Managing marketing information

– to gain customer insight

Chapter - 4
What Is Marketing?
The Marketing Process

Copyright © 2016 Pearson Education, Inc. 1-2

Marketing strategy and marketing mix
 Managing the marketing efforts

• Managing the marketing process requires five marketing

management functions
Chapter contents
1. Marketing information and customer insight
• Marketing information and today’s big data
• Managing marketing information
2. Assessing information needs and developing data
• Assessing market information needs
• Developing market information
3. Marketing research
• Defining the problem and research objectives
• Developing research plan
• Gathering secondary data
• Primary data collection
• Implementing research plan
• Interpreting and reporting the findings
4. Analyzing and using marketing information
• CRM
• Big data and marketing analytics
• Distributing and using market information
5. Other marketing information considerations
 Marketing information and customer insight
• To create value for customers and build meaningful relationships with
them, marketers must first gain fresh, deep insights into what
customers need and want
• Such insight comes from good marketing information
Marketing information and today’s big data
• Big data refers to the huge and complex data sets generated by today’s
sophisticated information generation, collection, storage, and analysis
technologies

Managing market information

• Customer insight - fresh marketing information-based understandings of
customers and the marketplace that become the basis for creating
customer value, engagement, and relationships
• A marketing information system (MIS) consists of people and procedures
dedicated to assessing information needs, developing the needed
information, and helping decision makers use the information to generate
and validate actionable customer and market insights
 Assessing information needed and developing
data
Assessing market information needs
• Marketing information are not merely important for the marketing
manager.
• The marketing information system primarily serves the company’s
marketing and other managers. However, it may also provide
information to external partners, such as suppliers, resellers, or
marketing services agencies.
• The type and size of information is also important
 Assessing information needed and developing
data
Developing marketing information
• Needed information can be created from internal data, marketing
intelligence, and marketing research
• Internal data
• Marketing intelligence
• Competitive marketing intelligence - The systematic monitoring, collection, and
analysis of publicly available information about consumers, competitors, and
developments in the marketing environment.
• Marketing research
• The systematic design, collection, analysis, and reporting of data relevant to a
specific marketing situation facing an organization
 Marketing Research
• Marketing research is the systematic design, collection, analysis, and
reporting of data relevant to a specific marketing situation facing an
organization
 Marketing Research
Defining research problem and objectives
• The most difficult step of marketing research
• After identification of problem, marketer should establish objectives
• Exploratory objective – to gather preliminary information that will help
define problem and suggest hypotheses
• Descriptive objectives – describing the marketing problem, situation or
markets (e.g. potentials, demographics, attitudes of consumers)
• Causal objectives – to test cause-effect relationship
 Marketing Research
Developing research plan
• How objectives would be achieved?
• It may cover (but not limited to)
• Research approaches (quantitative vs qualitative)
• Observational; Ethnographic approach; Survey and Experimental approach
• Contact Methods
• Mail, telephone, or personal interviewing; Focus group; Online marketing research; Online
focus groups; and Online behavioral and social tracking and targeting
• Sampling plans
• Probability vs non-probability
• Instrumentations (data collection and measurement)
• Questionnaire; Interview techniques; mechanism instruments
• Analytical techniques
 Marketing Research
Gathering secondary and primary data
• Secondary data consist of information that already exists somewhere,
having been collected for another purpose.
• Online databases
• Internet search
• Primary data consist of information collected for the specific purpose
at hand.
 Marketing Research
Implementing research plan
• Through internal sources
• Outsourcing
 Marketing Research
Interpreting and reporting the findings
• Interpret findings
• Draw conclusion
 Analyzing and using marketing information
Customer relationship management
• customer relationship management (CRM) to manage detailed information
about individual customers and carefully manage customer touch points to
maximize customer loyalty
Big data and marketing analytics
• Marketing analytics consists of the analysis tools, technologies, and
processes by which marketers dig out meaningful patterns in big data to
gain customer insights and gauge marketing performance (see how Netflix
uses big data and marketing analytics)
Distribution and using marketing information
• Internal and external stakeholders
 Other marketing considerations
• Marketing research for small firms
• Marketing research for non-profit organizations
• Marketing research for international ventures
• Ethics in marketing research
• Intrusion of customer privacy
• Misuse of research findings