COMM 223 Chapter Notes - Chapter 5: Consumer Privacy, Unearth, Data Mining

• School: Concordia University
• Department: Commerce
• Course: COMM 223
• Professor: Bonnie Feigenbaum

Document Summary

To create value for customers and build meaningful relationships with them, marketers must first gain fresh, deep insights in to what customers need and want. Companies uses customer insights to develop a competitive advantage. Customer insights groups collect customer and market information from a wide variety of sources. Marketing information system (mis): people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers use the information to generate and validate actionable customer and market insights. The (cid:373)a(cid:396)keti(cid:374)g i(cid:374)fo(cid:396)(cid:373)atio(cid:374) s(cid:455)ste(cid:373) p(cid:396)i(cid:373)a(cid:396)il(cid:455) se(cid:396)(cid:448)es the (cid:272)o(cid:373)pa(cid:374)(cid:455)"s (cid:373)a(cid:396)keti(cid:374)g a(cid:374)d othe(cid:396) managers. However, it may also provide information to external partners, such as suppliers, resellers, or marketing services agencies. A good mis balances the information users would like to have against what they really need and what is feasible to offer. Mis has limitations, you therefore must determine possibilities. Marketers can obtain the needed information from internal data, marketing intelligence and marketing research.