BADM*1040 Chapter : MARKETING 5-7.docx
Document Summary
Chapter 5: managing marketing information to gain customer insights. Information has no worth; its value comes from its use from the customer insights it provides and their impact on decision making. Internal data: many companies build extensive internal databases, electronic collections of consumer and market information obtained from data sources within the company networks, harnessing such information can provide powerful customer insights and competitive advantages. Internal databases can be accessed more quickly and cheaply than other information sources. Competitive marketing intelligence: competitive market intelligence systematic collection and analysis of publically available information about consumers, competitors, and developments in the marketing environment. Improve strategic decision making by understanding the consumer environment, assessing and tracking competitors" actions, and providing early warnings of opportunities and threats. Primary data collection: calls for various research approaches, contact methods, sampling plans and research instruments. Every member of the population has equal chance of selection.
