MKBU 3225 Chapter Notes - Chapter 4: Focus Group, Online Advertising, Data Mining
16 Oct 2016
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Document Summary
Marketers must gain fresh, deep insights into what customers need & want (insights come from good marketing info) to create value for customers & build meaningful relations w/ them w/ companies using customer insights to develop competitive advantage. Big data: huge & complex data sets generated by today"s sophisticated info generation, collection, storage & analysis tech. Companies that effectively tap big data can gain rich, timely customer insights. Customer insights: fresh marketing info-based understandings of customers & the marketplace that become the basis for creating customer value, engagement & relationships. Customer insights teams collect customer & market info from wide variety of sources & use that info to develop important customer insights from which company can create more value for its customers. Marketing information system (mis): people & procedures dedicated to assessing info needs, developing needed info & helping decision makers to use info to generate & validate actionable customer & market insights.
