BUS 343 Chapter Notes - Chapter 5: Customer Relationship Management, Global Marketing, Focus Group
23 Jan 2018
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Chapter 5: Managing Marketing Information to Gain Customer Insights
Marketing Information and Customer Insights
• Marketers must gain fresh deep insights into what customers needs and wants with
the right information
- Ie. Apple’s research uncovered the fact that
➢ People want personal music players
➢ Listen to music unobtrusively
- Apple has made the transition for consumers who can listen to music on their
phone
- Most marketing managers are overloaded with data
➢ Don’t need more info, but BETTER info
• Customer insights:
~ fresh understanding of customers and marketplace derived from marketing
- Basis of creating customer value and relationships
- Tell stories behind the data; provide ‘now what’ insights
- Collected from a variety of sources: marketing research studies + consumers to
monitor social media conversations about products
➢ Develop insights
• Marketing information system
~ people and procedures dedicated to assessing information needs, develop info, and
helping decision makers use the info to generate and validate actionable customer and
market insights
• Assessing Marketing Information
- Balances information users would like to have vs what they really need and what
is feasible to offer
- Whether value of insights costs is worth providing
Developing Marketing Information
• Internal Data
~ electronic collections of consumer and market information obtained from data
sources within company’s network
• Competitive marketing intelligence
~ systematic collection and analysis of publicly available information about
consumers, competitors, and development in the marketplace.
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Chapter 5: managing marketing information to gain customer insights. Marketing information and customer insights: marketers must gain fresh deep insights into what customers needs and wants with the right information. Apple has made the transition for consumers who can listen to music on their phone. Most marketing managers are overloaded with data. Don"t need more info, but better info: customer insights: ~ fresh understanding of customers and marketplace derived from marketing. Basis of creating customer value and relationships. Tell stories behind the data; provide now what" insights. Collected from a variety of sources: marketing research studies + consumers to monitor social media conversations about products. ~ people and procedures dedicated to assessing information needs, develop info, and helping decision makers use the info to generate and validate actionable customer and market insights: assessing marketing information. Balances information users would like to have vs what they really need and what is feasible to offer.
