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Ch3 : Marketing Research, allows the company to get to know its customers…
Ch3 : Marketing Research
Definitions
Marketing information system : process that determines what info marketing managers need and gathers, sorts, analyses, stores and distributes relevant and timely marketing info to system users
includes 4 types of data (internal company data, marketing intelligence, marketing research, acquired databases), computer hardware and software to analyse that data and to create reports, information and the decision makers who use it
data mining : a process in which analysts sift through data to identify unique patterns of behaviour among different consumer groups
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Marketing research : the process of collecting, analysing and interpreting information about customers, competition, and the business environment to improve marketing effectiveness
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Data representativeness concerns whether the informants in your study actually represent the market you are studying
allows the company to get to know its customers and aids successful and tailored customer relationship management
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What marketers do with data mining: customer acquisition, customer retention and loyalty, customer abandonment, market basket analysis