MKT210 Ch4

Marketing information

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Big Data

the huge and complex data sets generated by today’s sophisticated information generation, collection, storage, and analysis technologies

Customer insights

• Fresh marketing information-based understandings of customers and the marketplace

• Customer insights teams collect customer and market information from a wide variety of sources.

Marketing Information System (MIS)

Consists of people and procedures to

• Assess information needs

• Develop the needed information

• Help decision makers use the information to generate and validate actionable customer and market insights

Developing Marketing Information

Information needed can be obtained from

• Internal databases

• Competitive marketing intelligence

• Marketing research

Internal databases

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

Competitive marketing intelligence

Systematic monitoring, collection, and analysis of information about consumers, competitors, and developments in the marketing environment

Competitive marketing techniques

• Observing consumers firsthand

• Quizzing the company’s own employees

• Benchmarking competitors’ products

• Online research

• Monitoring social media

Why competitive marketing intelligence?

• Insights about consumer opinions and association with the brand

• Early warnings of competitor strategies

• Finds competitor strengths and weaknesses

• Protect own information

• Raising ethical issues

Marketing research

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

Marketing research approaches

• Own research departments

• Outside research specialists

• Purchase data collected by outside firms

Exploratory research

• gathers preliminary information

• defines problems

• suggests hypotheses

Descriptive research

Used to better describe the market potential for a product or the demographics and attitudes of consumers

Causal research

Used to test hypotheses about cause-and-effect relationships

What does a research plan spell out?

• Specific research approaches

• Contact methods

• Sampling plans

• Instruments that researchers will use to gather new data

Topics covered in a research plan

• Problems and research objectives

• Information to be obtained

• How results will help decision making

• Estimated research costs

• Type of data required

Secondary data and its sources

Information that already exists

• Company’s internal database

• Purchased from outside suppliers

• Commercial online databases

• Internet search engines

Secondary data advantages

• Low cost

• Obtained quickly

• Cannot collect otherwise

Secondary data disadvantages

• Potentially Irrelevant

• Inaccurate

• Dated

• Biased

Primary data collection methods

• Observation

• Survey

• Experiment

Online Behavioral and Social Tracking and Targeting

• Online listening

• Behavioral targeting

• Social targeting

Research plan implementation steps

1. Data collection

2. Data processing

3. Data analysis

Responsibilities of market researchers with findings

• Interpret findings

• Draw conclusions

• Report findings to management

Responsibilities of managers and researchers with findings

• Work closely when interpreting

• Share responsibility of the research process and resulting decisions