Chapter Four
Managing Marketing Information to Gain Customer Insights
Learning Objectives
Marketing Information and Customer Insights
Assessing Marketing Information Needs
Developing Marketing Information
Marketing Research
Analyzing and Using Marketing Information
Other Marketing Information Considerations
Topic Outline
Marketing Information and Customer Insights
Fresh and deep insights into customers needs and wants
Difficult to obtain
Not obvious
Customer’s unsure of their behavior
Better information and more effective use of existing information
Customer Insights are:
Marketing Information and Customer Insights
Companies are forming customer insights teams
Include all company functional areas
Collect information from a wide variety of sources
Use insights to create more value for their customers
Customer Insights
Marketing Information and Customer Insights
Marketing information system (MIS) consists of people and procedures for:
Assessing the information needs
Developing needed information
Helping decision makers use the information for customer
Marketing Information Systems (MIS)
Marketing Information System
Assessing Marketing Information Needs
MIS provides information to the company’s marketing and other managers and external partners such as suppliers, resellers, and marketing service agencies
Assessing Marketing Information Needs
Balancing what the information users would like to have against what they need and what is feasible to offer
Characteristics of a Good MIS
Developing Marketing Information
Marketers obtain information from
Developing Marketing Information
Internal databases are electronic collections of consumer and market information obtained from data sources within the company network
Internal Data
Developing Marketing Information
The systematic collection and analysis
of publicly available information
about consumers, competitors
and developments in the marketplace
Competitive Marketing Intelligence
Developing Marketing Information
Marketing Research
Marketing research is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
Developing Marketing Information
Steps in the Marketing Research Process
Developing Marketing Information
Marketing Research
Defining the Problem and Research Objectives
Developing Marketing Information
Outlines sources of existing data
Spells out the specific research approaches, contact methods, sampling plans, and instruments to gather data
Marketing Research
Developing the Research Plan
Developing Marketing Information
Marketing Research
Written Research Plan Includes:
Developing Marketing Information
Secondary data consists of information that already exists somewhere, having been collected for another purpose
Marketing Research
Developing the Research Plan
Developing Marketing InformationSecondary Data
Developing Marketing Information
Primary data consists of information gathered for the special research plan
Marketing Research
Developing the Research Plan
Developing Marketing Information
Marketing Research
Developing Marketing Information
Observational research involves gathering primary data by observing relevant people, actions, and situations
Ethnographic research involves sending trained observers to watch and interact with consumers in their natural environment
Market Research
Research Approaches
Developing Marketing Information
Survey research is the most widely used method and is best for descriptive information—knowledge, attitudes, preferences, and buying behavior
Flexible
People can be unable or unwilling to answer
Gives misleading or pleasing answers
Privacy concerns
Market Research
Research Approaches
Developing Marketing Information
Experimental research is best for gathering causal information—cause-and-effect relationships
Market Research
Research Approaches
Developing Marketing Information
Strengths and Weakness of Contact Methods
Developing Marketing Information
Focus Groups
Six to 10 people
Trained moderator
Challenges
Expensive
Difficult to generalize from small group
Consumers not always open and honest
Marketing Research
Contact Methods
Developing Marketing Information
Marketing Research
Contact Methods
Developing Marketing Information
Marketing Research
Online Research
Developing Marketing Information
Sample is a segment of the population selected for marketing research to represent the population as a whole
Who is to be studied?
How many people should be studied?
How should the people be chosen?
Marketing Research
Sampling Plan
Developing Marketing Information
Marketing Research Sampling Plan – Types of Samples
Developing Marketing Information
Marketing Research
Research Instruments
Developing Marketing Information
Closed-end questions include all possible answers, and subjects make choices among them
Provide answers that are easier to interpret and tabulate
Open-end questions allow respondents to answer in their own words
Useful in exploratory research
Marketing Research
Research Instruments—Questionnaires
Developing Marketing Information
Marketing Research
Research Instruments
Developing Marketing Information
Marketing Research
Implementing the Research Plan
Analyzing and Using Marketing Information
Managing detailed information about
individual customers and carefully
managing customer touch points to
maximize customer loyalty.
Customer Relationship Management (CRM)
Analyzing and Using Marketing Information
Customer Relationship Management
Touchpoints
Distributing and Using Marketing Information
Information distribution involves entering information into databases and making it available in a time-useable manner
Intranet provides information to employees and other stakeholders
Extranet provides information to key customers and suppliers
Other Marketing Information Considerations