LUbS marketing #1

MIE: marketing information ecosystem

For marketing insight from manager that assess the targets and goals based on resources, people and assets

Internal databases

Collections of consumer and market info obtained from data sources within the company network

Marketers obtain info from 1,2,3 ? Developing needed info is combined with

Internal data, marketing intelligence, marketing research

(Competitive) Marketing intelligence

Systematic collection and analysis of publicly a/v info about consumers, competitors, and developments in the marketing environment

Market(ing) Research

The system design, collection, a

Marketing research has four steps: Define the problem, research objectives → develop the research plan for collecting info → Implement the research plan and analyze the data → interpreting and reporting the findings

Project three types of objectives 1. Exploratory research: gather preliminary info to define problem and hypothesis 2. Descriptive: to describe things 3. Casual reserach: Marketing

Primary data

Consist of info collected for th specific purpose at hand

Secondary data

Consist of info that already exists somewhere, having been collected for another purpose (just have to pay research company to provide the existing data for the needs)

P data collection - research approaches

Observational research : involves gathering primary data by observing relevant ppl, actions, and situations

Ethnographic research: involves sending trained observers to watch and interact w consumers in their “natural habitat”

Survey research: mostly used, best suited for gathering descriptive info

Experimental research: is best suited for gathering causal info.

Contact: Mail Questionnaires, telephone interviewing, personlng interviewing, group interviewing

P data collection - Digital methods

• companies are moving away from traditional methods and approach more on online

Behavioural targeting is using online consumer tracking data and analytics to target advertisements and marketing

Anayaingand using info

Implement the reach’s plan and interpret = the steps of how decision makers or managers would make decision

Customer is the actual or prospective purchaser of goods or services and Consumer is the ultimate user of goods and services

Needs - states of felt deprivation

Wants - the form needs take as they are shaped by culture and individual personality

Demand-wants that are backed by buying power

MarketingMyopia

Paying more attention to the specific products than to the benefits and experiences produced → ignoring customer needs & wants

Integrated marketing program

A comprehensive plan that communicates and delivers intended value

CRM customer relationship management

Building/ maintaining profitable customer relationships by delivering superior customer value and satisfaction

Customer satisfaction

The extent to which perceived performance matches a buyer’s expectations

Customer lifetime value (CLV)

Is the value of the entire stream of purchases that the customer would make over a lifetime of patronage.