Topic 5 Flashcards
Fresh and deep insights into customer’s needs and wants
Customer Insights
Why does customer Insights are difficult to obtain?
- Not obvious
- Customers are unsure of their behavior
In today’s hyper competitive world, the race for competitive advantage is really…
A race for customer and marketing insights.
How to know your customers?
By, Managing information
Gaining what they need and want
How will we satisfy them?
Use insights to create __________ for their customers.
More value
MACROENVIRONMENT
DENTPC
Consist of people and procedures
Marketing Information System (MIS)
Marketing Information System:
- Assessing informational needs
- Developing the needed informations
- Helping decisions make use of informations to generate customer Insights.
Marketing Environment (TMCPM)
Target Markets
Marketing Channels
Competitors
Publics
Macroenvironmental forces
Provides information to the company’s marketing and other managers and external partners.
Marketing Information System
External Partners: 3
- Suppliers
- Resellers
- Marketing services agencies
Characteristics of Good MIS: Balancing
Balancing what the information users would like to have against what they need and what is feasible to offer. ( tinitignan din kasi kung kaya ba I provide because of scarcity etc. )
Are electronic collections of consumer and market information obtained from data sources within the company network.
Internal Databases
Is the systematic collections and analysis of publicly available information about consumers, competitors, and development in the marketplace.
Marketing Intelligence
Is the systematic design, collection, analysis, and reporting data relevant to a specific marketing situation facing an organization.
Marketing Research
The steps in Marketing Research process: 4
- Defining the problem and research objectives
- Developing the research plan for collecting information
- Implementing the research plan
- Interpreting and reporting the findings
Marketing Research to gather preliminary information that will help define the problems and suggest hypothesis
Exploratory Research
To better describe marketing problems, situations, or Markets such us the market potential for a product or the demographics and attitudes
Descriptive Research
To test hypothesis about cause and effect relationship
Causal Research
Developing the research plan: 2
- Outline sources of existing data
- Spells out the specific research approaches, contact methods, sampling plans, and instruments to gather data.
Written Research Plan: 5
- Management Problem
- Research Objectives
- Information Need
- How the results will help management decisions
- Budget
Consist of Information that already exist somewhere, having been collected for another purposes.
Secondary Data
Planning Primary Data collection: 4
- Research Approaches
- Contact methods
- Sampling Plan
- Research Instruments
Involves gathering primary data by observing relevant people actions, and situations.
Observational research
