BUS 450 Lecture Notes - Lecture 3: Marketing Intelligence

• School: Humber College
• Department: Business
• Course: BUS 450
• Professor: Eli Lewin

Document Summary

Good marketing research can involve a rich variety of sophisticated data collection and analysis techniques. Sometimes research is as simple as just talking with customer directly, listening openly to what they have to say. Lastly, it helps the users to analyze and use the information that it has collected to better understand and develop customer insights. Assessing marketing information needs (pg 159: the (mis) p(cid:396)i(cid:373)a(cid:396)ily se(cid:396)(cid:448)es the (cid:272)o(cid:373)pa(cid:374)y"s (cid:373)a(cid:396)keti(cid:374)g a(cid:374)d othe(cid:396) (cid:373)a(cid:374)age(cid:396)s. The company must decide whether the value of insight gained from additional information is worth the cost of providing it, and both value and cost are often hard to assess. Developing marketing information: marketers can obtain the needed information from internal data, marketing intelligence and marketing research. Internal data- many companies build extensive internal databases, electronic collections of consumers and market information obtained from data sources within the (cid:272)o(cid:373)pa(cid:374)y"s (cid:374)et(cid:449)o(cid:396)k.