and build meaningful relationships must gain fresh, deep insights into what customers WANT and NEED use this to develop a competitive advantage over competitors o AIDS decision making – not substitute it o Research the past to aid development in future - Marketers are overloaded with information due to explosion in technology o Don’t need more information, but BETTER information Customer insights : fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships - Customer insights groups – collect customer and market info from a wide variety of sources (studies, mingling with customers, observe consumer online conversations) o Then use info to develop important customer insights where company can then create value for customers Marketing information system (MIS) : people + procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights ASSESSING MARKETING INFORMATION NEEDS - Marketing info system primarily serves the company’s marketing and other managers - Also provides info to external partners (suppliers, resellers, marketing services agencies) - When designing MIS, must balance what users like and what they need (what is feasible) - May omit info because they don’t know or don’t know to ask for information - Sometimes company cannot provide needed info because it is not available or due to MIS limitations - Costs of obtaining, analyzing, storing and delivering info add up – must decide whether insights gained from info will provide value DEVELOPING MARKETING INFORMATION INTERNAL DATA Internal databases : electronic collections of consumer and market information obtained from data sources within the company network - Use info to identify marketing opportunities and problems, plan programs, evaluate performance - Can provide strong competitive advantage info competitors don’t have access to - Info comes from many sources customer demographics, psychographics, sales transactions, website visits - Problems: information may be incomplete or in the wrong form for making marketing decisions; data ages quickly (must keep database current); COMPETITIVE MARKETING INTELLIGENCE Competitive marketing intelligence : the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment - Goal: improve strategic decision making - Marketing intelligence gathering has grown dramatically – companies now eavesdropping on marketplace and snooping on competitors o Monitor Internet buzz, observe consumers first-hand, benchmarking competitors’ products - Can help marketers gain insights about how consumers TALK ABOUT and CONNECT with their brands
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Comm 296 - Chapter 5 - Comm 295 Managing Marketing...

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