Scribd
Upload
33 views

Chapter 4

Customer insights and market intelligence are important for understanding customer needs and informing business decisions. A marketing information system formally collects, stores, analyzes and distributes marketing data to managers. There are four main types of market information systems: marketing research, market intelligence, internal market information, and environmental scanning. The benefits of a strong market information system include good customer knowledge, better products and profits, and higher customer satisfaction. While market intelligence involves the informal collection of competitor and market data by managers, marketing research utilizes formal methods like customer surveys, interviews and focus groups to collect and analyze data that can then be used to make marketing decisions.

Uploaded by

Ak Al
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
33 views

Chapter 4

Customer insights and market intelligence are important for understanding customer needs and informing business decisions. A marketing information system formally collects, stores, analyzes and distributes marketing data to managers. There are four main types of market information systems: marketing research, market intelligence, internal market information, and environmental scanning. The benefits of a strong market information system include good customer knowledge, better products and profits, and higher customer satisfaction. While market intelligence involves the informal collection of competitor and market data by managers, marketing research utilizes formal methods like customer surveys, interviews and focus groups to collect and analyze data that can then be used to make marketing decisions.

Uploaded by

Ak Al
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 3

Chapter 4

The Role of Customer Insights:

 Customer insight: the knowledge about the customers.


 Customer needs are changing very subtle.
 When we know the customer need we can provide a product with high value to
customer and gain profit.
 These insights can inform everything from product innovation, product design
and features, advertising campaign themes, and so on.

Marketing information system is: a system in which marketing information is formally


collect, stored, analyses, and distributed to managers in accord with their
informational needs on a regular planned basis

Type of Market Information System(MkIS)

1. Marketing research
2. Market intelligence
3. Internal market information
4. Environmental scanning

Benefit of have a good MkIS:

 Good customer knowledge


 Better product and profit
 Higher customer satisfaction

Market intelligence:

Market intelligence: collection of data from market.

Market intelligence: customer+competitor+other factor


Market intelligence is an information about the market collected informally by senior
manager.

Market research

Market research is done with the help of customer interview/customers survey/focus


groups.

In the beginning we have to design the right question and the way to ask it to them after
that, collect the information and give it to the marketing manager to make the decision.

We can say that marketing research is data and information.

What is the difference between market intelligence and marketing research?


market intelligence is informal but marketing research is formal.
Types of Marketing Research:
o Custom research: Doing research for one company only. It is more
expensive, done for special and specific problems faced by one company, not
every company has the money to spend on custom research. they go for
syndicate research.
o syndicate research: one research company conducts the marketing research
and then sells the report to many companies. this way the cost becomes
cheaper as there are many buyers for one research, this is cheaper.
o Exploratory research: when the problem is new, old data is not available,
we don't even know the problem 100%. So we go and search (explore) for
the information / any information we can get
o Descriptive research: is to describe the current situation and to develop
answers for a problem.
o Causal research: cause and effect. low price = high sales, low quality = low
sales.
The Marketing Research Process:
o Research brief: brief will tell in shirt what is the marketing problem and how we
plan to solve with by finding more information about the problem and possible
solution
o Research proposal: will it be primary or secondary. will it be exploratory or
descriptive research.
o Data collection: primary = new data, secondary = get already collected data.
Then we choice if we want to use interview or survey. interview = takes time and
is expensive, survey = cheaper and quicker.

o Data analysis: statistical analysis (mean/median/charts/tables).


o Report writing: write the final report and submit to the management for taking
marketing decisions about the four Ps.
It is very important that we use the right questions and ask them in a correct way
so we can ask them:
1. Open-ended questions
2. Multiple Choice- 4/5/7 choices
3. Dichotomous questions - two answers only (yes / no) (agree/disagree)
4. Semantic differential questions
5. Likert scale questions - 5 scale or 7 scale like strongly agree, moderately agree,
no opinion etc.
6. Attitudinal question
7. Demographic - age / gender / education/ income

You might also like