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To create value for customers and build meaningful relationships with them, marketers must first gain

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Customer Insights

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Customer Insights are

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Fresh, diverse & deep knowledge into customers' needs and wants.

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Companies use customer insights to develop _____ advantage

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Competitive

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Company insights come from...?

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Good marketing information

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____ are difficult to obtain but necessary to create more value for customers & be more competitive

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Customer Insights

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To gain good customer insights, marketers must

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Effectively manage marketing information from a wide range of sources

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The real value of marketing research and marketing information lies in

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how it is used—in the customer insights that it provides.

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Define Customer Insights

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Fresh understandings of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships.

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Consumers are now generating tons of ________ marketing information

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Bottom-up

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Marketers don't need more information they need ______ information

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Better

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Marketers complain they lack

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Enough information of the right kind

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Customer insight groups

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Collect customer and market information from a variety of sources - then use that to develop customer insights

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Marketing information systems (MIS)

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People and procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.

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Marketing information systems (MIS) begins and ends with____ users.

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Information users

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Examples of information users include:

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Marketing managers, internal and external partners, and others who need marketing information.

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Characteristics of good Marketing Information Systems include:

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Provide relevant & timely information to company managers & external partners (suppliers, resellers, and service agencies).

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Suppliers, resellers, and service agencies are examples of

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External partners

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Marketing Information Systems need to balance

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The information users would like, against what they need & is feasible to get.

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The ______ begins and ends with users-assessing their information needs and then delivering information that meets those needs.

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marketing information systemDelivering information that meets those needs.

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Marketers can obtain the needed information from

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Internal data, Marketing intelligence, and Marketing research

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Internal data includes

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Internal databases, reports, and documents

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Internal databases

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Electronic collections of consumer and market information obtained from data sources within the company network

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Internal data can provide strong competitive advantage. Key information on customers such as

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Sales, websites visited, demographics, psychographics, service and satisfaction measures

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Source of customer insights about buying patterns

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Internal data

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Competitive Marketing Intelligence

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The systematic collection and analysis of publicly available information about consumers, competitors and developments in the marketplace

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Goal of Competitive Marketing Intelligence

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Improve strategic decision making by understand the consumer environment, assessing and tracking competitors actions, and providing early warnings of opportunities and threats

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Marketing research

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The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization

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Whereas marketing intelligence involves actively scanning the general marketing environment, marketing research involves

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More focused studies to gain customer insights relating to specific marketing decisions.

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4 steps in the marketing research process...

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1. Defining the problem and research objectives 2. Developing the research plan for collecting information 3. Implementing the research plan - collecting and analyzing the data 4. Interpreting and reporting the findings

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the _____ step in the marketing research process is probably the most difficult but also the most important one

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First step

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The first step in the marketing research process

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Guides the entire research process

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The ___best understands decision for which information is needed

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Manager

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The researcher best understands

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Marketing research and how to obtain the information

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The marketing research project - 3 types of research

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Exploratory research, Descriptive research, Causal research

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Exploratory research-

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Objective is to gather preliminary information that will help define the problem and suggest hypotheses. Mangers often start with this.

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Mangers often start with this type of research

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Exploratory

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Descriptive research

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Describes things

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Causal research

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Tests hypothesis about cause and effect relationships

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Developing the Research plan

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Outlines sources of existing data

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Developing the Research plan

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Spells out the specific research approaches, contact methods, sampling plans, and instruments to gather data

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Secondary data consists of

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Information that already exists somewhere, having been collected for another purpose

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Advantages of secondary data

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Cost, Speed, Could not get data otherwise

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Disadvantages of secondary data

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Is it Current, Relevant, Accuracy, Impartial

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Researches usually start by gathering ___data? The company's internal provides a good starting point

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Secondary

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Companies can buy _____data reports from outside suppliers

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Secondary

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Primary data consists of

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Information gathered for the special research plan

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Commercial online databases are

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Collections of information available from online commercial sources or accessible via the internet

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secondary data can be obtained more quickly and at a lower cost than primary data

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True

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The researcher must evaluate secondary information carefully to make certain it is

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Relevant- (fits research project needs), accurate - (reliably collected and reported), current (up to date for current decisions), and impartial (objectively collected and reported)

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Secondary data helps define

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Research problems and objectives

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Planning Primary Data Collection calls for a number of decisions on

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Research approaches, Contact methods, Sampling plan, Research instruments

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Research approaches for gathering primary data include

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Observation, surveys, and experiments

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Observational research involves

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Gathering primary data by observing relevant people, actions, and situations

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Ethnographic research involves

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Sending trained observers to watch and interact with consumers in their natural environment

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What is the most widely used method for primary data collection and is best for descriptive information—knowledge, attitudes, preferences, and buying behavior

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Survey research

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Advantage of survey research

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Flexible

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Disadvantages of survey research

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People can be unable or unwilling to answer, Gives misleading or pleasing answers, Privacy concerns

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Experimental research

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Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking in for differences in group responses.

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Observation is best suited for ______ research

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Exploratory

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Surveys is best suited for ______ research,

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Descriptive

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Experimental research is best for

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gathering causal information—cause-and-effect relationships

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Contact methods- information can be collected by

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Mail, phone, personal interview, or online

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Contact methods include

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Online marketing research, Internet surveys, Online panels, Online experiments, Click-stream data, Online focus groups

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Mail questionnaires

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Used to collect large amounts of information at a low cost

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Questionnaires

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Most common, Administered in person, by phone, or online, Flexible

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Advantages of Mail questionnaires

answer

Chapter 4: Managing Marketing Information to Gain Customer Insights – Flashcards

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