Managing Marketing Information to Gain Customer Insight - Coggle Diagram
Managing Marketing Information to Gain Customer Insight
To create value for customers and build meaningful relationships with them, marketers must first gain deep insights into what customers need and want. Companies use such customer insights to develop competitive advantage. Such insights come from good marketing information.
Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships.
Companies are creating “customer insights teams,” headed by a vice president of customer insights and composed of representatives from all of the firm’s functional areas. For example, the head of market- ing research at Kraft Foods is called the director of consumer insights and strategy.
Marketing Information System (MIS)
People and 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.
Developing Marketing Information
Marketers can obtain the needed information from internal data, marketing intelligence, and marketing research.
Electronic collections of consumer and market information obtained from data sources within the company network.
Competitive Marketing Intelligence
The systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.
The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
Marketing research to gather preliminary information that will help define problems and suggest hypotheses.
Marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers.
Marketing research to test hypotheses about cause-and-effect relationships.
Using Marketing Information
Managers may need help applying the information to gain customer and market insights that will improve their marketing decisions. This help may include advanced statistical analysis to learn more about the relationships within a set of data.