managing marketing information to gain customer insights. marketing
TRANSCRIPT
Principles of Marketing
Punjab Colleges Shahdara
Assignment No.2
Managing marketing information to gain customer insights.I. Assessing marketing information needs.
II. Marketing Research.
III. Analyzing & using market information.
Topic
Instructed By: Prof. Niaz Ahmed
Prepared By
Ayesha Iram (L5F14MCOM0007)
Tayyab Hussain (L5F14MCOM0009)
Syed Mudassir Hussain Shah (L5F14MCOM0017)
I. Marketing Information and Customer Insights
II. Assessing Marketing Information NeedsIII. Developing Marketing InformationIV. Marketing ResearchV. Analyzing Marketing InformationVI. Distributing and Using Marketing
InformationVII. Other Marketing Information Considerations
Context
Marketing Information and Customer Insights
(MIS)It as a "system in which marketing data is formally gathered, stored, analyzed and distributed to managers in accordance with their informational needs on a regular basis."
Customer InsightIt is the intersection betweeninterests of the consumer and
features of the brand. Its mainpurpose is to understand why theconsumer cares for the brand.
(a) information managers would like to have and
(b) what is feasible to offer
The MIS must watch the marketing environment and provide relevant
information to decision makers
It may not be possible to provide all data, e.g. how a competitor will
respond to a price change
Marketing information system (MIS)consists of people and procedures for
• Assessing the information needs• Developing needed information• Helping decision makers use the
information for customer.
MIS provides information to the company’s marketing and other managers and external
partners such as suppliers, resellers, and marketing service agencies
Assessing Marketing Information Needs
Needs Assessment Analysis is used to
compare wants, needs, and expectations
to your brand’s or category’s perceived
delivery or performance.
General steps taken in a needs assessment.
Exploration and identification: During the first phase of the needs assessment, you need to determine what you already know about your organization's needs
Data gathering and analysis: At this stage you are collecting the information you need to better understand the gaps (needs) between where you are and where you want to be.
Utilization: This is where the data you analyzed is used to create a plan of action and implement it.
Evaluation: Evaluation can help you determine what made an action plan successful or find the errors in your needs assessment
User’s Needs
MIS Offerings
Balancing what the information users would like
to have against what they need and what is
feasible to offer.
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Characteristics of a Good MIS
Marketing research is "the process or set of processes that links the consumers, customers, and end users to the marketer
through information.
Marketing Research
It is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing
situation facing an organizationTypes of Marketing
Research
Observational research
Ethnographic research
Observational research
Involves gathering primary data by observing
relevant people, actions, and situations.
Ethnographic research
Involves sending trained observers to watch and
interact with consumers in their natural environment.
Marketing Research
It is the most widely used method and is best for descriptive information—knowledge, attitudes, preferences, and buying behavior.• Flexible• People can be unable or unwilling
to answer.• Gives misleading or pleasing
answers.• Privacy concerns.
Marketing Research
It is best for gathering causalinformation—cause-and-effectrelationships.
• Focus Groups• Six to 10 people with a trainedmoderator• Challenge• Expensive• Difficult to generalize from small group• Consumers not always open and honest
Defining the Problem and Research Objectives
Exploratory research
Descriptive research
Causal research
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Marketing Research
Planning Primary Data Collection
Research approaches
Contact methods
Sampling plan
Research instruments
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Marketing Research
Collecting the information
Processing the information
Analyzing the information
Interpret findings
Draw conclusions
Report to management
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Marketing Research
Analyzing Marketing Information
Marketing information has no value until it is used tomake better marketing decisions Many companies havenow acquired or developed special software andanalysis techniques -- called customer relationshipmanagement (CRM) -- that integrate, analyze, and applythe mountains of individual customer data contained intheir databases.
Customer Relationship Management
(CRM)
CRM consists of sophisticated software and analytical tools that integratecustomer information from all sources, analyze it in depth, and applythe results to build stronger customer relationships
In the market research process, the fourth step is: Analyze the Data or Information. The following
section provides a brief description of several commonly used statistical tools,decision support models, and
optimization routines
• Multiple Regression• Discriminant Analysis• Factor Analysis• Cluster Analysis• Conjoint Analysis• Multidimensional Scaling
The amount of data that can be collected and assembled in a market research study can be astronomical. Data organization
and data reduction are two very important aspects of data analysis that is seldom highlighted
Multiple Regression
A simple market research example is the estimation of the best fit for advertising by looking at how sales revenue (the dependent variable) changes in relation to
expenditures on advertising, placement of ads, and timing of ads.
Discriminant Analysis
Market research can make use of discriminant analyses in a number of ways. One simple example is to distinguish what advertising channels are most effective for
different types of products.
Factor Analysis
This statistical method is used to determine which are the strongest underlying dimensions of a larger set of variables that are inter-correlated. Where many
variables are correlated, factor analysis identifies which relations are strongest
Cluster Analysis
This statistical procedure is used to separate objects into a specific number of groups that are mutually exclusive but that are also relatively homogeneous in
constitution.
Conjoint Analysis
This statistical method is used to unpack the preferences of consumers with regard to different marketing offers. Two dimensions are of interest to the market
researcher in conjoint analysis: (1) The inferred utility functions of each attribute, and (2) the relative importance of the preferred attributes to the consumers.
Multidimensional Scaling
This category represents a constellation of techniques used to produce perceptual maps of competing brands or products.
Distributing and Using Marketing
Information
Information distribution involves entering information into databases and making it available in a time-useable manner
Intranet provides information to employees and other stakeholders
Extranet provides information to key customers and suppliers
Other Marketing Information Considerations
Marketing Research in Small Businesses and Nonprofit Organizations
International Market Research
Public Policy and Ethics
• Customer privacy
• Misuse of research findings
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Marketing Research in Small Businesses and Nonprofit Organizations
Need information about their industry, competitors, potential customers, andreactions to new offers. Must track changes in customer needs andwants, reactions to new products, and changes in the competitiveenvironment
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Sources of marketing information:• Observing their environment• Monitoring competitor advertising• Evaluating customer mix• Visiting competitors• Conducting informal surveys• Conducting simple experiments
Secondary data• Trade associations• Chambers of Commerce• Government agencies• Media
International Marketing Research
Additional and different challenges• Level of economic development• Culture• Customs• Buying patterns• Difficulty in collecting secondary data• Hard-to-reach respondents
Public Policy and Ethics in Marketing Research
• Intrusions on consumer privacy
• Consumer resentment• Misuse of research findings