Principles of Marketing Week 5
Principles of Marketing Week 5 BUS243
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This 3 page Class Notes was uploaded by Janey Wensel on Wednesday September 28, 2016. The Class Notes belongs to BUS243 at Chatham University taught by Deborah DeLong in Fall 2016. Since its upload, it has received 5 views. For similar materials see Principles of Marketing in Marketing at Chatham University.
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Date Created: 09/28/16
Marketing –– Chapter 4 To create customer value and build relationships, marketers must gain deep insights into what customers need & want. Marketers get these insights by data, usually social media, blogging, any technological item. Collected by BIG DATA, 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 that become the basis for creating customers value, engagement, and relationships. It gives marketers big opportunities and challenges, rich customer insight but going through all that data is a hard task. Customer insight groups work together to collect information from lots of different sources. Marketing Information Systems- people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights. ––Begins and ends with users, assessing information and then delivering information and insights Internal Databases are used as collections of consumers and market information obtained from data sources within the company’s network. They can be accessed more quickly and cheaper than other sources, not completely right for marketing purposes. Competitive Marketing Intelligence is systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketplace. Goal is to improve strategic decision making by understanding the consumer environment, assessing competitor’s actions, early warnings of threats and opportunities. Marketing Research the systematic design, collection, analysis, and reporting data relevant to a specific marketing situation facing an organization. Defining the Developing the Implementing Interpreting problem and research plan the research and reporting research for collecting plan–– the findings objectives information collecting and analyzing the data Define the problem & set research objectives, exploratory research, descriptive research, casual research. Exploratory- gathers preliminary information that will help define problems and suggest hypotheses Descriptive- better describes problems, situations, or markets Casual- test hypotheses about cause-and-effect relationships Primary Data Collection Observational Research, gather data by observing people, actions, and situations Survey Research, most used –– asking people questions about knowledge, attitude, preferences Experimental Research, selecting groups giving them different treatments and checking for responses Contact Methods Mail Questionnaires, Telephone interviews, Individual & Group interviewing, Online Marketing Research–– increasingly popular, internet surveys, online panels, experiments and online focus groups Internet becoming the most useful customer insight tool, track reviews, analyzing comments. Behavioral Targeting- using online consumer tracking data to target advertisements and marketing offers to specific customers. EX: If you would google search a certain pair of shoes then visit Facebook, you’ll probably see some advertisements for those shoes on your page. TWO MAIN RESEARCH INSTURMENTS: Questionnaires- it can be by phone, person, email or online. Flexible questioning. Mechanical- attach meters to TVs, cable boxes, satellites to record what programs are being watched. Retailers can attach it to checkouts to record products purchased. Customer Relationship Management (CRM)- manage detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty. Consists of software and analysis tools from companies that integrate customer and marketplace information. This marketing research information applies to small businesses, nonprofit organizations and international marketing. Small businesses& NPO’s can use these research strategies in a less formal matter at little or no expense. International researchers follow the same guidelines as domestic but they face more problems dealing with diversity, economic development, cultures and customs, and buying patterns. Intrusions on Consumer Privacy Some are positive about interviews and questionnaires but most don’t enjoy it. Some believe they could track our every move, feelings, and searches. Marketers must be careful to not cross the line.
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