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Managing Marketing Information to Gain Customer Insights - Coggle Diagram
Managing Marketing Information to Gain Customer Insights
Marketing Information and Customer Insights
Customer insights
Fresh and deep insights into customers needs and wants
Better information and more effective use of existing information
Companies are forming customer insights teams
Include all company functional areas
Collect information from a wide variety of sources
Use insights to create more value for their customers
Marketing information
system (MIS)
Developing the needed information
Helping decision makers to use the information to generate
Assessing the information needs
Validate actionable customer and market insights
Assessing Marketing Information Needs
MIS provides information to the company’s marketing and other managers and external partners such as suppliers, resellers, and marketing service agencies
Balancing what the information users would like to have against what they need and what is feasible to offer
Developing Marketing Information
Internal Data
Electronic collections of consumer and market information obtained from data sources within the company network
Competitive marketing intelligence
Systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.
Marketing Research
Systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
The marketing research process involves:
Defining the problem and research objectives.
Developing the research plan for collecting information.
Implementing the research plan—collecting and analyzing the data.
Interpreting and reporting the findings.
Defining the Problem and Research Objectives
Exploratory research: Gathering preliminary information that will help define the problem and suggest hypotheses.
Descriptive research: Generating information to better describe marketing problems, situations, or markets.
Causal research: Testing hypotheses about cause-and-effect relationships.
Developing the Research Plan
Developing the Research Plan
Determining the exact information needed.
Developing a plan for gathering it efficiently.
Presenting the written plan to management.
The research plan outlines
Sources of existing data
Specific research approaches
Contact methods
Sampling planstext
Instruments for datta collection
Secondary data
Information that already exists somewhere, having been collected for another purpose
Common sources of secondary data: Internal databases, Commercial data services, Government sources.
Primary data
Information collected for the specific purpose at hand
Primary data must be relevant, accurate, current, and unbiased
Analyzing and Using Marketing Information
Customer relationship management
Managing detailed information about individual customers and carefully managing customer “touch points” in order to maximize customer loyalty.
CRM analysts develop data warehousesand use data mining techniques to find out information about customers
Benefits of CRM
Ability to offer better customer service and develop deeper customer relationships.
Pinpoint and target high-value customers more effectively.
Enhances the firm’s ability to cross-sell products and develop offers tailored to customers.
Distributing and Using Marketing Information
Information distribution involves entering information into databases and making it available in a time- useable manner
Intranet provides information to employees and other stakeholders
Extranet provides information to key customers and suppliers
Other Marketing Information Considerations
Small businesses and nonprofit organizations can also benefit from marketing research insights.
International marketing research is growing but presents unique challenges.
Public policy and ethics
Intrusions on consumer privacy
Misuse of research findings